Managerial Discretion: The Relationship Between Investments in R & D and Performance -Revisited: Case of Tunisian Enterprises

Dorsaf Bentaleb Sfar


This article proposes a re-reading of the role of R & D investments in the performance equation when a manifestation of an opportunistic inclination on the part of managers occurs. Often, the manager and the owners express different expectations regarding investment choices in R & D. Although shareholders are looking for performance, the manager sometimes has a tendency to broaden his managerial discretion. The choice of R & D investments could thus reinforce managerial entrenchment. We will demonstrate the moderation exercised by managerial discretion on the R & D / Performance relationship.

Our empirical validation will be put to examination against the Tunisian context by deploying various tests. We come to grips with the characteristics of the Tunisian context through an empirical study of 75 companies observed over a 7 -year time lapse, i.e. from 2008 to 2014. The explanatory analysis was an opportunity to highlight the existence of a moderation exercised over the main relationship dealt with.

Full Text:



Journal of Management and Strategy
ISSN 1923-3965 (Print)   ISSN 1923-3973 (Online)


Copyright © Sciedu Press

To make sure that you can receive messages from us, please add the '' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.