Stock Market Valuation of R&D Expenditures—The 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 Expenditures—The 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 en
ISSN 0927-538X
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 是
國別 NLD
公開徵稿
出版型式 ,電子版,紙本
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/108179 )