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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
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
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