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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/108179


    Title: Stock Market Valuation of R&D Expenditures—The Role of Corporate Governance
    Authors: Chan, Konan;Chen, Hung-Kun;Hong, Li-Hong;Wang, Yanzhi
    Keywords: Research and development;R&D;Corproate governance
    Date: 2015-01-15
    Issue Date: 2016-11-05 02:10:53 (UTC+8)
    Publisher: Elsevier
    Abstract: 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.
    Relation: Pacific-Basin Finance Journal 31, pp.78–93
    DOI: 10.1016/j.pacfin.2014.12.004
    Appears in Collections:[財務金融學系暨研究所] 期刊論文

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