How Do Ownership Concentration and Family Control Affect R&D Investments? New Evidence from Taiwan

被引：8

作者：

Ting, Irene Wei Kiong ^{[1
,2
]}

Lo, Huai-Chun ^{[3
]}

Kweh, Qian Long ^{[4
]}

机构：

[1] Ton Duc Thang Univ, Fac Accounting, Benchmarking Res Grp, Ho Chi Minh City, Vietnam

[2] Univ Malaysia Pahang, Fac Ind Management, Gambang, Malaysia

[3] Yuan Ze Univ, Coll Management, Div Finance, 135 Yuan Tung Rd, Taoyuan 32003, Taiwan

[4] Canadian Univ Dubai, Fac Management, Dubai, U Arab Emirates

来源：

INTERNATIONAL REVIEW OF FINANCE | 2020年 / 20卷 / 01期

关键词：

AGENCY; FIRMS; UNCERTAINTY; VALUATION; LEVERAGE;

D O I：

10.1111/irfi.12206

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study finds a nonlinear relationship between ownership concentration and R&D investments. Specifically, ownership concentration is positively related to R&D investments at a low level of ownership concentration; the relationship becomes negative when ownership concentration is at a high level. However, the impact of ownership concentration on R&D investments is lessened in family-controlled firms; that is, family control moderates the relationship between ownership concentration and R&D investments. Overall, this study suggests that the ownership concentration's nonlinear impact on R&D investments differs between family-controlled firms and nonfamily-controlled firms.

引用

页码：275 / 291

页数：17

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