Stock Market Valuation of R&D Expenditures—The Role of Corporate Governance

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 期刊論文 > Item 987654321/108179

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题名:	Stock Market Valuation of R&D Expenditures—The Role of Corporate Governance
作者:	Chan, Konan;Chen, Hung-Kun;Hong, Li-Hong;Wang, Yanzhi
关键词:	Research and development;R&D;Corproate governance
日期:	2015-01-15
上传时间:	2016-11-05 02:10:53 (UTC+8)
出版者:	Elsevier
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.
關聯:	Pacific-Basin Finance Journal 31, pp.78–93
DOI:	10.1016/j.pacfin.2014.12.004
显示于类别:	[財務金融學系暨研究所] 期刊論文

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