Innovation and Research and Development (R&D) investments have been considered in the literature as a significant determinant of corporate development and sustainability. Previous studies have examined the impact of intangibles on financial performance but not extensively within economic environments of intense financial turmoil. The scope of this study is to shed further light on this issue and examine whether R&D investments had an impact on the profitability of Greek firms especially during the sovereign debt crisis. We collected a sample of Greek corporations that have capitalized their R&D investments and paid significant amounts on R&D expenses during the period 2003–2016. Panel regression results indicated that R&D investments and R&D expenses had a negative impact on the profitability of sample firms before the crisis, but during the crisis (2011–2016) firms which managed to sustain or enhance their level of R&D investments achieved to improve their profitability. These findings corroborate our hypotheses that during a period of limited lending and hearse financial turmoil, R&D investments could be a vital tool for sustaining firms' financial performance. The study offers useful implications for managers and regulators, and contributes to the ongoing debate about the impact of R&D investments on corporate performance.

中文翻译：

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危机期间的研发投资和盈利能力：希腊的证据

文献中已将创新和研究与开发（R＆D）投资视为企业发展和可持续性的重要决定因素。先前的研究已经检查了无形资产对财务绩效的影响，但并未在剧烈的金融动荡的经济环境中进行广泛的研究。本研究的范围将进一步阐明该问题，并研究研发投资是否对希腊公司的盈利能力产生影响，尤其是在主权债务危机期间。我们收集了一些希腊公司的样本，这些公司已将其研发投资资本化，并在2003-2016年期间支付了大量研发费用。面板回归结果表明研发投入和研发 D支出对危机前的样本公司的盈利能力有负面影响，但在危机期间（2011-2016年），设法维持或提高其研发投资水平以提高盈利能力的公司。这些发现证实了我们的假设，即在有限的借贷和灵性的金融动荡时期，R＆D投资可能是维持公司财务绩效的重要工具。该研究为管理人员和监管者提供了有益的启示，并为有关R＆D投资对公司绩效的影响的持续辩论做出了贡献。这些发现证实了我们的假设，即在有限的借贷和灵性的金融动荡时期，R＆D投资可能是维持公司财务绩效的重要工具。该研究为管理人员和监管者提供了有益的启示，并为有关R＆D投资对公司绩效的影响的持续辩论做出了贡献。这些发现证实了我们的假设，即在有限的借贷和灵性的金融动荡时期，R＆D投资可能是维持公司财务绩效的重要工具。该研究为管理人员和监管者提供了有益的启示，并为有关R＆D投资对公司绩效的影响的持续辩论做出了贡献。