The Synergistic Effect of Marketing and R&D on Shareholder Value: Empirical Evidence from Healthcare Firms
Type
conference contribution
Date Issued
2026-06-03
Author(s)
Abstract
The healthcare industries are characterized by scientific intensity and strict regulation, making marketing both essential and challenging. Although crucial for commercialization, marketing often lacks legitimacy in science-driven firms and is dominated by R&D. Drawing on the resource-based view and dynamic capabilities theory, we examine how marketing and R&D jointly affect firm shareholder value. Using a longitudinal panel of 314 public U.S. firms operating in the pharmaceuticals, life sciences, and biotechnology industries from 2004 to 2024, fixed-effects models reveal that marketing intensity alone decreases value, while its interaction with R&D is positive and enduring. The findings show that marketing becomes value-enhancing only when integrated with technological capabilities, reflecting both synergy and asymmetry. Overall, this study highlights the need to embed marketing within the innovation process to strengthen its strategic role.
HSG Classification
contribution to scientific community
Refereed
Yes
Event Title
EMAC 2026
Event Location
Bath, United Kingdom
Event Date
03.06.2026
Subject(s)
Division(s)
Additional Information
Presentation at the EMAC 2026 in Bath (United Kingdom), based on the conference paper "The Synergistic Effect of Marketing and R&D on Shareholder Value: Empirical Evidence from Healthcare Firms."
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open.access
Name
EMAC_Presentation_Ademi.pdf
Size
152.63 KB
Format
Adobe PDF
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