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

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題名:	Stock Market Valuation of R&D Expenditures—The Role of Corporate Governance
作者:	Chan, Konan;Chen, Hung-Kun;Hong, Li-Hong;Wang, Yanzhi
關鍵詞:	Research and development;R&D;Corproate governance
日期:	2015-01-15
上傳時間:	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
顯示於類別:	[財務金融學系暨研究所] 期刊論文

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