R&D Investment and Firms' Financial Performance: The Moderating Role of Chairman-CEO Duality

被引：0

作者：

Huang WenSheng ^{[1
]}

Zhu Zhaohui ^{[2
]}

机构：

[1] Zhejiang Gongshang Univ Hangzhou Coll Commerce, Hangzhou, Zhejiang, Peoples R China

[2] Zhejiang Gongshang Univ, Sch Accounting, Hangzhou, Zhejiang, Peoples R China

来源：

2013 PROCEEDINGS OF TECHNOLOGY MANAGEMENT IN THE IT-DRIVEN SERVICES (PICMET'13) | 2013年

关键词：

ABSORPTIVE-CAPACITY; OWNERSHIP;

D O I：

暂无

中图分类号：

TP39 [计算机的应用];

学科分类号：

081203 ; 0835 ;

摘要：

Though technological innovation by R&D is at the core of business strategy for firms to compete in the competitive market, but the previous studies did not lead to a consensus about the R&D impacts on financial performance. The study suggests that the separation of Board's chairman and CEO may play an important moderating role in firm's R&D investment decision-making. After testing the correlation between firms R&D investment intensity and the one-year lagged financial performance, the moderating effect of chairman-CEO duality is studied, and the results suggest that duality does mediate the effect of R&D investment on firm's financial performance. But further analyses of subsample suggest that it is the fact only in the low-tech firms.

引用

页码：1843 / 1847

页数：5

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