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Strategic Implications of R&D Investment on Dynamic Business Portland State University PDXScholar Dissertations and Theses Dissertations and Theses 1989 Strategic Implications of R&D Investment on Dynamic Business Systems George F. Farrimond Jr. Portland State University Follow this and additional works at: https://pdxscholar.library.pdx.edu/open_access_etds Let us know how access to this document benefits ou.y Recommended Citation Farrimond, George F. Jr., "Strategic Implications of R&D Investment on Dynamic Business Systems" (1989). Dissertations and Theses. Paper 1399. https://doi.org/10.15760/etd.1398 This Dissertation is brought to you for free and open access. It has been accepted for inclusion in Dissertations and Theses by an authorized administrator of PDXScholar. Please contact us if we can make this document more accessible: [email protected]. STRATEGIC IMPLICATIONS OF R&D INVESTMENT ON DYNAMIC BUSINESS SYSTEMS by GEORGE F. FARRIMOND, JR. A dissertation submitted in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY in SYSTEMS SCIENCE Portland State University ~1989 TO THE OFFICE OF GRADUATE STUDIES: The members of the Committee approve the dissertation of George F. Farrimond presented July 10, 1989. r W er G. Ellis Richard M. Straw APPROVED: Martin Zwick, School of Systems Science C. William Savery, Int m Vice Provost for Graduate Studies and Research ACKNOWLEDGEMENTS In a project of this magnitude, you find that many people lend support, assistance, expertise, and encouragement. I am indebted to all who so willingly gave of their time, talents, and support. I wish to especially thank Lewis N. Goslin, Dissertation Committee Chairperson, for his advice, review, inspiration, and long standing support. I wish to thank Walter G. Ellis and Kenneth M. Jenkins for their support, encouragement, goodwill, and contributions to my entire doctoral education. George G. Lendaris provided excellent background and significantly helped shape the final product. I gratefully acknowledge the efforts of Richard M. Straw in research design, data analysis, and writing of programs for statistical analysis. Barry F. Anderson contributed his expertise in making the final product better. The Library and Computer Center personnel at Southern Oregon State College (SOSC) provided outstanding support and assistance. I am grateful to Jann Carpenter for making contacts with industry personnel for the corporate interviews. I also wish to extend my appreciation to the students of the School of Business at SOSC for their iv support and patience when my teaching was less than what might be expected in times of heavy dissertation workload. A special tnanks is due to Al Delsman who spent many hours running statistical models, covered classes for me, and has been a special friend for many years. I appreciate the concern and support of Keith Carney, Director of the School of Business at sose, for the past five years of this effort. Many others have contributed significantly to this effort and I feel that I owe so much to so many who demonstrated their concern and willingness to help. Finally, I wish to thank the members of my family for their support in many ways such as computer programming, class registrations, computer processing, travel, and other assistance over a long period of time. In particular, I wish to thank my wife, Polly, for all the time and effort she gave in research, typing, graphing, processing, duplicating, and making the visuals for the defense. She also contributed by encouraging me to go on when the whole project seemed overwhelming. I will always be in her debt. TABLE OF CONTENTS PAGE ACKNOWLEDGEMENTS • iii LIST OF TABLES viii LIST OF FIGURES x CHAPTER I INTRODUCTION . 1 Statement of the Problem 2 Background Information 2 Organizations As Systems 9 Significance of This Research Project 20 Research Approach • • 23 Hypotheses • • • • . 27 Limitations and Key Assumptions • 27 contribution of the Research • • • . 28 II REVIEW OF RELATED LITERATURE 29 Research and Development and strategic Management • • • • • 30 Definitions 43 III DESCRIPTION OF RESEARCH METHODOLOGY 47 The Nature and Source of Data . • 47 Collection and Analysis of Data • 48 vi statistical Treatment of Data • 52 strategic Planning Model . 56 IV RESEARCH RESULTS • • • 62 R&D Relationships for Firms and Industries 62 Summary • • • • • • 88 V SUMMARY AND CONCLUSIONS . 91 summary •• 91 Conclusions From the Data Analyses 93 Conclusions From Related Literature. 105 Applications ••••••• 109 Limitations of the Study 113 suggestions for Further Research 115 SELECTED BIBLIOGRAPHY . 117 APPENDICES A LIST OF COMPANIES INCLUDED IN THIS STUDY 122 B LIST OF COMPANIES ADDED FROM ELECTRONIC BUSINESS 100 140 C LIST OF START-UP COMPANIES IDENTIFIED IN THIS STUDY ••• 141 o SOFTWARE •• 144 E ROI QUARTILE SORT FOR SELECTED VARIABLES • 147 F ANALYSIS OF CLUSTERS • • • • • • • • 166 G MULTIPLE REGRESSION MEAN R SQUARED • 169 H TIME SERIES LAG ANALYSIS • • • • • • 187 vii I COVARIANCE TABULATION . · · · · · · 221 J START-UP ANALYSIS · · · · · · 227 K INTERVIEW QUESTIONNAIRE · · · · 232 L PLOT OF ROI VS R&D DOLLAR INVESTMENT BY INDUSTRY . · · · · · · 240 LIST OF TABLES TABLE PAGE I Non-Defense R&D as a Percent of GNP 4 II New Product Development Stages 18 III High Technology Groups • • • • 45 IV SIC Major Groups • • • · . 46 V Data Items Extracted • · . 50 VI Variables Not Used · . 50 VII Industry Variables . 51 VIII Variables Used for Each Firm • . 51 IX Factor Analysis Variable List 63 X Basic statistics Variables • • • . 66 XI Average Years of Lag by Industry • 74 XII Covariance: Independent Variable R&D Dollar Investment • • • • • • • • • 76 XIII Covariance: Independent Variable R&D as a Percent of Sales • • • • • • • 77 XIV Covariance: Independent Variable R&D Dollar Investment • • • • • • • • • 78 xv Covariance: Independent Variable R&D as a Percent of Sales • • • • • • • 78 XVI Start-Up and Mature Firm Single and Multiple Regression . 84 ix XVII Industry Leader Comparison of R&D Spending . 95 XVIII Industry Leader Comparison of R&D Percent of Sales . 97 XIX Industry Leader Comparison of ROI 98 LIST OF FIGURES FIGURE PAGE 1. The Organization with Subsystems • 12 2. BCG Product categories • 36 3. Strategic Planning Model . 61 4. Drugs SIC 2830 Market Share 101 5. ROI vs. R&D Dollar Investment . 103 6. Sales vs. R&D Dollar Investment 111 AN ABSTRACT OF THE DISSERTATION of George F. Farrimond Jr. for the Doctor of Philosophy in Systems Science presented July 10, 1989. Title: strategic Implications of R&D Investment on Dynamic Business Systems. APPROVED BY MEMBERS OF THE DISSERTATION COMMITTEE: ... ~ Richard M. Straw 2 The United states' ability to compete in many international markets has been based on competitive advantage in high-technology products. Until recently, these industries had a favorable trade balance but in 1987, it slipped to deficit of $0.6 billion. Management of research and development programs is one of the most important elements in remaining competitive. Therefore, this research study of 291 high-technology firms was undertaken to determine if: (1) a positive relationship exists between the amount of investment in research and development (R&D) and a firms success in sales, net income, or market share, (2) excessive investment in R&D would decrease profitability, (3) there exists a "critical mass" of R&D spending for a firm to remain competitive. The results of this study indicates that while R&D is an important factor in high-technology industries, it is not the driving force in the success of a firm. successful management requires a more systemic approach which considers many factors including research and development. There was no evidence found that excessive investment decreases profits and no indication that a "critical mass" of R&D was required for a high-technology firm. This study found lag times from R&D investment to the time of impact on sales, net income and market share. The 3 lag times did not have significant correlations in most cases but appeared to be in agreement with the opinions of industry experts surveyed in field interviews. It was also found that the leading high-technology firms budget R&D by a percent of sales or prior years budget method. This approach may be very detrimental to effective management of research programs since it may reduce funding for at a time when it should be increased in order to develop new products and technologies. The results indicate that start-up firms can compete effectively with mature firms. Leading start-up companies generally spend more as a percent of sales on R&D than mature firms but appear to be as effective in managing their research effort. The results of this study has implications for stakeholders of high-technology industries in understanding some important elements in the management of successful R&D programs. CHAPTER I INTRODUCTION The objectives of this study were to determine: if a positive relationship exists between R&D investment and improved sales, net income, and market share performance; if insufficient R&D investment would have a negative impact on net income, ROI and market share; and if there was a threshold level of R&D investment required to remain competitive in high-technology industries. The results indicate that while R&D is an important factor in high-technology industries, it is not the driving force in success for a firm. Successful management requires a systemic approach which considers many factors including research and development. No evidence was found that inSUfficient R&D investment would decrease sales, ROI or market share. In many cases firms with little investment in R&D were performing well in a niche of a high-technology industry. Lastly, no evidence was found that a threshold level of R&D investment was required for a firm to remain competitive. 2 STATEMENT OF THE PROBLEM Companies in a high-technology environment are pressured to constantly improve the state-of-the-art of their products in order to stay competitive. Incremental product improvements and successful introduction of new products are primary responsibilities of corporate R&D programs.
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