教師資料查詢 | 類別: 期刊論文 | 教師: 陳鴻崑 Hung-Kun Chen (瀏覽個人網頁)

標題:Stock Market Valuation of R&D ExpendituresThe Role of Corporate Governance
學年103
學期1
出版(發表)日期2015/01/15
作品名稱Stock Market Valuation of R&D ExpendituresThe Role of Corporate Governance
作品名稱(其他語言)
著者Chan, Konan; Chen, Hung-Kun; Hong, Li-Hong; Wang, Yanzhi
單位
出版者
著錄名稱、卷期、頁數Pacific-Basin Finance Journal 31, pp.78–93
摘要This paper examines whether firms with greater research and development (R&D) expenditures earn higher stock returns when they have good corporate governance. After controlling for size, book-to-market ratio, momentum, asset growth, accruals, and abnormal capital expenditures, we determine that R&D-intensive firms indeed earn higher stock returns when they have well-established corporate governance. Our results are robust to a variety of industry fixed-effect controls, governance proxies, model specifications, and panel regression with standard errors adjusted for year clustering. Therefore, our results are not endogenously driven by inherent characteristics. These results suggest that good governance is able to prevent potential overinvestment in R&D spending, thereby increasing the rate of return for R&D spending firms.
關鍵字Research and development;R&D;Corproate governance
語言英文
ISSN0927-538X
期刊性質國外
收錄於SSCI;
產學合作
通訊作者Chen, Hung-Kun
審稿制度
國別荷蘭
公開徵稿
出版型式,電子版,紙本
相關連結
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