摘要： Confronting competitive environment, enterprises differentiate their product by promoting their R&D or marketing capacities. Scholars have verified that there is a direct relationship and a deferred effect between R&D expenditures and firm performance, but that there exists an inconsistency between marketing expenditures and firm performance. However, previous studies have neglected to analyse and compare the impact of corporate R&D and marketing investment on performance, and also ignored the moderating effects of different industry characteristics and investment densities. The study attempts to fill the gap by constructing a model to accommodate all these factors. The empirical results indicate that R&D and marketing expenditures have a positive impact on enterprise operating performance, and that there is a longer deferred effect in R&D expenditures than in marketing expenditures. By investing in R&D expenditures, manufacturing enterprises can increase their performance more than in service enterprises, and electronic enterprises can improve their performance compared with other types of firms. Finally, investments with higher R&D density can result in a higher performance. 出版者： Abingdon: Routledge 出版日期： 2016-02-07 出處： Technology analysis & strategic management, 2016-02, Vol.28 (2), p.205-216 資源來源： Taylor & Francis Online 版權： 2015 Taylor & Francis 2015 版權： Copyright Taylor & Francis Ltd. 2016 識別號： ISSN: 0953-7325 識別號： EISSN: 1465-3990 識別號： DOI: 10.1080/09537325.2015.1093107
