What's inside the Mind of a CEO? The Effects of Discretionary Slack Resources on R&D Investment

被引：1

作者：

Lee, Seunghye ^{[1
]}

Oh, Won-Yong ^{[2
]}

Chang, Young Kyun ^{[1
]}

机构：

[1] Sogang Univ, Sogang Business Sch, Seoul 04107, South Korea

[2] Univ Nevada, Lee Business Sch, Las Vegas, NV 89154 USA

来源：

BEHAVIORAL SCIENCES | 2023年 / 13卷 / 03期

关键词：

CEO; R&D investment; slack resources; promotion focus; future focus; aspiration level; REGULATORY FOCUS THEORY; PERFORMANCE FEEDBACK; RISK-TAKING; ATTAINMENT DISCREPANCY; BEHAVIORAL-THEORY; MODERATING ROLES; FINANCIAL SLACK; TEMPORAL FOCUS; CASH HOLDINGS; CAUSAL MODEL;

D O I：

10.3390/bs13030247

中图分类号：

B84 [心理学];

学科分类号：

04 ; 0402 ;

摘要：

This study investigates the effects of discretionary slack resources on a firm's R&D investment. Specifically, we examine whether and how a CEO's psychological traits play a role in the relationship between discretionary slack and R&D investment. Using a panel sample from U.S. manufacturing firms in 2006-2010, we found that slack resources lead to an increase in R&D intensity. Furthermore, this positive effect is stronger when CEOs have a strong promotion focus and perceive an addressable negative attainment discrepancy. Thus, our findings show how (a) the level of discretionary slack and (b) CEOs' promotion focus and aspiration level jointly shape R&D investment decisions. Considering CEOs' psychological traits contributes to a more comprehensive view of the conditions under which discretionary slack resources matter for a firm's strategic decisions.

引用

页数：20

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