Family Ownership, Board Independence, and R&D Investment

被引：379

作者：

Chen, Hsiang-Lan ^{[1
]}

Hsu, Wen-Tsung ^{[2
,3
]}

机构：

[1] Natl Kaohsiung First Univ Sci & Technol, Dept Finance, Kaohsiung, Taiwan

[2] Ming Chuan Univ, Grad Program, Taipei, Taiwan

[3] Ming Chuan Univ, Int Business Dept, Taipei, Taiwan

来源：

FAMILY BUSINESS REVIEW | 2009年 / 22卷 / 04期

关键词：

R&D investment; family ownership; board independence; corporate governance; TOP MANAGEMENT TEAM; FIRM PERFORMANCE; CORPORATE GOVERNANCE; DIVERSIFICATION STRATEGY; INSTITUTIONAL INVESTORS; PRIVATE FIRMS; AGENCY COSTS; CEO DUALITY; IMPACT; INNOVATION;

D O I：

10.1177/0894486509341062

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Family influence is central in Asian countries; however, little research exists regarding the effects of family ownership and corporate governance on corporate investment decisions. This article examines the relationships among family ownership, board independence, and R&D investment using a sampling of Taiwanese firms. The finding of the negative family ownership-R&D investment relationship suggests that family ownership may discourage risky long-term R&D investment. Such a finding may also suggest that firms with high family ownership may use R&D investment more efficiently and thus need less R&D in relation to firms with low family ownership. In addition, the interaction of family ownership and CEO duality/independent director ratio is negatively/positively related to R&D investment, suggesting that firms with high family ownership may increase R&D investment when the CEO-chair roles are separated or when more independent outsiders are included in the board.

引用

页码：347 / 362

页数：16

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