{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,17]],"date-time":"2026-02-17T11:45:59Z","timestamp":1771328759485,"version":"3.50.1"},"reference-count":47,"publisher":"MDPI AG","issue":"8","license":[{"start":{"date-parts":[[2024,8,7]],"date-time":"2024-08-07T00:00:00Z","timestamp":1722988800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Funda\u00e7\u00e3o para a Ci\u00eancia e Tecnologia","award":["UIDP\/05422\/2020"],"award-info":[{"award-number":["UIDP\/05422\/2020"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Risks"],"abstract":"<jats:p>This study investigates the impact of Research and Development (R&amp;D) investment on the performance of Portuguese companies, specifically addressing the gap in understanding how R&amp;D influences a company\u2019s value and performance. We employ a dynamic panel data model estimated using the Generalized Method of Moments (GMM) to account for potential endogeneity issues. This approach allows us to analyze the influence of R&amp;D investment on the Return on Operating Assets (ROA) for Portuguese companies with significant R&amp;D investments between 2012 and 2019. The analysis reveals that while R&amp;D investment itself may not have a statistically significant short-term impact on ROA, lagged financial performance, leverage, asset turnover ratio, and accounts payable turnover all demonstrate a statistically significant relationship with the dependent variable.<\/jats:p>","DOI":"10.3390\/risks12080126","type":"journal-article","created":{"date-parts":[[2024,8,7]],"date-time":"2024-08-07T08:42:28Z","timestamp":1723020148000},"page":"126","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["The Impact of Research and Development Investment on the Performance of Portuguese Companies"],"prefix":"10.3390","volume":"12","author":[{"given":"Ana","family":"Santos","sequence":"first","affiliation":[{"name":"ISCAP, Polytechnic of Porto, 4465-004 Porto, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2324-9119","authenticated-orcid":false,"given":"Ana","family":"Bandeira","sequence":"additional","affiliation":[{"name":"CEOS.PP, ISCAP, Polytechnic of Porto, 4465-004 Porto, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0959-8446","authenticated-orcid":false,"given":"Patr\u00edcia","family":"Ramos","sequence":"additional","affiliation":[{"name":"CEOS.PP, ISCAP, Polytechnic of Porto, 4465-004 Porto, Portugal"},{"name":"INESC TEC, 4200-465 Porto, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2024,8,7]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"768","DOI":"10.1016\/j.sbspro.2015.06.474","article-title":"Innovation and the effect of research and development (R&D) expenditure on growth in some developing and developed countries","volume":"195","author":"Akcali","year":"2015","journal-title":"Procedia-Social and Behavioral Sciences"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"46","DOI":"10.5007\/2175-8069.2017v14n31p46","article-title":"Mensura\u00e7\u00e3o e reconhecimento contabil\u00edstico dos ativos biol\u00f3gicos: Um estudo de caso","volume":"14","author":"Alves","year":"2017","journal-title":"Revista Contempor\u00e2nea De Contabilidade"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"5","DOI":"10.1108\/18347640810887735","article-title":"R&D expenses and firm valuation: A literature review","volume":"16","author":"Anagnostopoulou","year":"2008","journal-title":"International Journal of Accounting & Information Management"},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"202","DOI":"10.1016\/j.respol.2013.07.015","article-title":"Intangible assets and firm heterogeneity: Evidence from Italy","volume":"43","author":"Arrighetti","year":"2014","journal-title":"Research Policy"},{"key":"ref_5","first-page":"23","article-title":"The effect of research and development investment on firm\u2019s financial performance: Evidence from manufacturing firms in Turkey","volume":"9","author":"Ayaydin","year":"2014","journal-title":"The Journal of Knowledge Economy & Knowledge Management (Bilgi Ekonomisi ve Y\u00f6netimi Dergisi)"},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"89","DOI":"10.1016\/S1042-444X(00)00044-X","article-title":"Multinational corporations versus domestic corporations: A comparative study of R&D investment activities","volume":"11","author":"Bae","year":"2001","journal-title":"Journal of Multinational Financial Management"},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"605","DOI":"10.1080\/09638180310001628437","article-title":"The economic value of the R&D intangible asset","volume":"12","author":"Ballester","year":"2003","journal-title":"European Accounting Review"},{"key":"ref_8","unstructured":"Bandeira, Ana Maria (2024, June 01). 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