Information Technology Firms and Revenue Stall, 1950-2015: Theory and Empirical Evidence
研究了1950-2015年美国大型上市公司中，信息技术企业相比非信息技术企业更易遭遇收入增长停滞，但研发投资能更有效地缓解这一问题。
A slowdown in revenue growth, referred to as revenue stall in this study, is a key concern for any firm. We examine how information technology-producing firms (i.e., IT firms) differ from non-IT firms in experiencing revenue stall and in benefiting from R&D investments in terms of reduced revenue stall. We hypothesize that whereas IT firms experience more revenue stall than non-IT firms, R&D investments reduce revenue stall to a greater extent in IT firms than in non-IT firms. Our empirical analyses of a longitudinal dataset of more than 1,400 large public firms in the United States from 1950 to 2015 broadly support our hypotheses. Consistent with the theoretical arguments underlying our hypotheses, we also find that IT firms experience higher competition, dynamism, and turbulence, and have higher intangible assets than non-IT firms.