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| Market Power, Asset Specificity and R&D Investment:an Empirical Study based on Two Dimensions of Seller and Buyer |
| Guo Xiaoling,Li Kai |
| (School of Business Administration, Northeastern University, Shenyang 110169,China) |
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Abstract In the vertical related market, market power and asset specificity are the important factors affecting R&D investment. Based on the data of 121 listed pharmaceutical companies in China from 2012 to 2016, this paper explored the relationship between market power, asset specificity and R&D investment from the perspective of buyers and sellers. The empirical results show that there is an inverted U-shaped relationship between buyer's power, seller's power and firm's R&D investment, that is, when the market power of buyer and seller is low, the positive "incentive effect" of market power on R&D investment is dominant, and when the market power exceeds a certain level, the negative "crowding-out effect" of market forces is dominant. Compared with the pharmaceutical enterprises with low investment intensity of specific assets, the influence of seller's power and buyer's power on R&D investment of enterprises with high investment intensity of specific assets is more prominent.
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Received: 13 March 2019
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