Ownership concentration and R&D investment: the moderating role of stock options

被引：2
|
作者：
Qian, Furong [1 ]
Yuan, Xiaoyong [2 ]
机构：
[1] Nanjing Univ Posts & Telecommun, Sch Management, Nanjing, Peoples R China
[2] Nanjing Univ Finance & Econ, Sch Int Econ & Trade, Nanjing, Peoples R China
来源：
MANAGEMENT DECISION | 2023年 / 61卷 / 11期
基金：
中国国家自然科学基金;
关键词：
R&D investment; Ownership concentration; Stock options; China; CORPORATE GOVERNANCE; INNOVATION; AGENCY; PERFORMANCE; CHINA; MATTER; FIRMS; MANAGEMENT; PAY;
D O I：
10.1108/MD-07-2022-0885
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Purpose- This study aims to elaborate on how firms manage research and development (R&D) activities by examining the relationship between ownership concentration and corporate R&D investment, as well as the moderating role of stock options in this relationship.Design/methodology/approach- The study sample comprised 354 Chinese listed firms from 2011 to 2019, and the Tobit model and the system GMM test are used to check robustness.Findings- The results reveal that ownership concentration and R&D investment have an inverted U-shaped relationship. In the presence of stock options, this inverted U-shaped relationship is significantly weaker.Originality/value- The results have important managerial implications for firms that aim to grant stock options and improve the impact of ownership concentration on R&D investment strategies.
引用
收藏
页码：3475 / 3492
页数：18
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