Determinants of Firms' Backward- and Forward-Looking R&D Search Behavior

Determinants of Firms' Backward- and Forward-Looking R&D Search Behavior

This study develops and operationalizes a behavioral forward-looking search model by incorporating prospect theory, organizational risk literature, and the logic of the behavioral theory of the firm. With recognition of the bounded rationality of decision makers and the goal-directed, rule-based nat...

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Bibliographische Detailangaben
Veröffentlicht in:Organization Science. - Institute for Operations Research and the Management Sciences. - 19(2008), 4, Seite 609-622
1. Verfasser: Chen, Wei-Ru (VerfasserIn)
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 2008
Zugriff auf das übergeordnete Werk:Organization Science
Schlagworte:Search Backward looking Forward looking Behavioral theory of the firm Information science Business Behavioral sciences Economics Mathematics
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520 |a This study develops and operationalizes a behavioral forward-looking search model by incorporating prospect theory, organizational risk literature, and the logic of the behavioral theory of the firm. With recognition of the bounded rationality of decision makers and the goal-directed, rule-based nature of organizations, this model suggests that a comparison between firms' performance expectation and performance target translates the cognitive representation of the firms' future into their subsequent actions. By examining the research and development (R&D) expenditures of U.S. manufacturing firms from 1980 to 2001, this study explores how performance, aspirations, expectations, and slack affect decision making about firms' R&D search investments. The findings show that both performance feedback and performance prospect are important determinants of firms' search behavior after controlling for firm, industry, and time effects. In addition, backward- and forward-looking determinants have interactive effects on search behavior. Firms' problem-driven search activity further increases when firms feel unlikely to achieve the performance target for another year. In contrast, search intensity is reduced when firms expect to improve their performance from an underperforming situation to an outperforming situation. The findings suggest that future research on performance feedback and experiential learning should also consider the effect of forward-looking prospects on firm behavior. 
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650 4 |a Backward looking 
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650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial analysis  |x Risk management  |x Risk aversion 
650 4 |a Business  |x Business engineering  |x Business development  |x Corporate development  |x Industrial growth 
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650 4 |a Information science  |x Information analysis  |x Data analysis  |x Time series analysis  |x Time series forecasting 
650 4 |a Business  |x Business engineering  |x Business innovation 
650 4 |a Information science  |x Information search and retrieval  |x Information search  |x Information search behavior 
650 4 |a Business  |x Business engineering  |x Corporate planning  |x Corporate strategies 
650 4 |a Behavioral sciences  |x Psychology  |x Cognitive psychology  |x Cognitive models 
650 4 |a Business  |x Business structures 
650 4 |a Behavioral sciences  |x Behavioral economics  |x Prospect theory 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial analysis  |x Risk management  |x Risk aversion 
650 4 |a Business  |x Business engineering  |x Business development  |x Corporate development  |x Industrial growth 
650 4 |a Mathematics  |x Applied mathematics  |x Analytics  |x Predictive analytics  |x Analytical forecasting 
650 4 |a Information science  |x Information analysis  |x Data analysis  |x Time series analysis  |x Time series forecasting 
650 4 |a Business  |x Business engineering  |x Business innovation 
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