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Does employing academic executives enhance R&D cost stickiness? Evidence from Chinese listed companies

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  • Liu, Li
  • Hu, Wenxiu
  • Wang, Fangyun
  • Yang, Li

Abstract

This study investigates the existence of R&D cost stickiness and the impact of academic executives on R&D cost stickiness, a topic of widespread interest in both academia and practice. Existing literature has not reached a consensus on the existence of R&D cost stickiness, and regarding its determinants, the literature often overlooks executives' early experiences as corporate decision-makers. Using data from Chinese A-share listed companies from 2008 to 2021, we provide evidence that R&D cost stickiness exists in companies and academic executives positively affect R&D cost stickiness. Moderating mechanism analysis reveals that low internal control levels and low analyst coverage intensify the positive effect of academic executives on R&D cost stickiness. Furthermore, this positive effect is more pronounced when companies are state-owned or employ academic executives with university teaching experience. These findings offer practical insights for firms seeking to strategically allocate R&D resources and reasonably build top management teams.

Suggested Citation

  • Liu, Li & Hu, Wenxiu & Wang, Fangyun & Yang, Li, 2025. "Does employing academic executives enhance R&D cost stickiness? Evidence from Chinese listed companies," Economic Modelling, Elsevier, vol. 145(C).
    • Handle: RePEc:eee:ecmode:v:145:y:2025:i:c:s0264999325000033
    DOI: 10.1016/j.econmod.2025.107008
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    More about this item

    Keywords

    Academic executives; R&D cost stickiness; Internal and external governance environments; Internal control level; Analyst coverage;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • M51 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Firm Employment Decisions; Promotions
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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