Earticle

초록

영어

This paper examines whether firms with more research and development (R&D) expenditure earn higher return when they have good corporate governance. After controlling for many asset pricing factors in the existing literature, such as size, book-to-market ratio, momentum, asset growth, accruals, and abnormal capital expenditure, we find that R&D-intensity firms indeed earn higher stock returns when they experience well-established corporate governance. This finding suggests that good governance is able to prevent potential overinvestment in R&D spending and thereby increase the rate of returns on R&D spending firms. Namely, R&D strategy, in terms of buying well governance R&D investing firms, is more effective in well-governed firms.

목차

Abstract
 1. Introduction
 2. Data and Methodology
  2.1 Sample Selection
  2.2 Governance Data
  2.3 Regression Specification
  2.4 Descriptive Statistics
 3. Empirical Results
  3.1 Main Results
  3.2 The Results of Using Different Measures of R&D Intensity
  3.3 Controlling for Time-Varying Risk
 4. Conclusions
 References
 Appendix
 Table
 Figure

키워드

저자

• Hung-Kun Chen [ Assistant Professor Department of Banking and Finance Tamkang University, Tamsui, Taiwan ]
• Li-Hong Hong [ Discipline of Finance, College of Management Yuan Ze University, Chung-Li, Taiwan ]
• Yanzhi Wang [ Associate Professor Department of Finance National Taiwan University, Taipei, Taiwan ]

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발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

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• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330