取締役会および社長の属性と企業の研究開発行動 : 国内機械産業の特許データによる計量分析
Abstract本稿では、1995-1999年の国内機械産業に属する上場企業の特許データや財務データを用いて各企業の意思決定主体である「取締役会」、「社長」の属性と研究開発行動の関係を計量的に実証している。各推計によれば、取締役会の規模と企業の研究開発行動の間には負の有意な関係が頑健的に見出された。さらに、取締役/社長が研究開発志向か否かの代理変数である「取締役理系割合」、「社長理系ダミー」と企業の研究開発行動の間に、内生性を 考慮した操作変数法を用いた上で正の有意な関係も見出した。これらの結果により、国内機械産業において、取締役会の構造と企業の研究開発活動の間に「Board Size Effect仮説」と「Provision of Resource function仮説」が適合することが示された。加えて、「社長の勤続年数」、「社長の年齢」および「取締役の社外出身割合」と企業の研究開発行動の間にはそれぞれ仮説に立脚した有意な関係を実証することができた。, It is widely considered that the characteristics of the decision-makers may affect the behaviors of the firms in Business Economics. However, many aspects of the effects of the Boards' and the CEO's characteristics on Firms’ R&D activities remain poorly understood. Thus, in this paper, we tackle this puzzle with econometric approach based on“board size effect hypothesis” and “Provision of Resource function hypothesis”, utilizing a data of Japanese machinery industry . From our empirical study, we find the significant negative relationship between board size and the number of patent application in firm. We also obtain the significant positive effects of the proxies “, whether the Board and the CEO are R&D-oriented or not”on R&D behaviors of firms with several instrumental methods. Additionally, we show the significant result on several independent variables“, CEO’s tenure”“, CEO’s age”and “the ratio of the outside directors to the board member” conformed to our hypotheses in our econometric models. Finally, from above results, we conclude that the Boards' and the CEO's characteristics affect Firms’ R&D activities such as the number of patent application in Japanese machinery industry.
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Bibliographic InfoPaper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2009-11.
Date of creation: Sep 2009
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Note: An Econometric Analysis on the Effect of the Boards'and the CEO's characteristics on Firms’ R&D activities in the Japanese Machinery Industry
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研究開発; 取締役会; 社長; Board Size Effect仮説; Provision of Resourcefunction仮説; エントレンチメント効果; 操作変数法;
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