پایداری و نوسان سرمایه گذاری تحقیق و توسعه شرکت: از دیدگاه قابلیت های تکنولوژیکی بازنمایی شده است

The results show that technological capability amplifies the internal cash flow effect and cause volatility in R&D investment when sales increase over the sales of the previous year; positive shocks. However, technological capability offsets the internal cash flow effect and causes persistency in R&D investment when sales decreases from the sales of the previous year; negative shocks. These imply that R&D investment is not a dichotomous decision between persistency and volatility and is conditional on each firm’s technological capability.