An Empirical Study of Board Composition and R&D Ezpenditure from Chinese Listed Firms
With the data of 790 Chinese listed firms, this paper investigates the relationship between board composition and R&D expenditure. The result shows that boards quality is positive to R&D expenditure. Within the executive directors proportion from 1/10 to 1/3, or with the opposition of CEO duality, more independent directors result in negative effect on the synergy of R&D decisions or supervising R&D implementation by executive directors, which is inclined to reduce R&D expenditure. For long-term benefit of their firms, more young chairmen of the boards and the second influence director, whose professional background is R&D, product design and marketing, trend to increase more R&D expenditure? The opposition of CEO duality also lowers R&D expenditure.
R&D Ezpenditure Board Composition Chinese Listed Firms
HE Qiang CHEN Song
Business School of University of Shanghai for Science and Technology, Shanghai, P.R.China, 200093 School of Economics and Management of Tongji University, Shanghai, P.R.China, 200092
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
1380-1387
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）