Strategy changes as a response to alterations in tax policy
研究了1981年美国研发税收抵免政策出台后，制药企业如何调整研发强度（研发支出占销售额比例）作为战略响应，发现企业不仅增加了研发强度，还努力维持行业内的相对排名。
This study examines how firms in the pharmaceutical industry responded to the R&D tax credit which was enacted in 1981. The change in research intensity (research/sales) subsequent to the tax change was estimated for the firms. An increase in research intensity was associated with the adoption of the tax credit. The strong response by the firms to the tax credit and the effort to maintain their relative position in research intensity indicate that research intensity is an important strategic dimension and driving force in the industry.