The relationship between Research and development (R&D) spending and Firm’s financial performance: Case study of listed firms on Vietnam Stock Exchange
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Imperial Journal of Interdisciplinary Research (2017)

The main purpose of this study is to determine the effect of R&D spending on firm’s financial performance. Return on assets (ROA) is used to measure the financial performance. The data is collected from 359 listed firms on Hanoi Stock Exchange (HNX) in Vietnam for the 2012-2016 periods. Dividend payout ratio, year of company, firm size and financial leverage factors determining company’s financial performance also are investigated. The results show that, R&D spending, dividend payout ratio and firm size are positively and significantly influenced to ROA; however, financial leverage is negatively impact to firm’s financial performance. Finally, there is no relationship between profitability and age of the company. However, this paper does not divide companies on different sizes such larger, small and medium firms, this is the gap of the research. Keywords: Firm performance, R&D, firm characteristics, Vietnam Stock Exchange
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