{"id":"https://openalex.org/W7224968681","doi":"https://doi.org/10.5755/j01.ee.37.4.39292","title":"Nonlinear Relationship Between R&D Investment and Financial Performance of Listed Manufacturing Companies Against the Background of the COVID-19 Pandemic","display_name":"Nonlinear Relationship Between R&D Investment and Financial Performance of Listed Manufacturing Companies Against the Background of the COVID-19 Pandemic","publication_year":2026,"publication_date":"2026-10-30","ids":{"openalex":"https://openalex.org/W7224968681","doi":"https://doi.org/10.5755/j01.ee.37.4.39292"},"language":"en","primary_location":{"id":"doi:10.5755/j01.ee.37.4.39292","doi":"https://doi.org/10.5755/j01.ee.37.4.39292","is_oa":true,"landing_page_url":"https://doi.org/10.5755/j01.ee.37.4.39292","pdf_url":null,"source":{"id":"https://openalex.org/S2764594251","display_name":"Engineering Economics","issn_l":"1392-2785","issn":["1392-2785","2029-5839"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["abdc-b","anvur-scientific","norway-1","poland-70","russia-white-list-1"],"host_organization":"https://openalex.org/P4310317509","host_organization_name":"Kaunas University of Technology","host_organization_lineage":["https://openalex.org/P4310317509"],"host_organization_lineage_names":["Kaunas University of Technology"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Engineering Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.5755/j01.ee.37.4.39292","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5081033830","display_name":"Yuan Chen","orcid":"https://orcid.org/0000-0003-4144-8795","observed_orcids":["https://orcid.org/0000-0003-4144-8795","https://orcid.org/0000-0002-1887-7332"]},"institutions":[{"id":"https://openalex.org/I116036724","display_name":"Shenyang Ligong University","ror":"https://ror.org/03m20nr07","country_code":"CN","type":"education","lineage":["https://openalex.org/I116036724"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yuan Chen","raw_affiliation_strings":["Shenyang Ligong University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Shenyang Ligong University","institution_ids":["https://openalex.org/I116036724"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5160174768","display_name":"Haiyang Zheng","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I116036724","display_name":"Shenyang Ligong University","ror":"https://ror.org/03m20nr07","country_code":"CN","type":"education","lineage":["https://openalex.org/I116036724"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Haiyang Zheng","raw_affiliation_strings":["Shenyang Ligong University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Shenyang Ligong University","institution_ids":["https://openalex.org/I116036724"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5160189230","display_name":"Mengting Wu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I116036724","display_name":"Shenyang Ligong University","ror":"https://ror.org/03m20nr07","country_code":"CN","type":"education","lineage":["https://openalex.org/I116036724"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Mengting Wu","raw_affiliation_strings":["Shenyang Ligong University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Shenyang Ligong University","institution_ids":["https://openalex.org/I116036724"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I116036724"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.88133787,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"37","issue":"4","first_page":"468","last_page":"479"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12851","display_name":"Firm Innovation and Growth","score":0.9092000126838684,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12851","display_name":"Firm Innovation and Growth","score":0.9092000126838684,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.050700001418590546,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.018200000748038292,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/r-d-investment","display_name":"R&D investment","score":0.9990000128746033},{"id":"https://openalex.org/keywords/financial-performance","display_name":"financial performance","score":0.9570000171661377},{"id":"https://openalex.org/keywords/manufacturing-firms","display_name":"manufacturing companies","score":0.9539999961853027},{"id":"https://openalex.org/keywords/covid-19","display_name":"COVID-19 pandemic","score":0.9399999976158142},{"id":"https://openalex.org/keywords/inverted-u-shaped-relationship","display_name":"inverted U-shaped relationship","score":0.859000027179718},{"id":"https://openalex.org/keywords/ownership-structure","display_name":"ownership structure","score":0.6850000023841858},{"id":"https://openalex.org/keywords/state-owned-enterprises","display_name":"state-owned enterprises","score":0.968999981880188},{"id":"https://openalex.org/keywords/chinese-listed-companies","display_name":"Chinese listed companies","score":0.4950000047683716}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.671500027179718},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.65829998254776},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.42730000615119934},{"id":"https://openalex.org/C175700187","wikidata":"https://www.wikidata.org/wiki/Q187939","display_name":"Manufacturing","level":2,"score":0.42480000853538513},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.390500009059906},{"id":"https://openalex.org/C107029721","wikidata":"https://www.wikidata.org/wiki/Q19188","display_name":"Mainland China","level":3,"score":0.38530001044273376},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.3546999990940094},{"id":"https://openalex.org/C98014903","wikidata":"https://www.wikidata.org/wiki/Q832161","display_name":"Financial ratio","level":2,"score":0.3483000099658966},{"id":"https://openalex.org/C26584437","wikidata":"https://www.wikidata.org/wiki/Q6060874","display_name":"Investment performance","level":4,"score":0.34459999203681946},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3246999979019165},{"id":"https://openalex.org/C130731218","wikidata":"https://www.wikidata.org/wiki/Q1363554","display_name":"Financial analysis","level":2,"score":0.3172999918460846},{"id":"https://openalex.org/C2987767877","wikidata":"https://www.wikidata.org/wiki/Q352862","display_name":"Time lag","level":3,"score":0.2890999913215637},{"id":"https://openalex.org/C181308471","wikidata":"https://www.wikidata.org/wiki/Q25245118","display_name":"Open-ended investment company","level":4,"score":0.287200003862381},{"id":"https://openalex.org/C2993311118","wikidata":"https://www.wikidata.org/wiki/Q51379","display_name":"Positive relationship","level":2,"score":0.2815999984741211},{"id":"https://openalex.org/C169549615","wikidata":"https://www.wikidata.org/wiki/Q939134","display_name":"Return on investment","level":3,"score":0.27799999713897705},{"id":"https://openalex.org/C75778745","wikidata":"https://www.wikidata.org/wiki/Q342626","display_name":"Lag","level":2,"score":0.27149999141693115},{"id":"https://openalex.org/C89623803","wikidata":"https://www.wikidata.org/wiki/Q12184","display_name":"Pandemic","level":5,"score":0.2635999917984009},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.25870001316070557},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.25760000944137573},{"id":"https://openalex.org/C2781300146","wikidata":"https://www.wikidata.org/wiki/Q1140140","display_name":"Mainland","level":2,"score":0.257099986076355}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.5755/j01.ee.37.4.39292","doi":"https://doi.org/10.5755/j01.ee.37.4.39292","is_oa":true,"landing_page_url":"https://doi.org/10.5755/j01.ee.37.4.39292","pdf_url":null,"source":{"id":"https://openalex.org/S2764594251","display_name":"Engineering Economics","issn_l":"1392-2785","issn":["1392-2785","2029-5839"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["abdc-b","anvur-scientific","norway-1","poland-70","russia-white-list-1"],"host_organization":"https://openalex.org/P4310317509","host_organization_name":"Kaunas University of Technology","host_organization_lineage":["https://openalex.org/P4310317509"],"host_organization_lineage_names":["Kaunas University of Technology"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Engineering Economics","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.5755/j01.ee.37.4.39292","doi":"https://doi.org/10.5755/j01.ee.37.4.39292","is_oa":true,"landing_page_url":"https://doi.org/10.5755/j01.ee.37.4.39292","pdf_url":null,"source":{"id":"https://openalex.org/S2764594251","display_name":"Engineering Economics","issn_l":"1392-2785","issn":["1392-2785","2029-5839"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["abdc-b","anvur-scientific","norway-1","poland-70","russia-white-list-1"],"host_organization":"https://openalex.org/P4310317509","host_organization_name":"Kaunas University of Technology","host_organization_lineage":["https://openalex.org/P4310317509"],"host_organization_lineage_names":["Kaunas University of Technology"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Engineering Economics","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Industry, innovation and infrastructure","score":0.8970999717712402,"id":"https://metadata.un.org/sdg/9"},{"display_name":"Decent work and economic growth","score":0.6452000141143799,"id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W7019604940","https://openalex.org/W3209404295","https://openalex.org/W4416397494","https://openalex.org/W2999641626","https://openalex.org/W4289730915","https://openalex.org/W4410902371","https://openalex.org/W4381281910","https://openalex.org/W2371920142","https://openalex.org/W3049548935","https://openalex.org/W2388991068"],"abstract_inverted_index":{"This":[0],"study":[1],"conducts":[2],"an":[3,81],"empirical":[4],"analysis":[5],"on":[6,13,21],"the":[7,14,32,42,48,57,89,105],"influence":[8],"of":[9,17,60],"lagged":[10],"R&D":[11,36,51,70,110],"investment":[12,37,52,71,111],"financial":[15,39,54,75,113],"performance":[16,40,55,76,114],"manufacturing":[18,58,103,125],"companies":[19,59],"listed":[20],"mainland":[22],"China":[23],"exchanges":[24],"(A-shares)":[25],"from":[26],"2015":[27],"to":[28],"2023.":[29],"It":[30,64],"investigates":[31],"dynamic":[33],"relationship":[34,49,79,108,119],"between":[35,50,109],"and":[38,53,77,112],"during":[41],"COVID-19":[43,90],"pandemic.":[44],"First,":[45],"it":[46,86,98],"examines":[47],"in":[56,69,101,123],"different":[61],"ownership":[62],"structures.":[63],"concludes":[65],"that":[66,88,100],"a":[67],"lag":[68],"will":[72],"significantly":[73],"affect":[74],"their":[78],"follows":[80],"inverted":[82,94,106],"\u201cU\u201d-shape":[83],"pattern.":[84],"Second,":[85],"found":[87],"pandemic":[91],"disrupted":[92],"this":[93,118],"\u201cU\u201d-shaped":[95,107],"relationship.":[96],"Third,":[97],"discovered":[99],"non-state-owned":[102],"companies,":[104],"is":[115,120],"significant,":[116],"while":[117],"not":[121],"significant":[122],"state-owned":[124],"companies.":[126]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2026-10-31T00:00:00"}
