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A Study on the Relationship among Technology Spillovers, R&D Investment and Firms’ Cash Holdings
School of Business, Sun Yat-sen University, Guangzhou, China
Lingnan College, Sun Yat-sen University, Guangzhou, China
- 1 School of Business, Sun Yat-sen University, Guangzhou, China
- 2 Lingnan College, Sun Yat-sen University, Guangzhou, China
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Abstract
This study analyzes the relationship among technology spillovers, R&D investment and firms’ cash holdings. We find that technology spillovers and R&D investment have a significant positive impact on the firms’ cash holdings; and R&D investment plays an intermediary role in technology spillovers’ influence on firms’ cash holdings.
KeywordsTechnology SpilloversR&D InvestmentCash Holdings
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