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Reexamining the relationship between CEO ownership and R%D investment by considering the contextual effects

Author

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  • Bich-Ngoc Thi Le
  • Cheng-Yu Lee

Abstract

Despite the agency theory prescribes risk alignment effect of corporate governance through CEO ownership, the empirical inquiries into the relationship between CEO ownership and corporate risk-taking thus far yielded a mixed result. This study aims to examine the nuances of such a relationship in the presence of financial slack and technological opportunities by contingency models. The study employs the secondary data in a sample of S%P 1500 from 2006 to 2018. According to empirical results, this study finds that both financial slack and technological opportunities positively moderate the CEO ownership-R%D investment relationship.

Suggested Citation

  • Bich-Ngoc Thi Le & Cheng-Yu Lee, 2021. "Reexamining the relationship between CEO ownership and R%D investment by considering the contextual effects," International Journal of Business Innovation and Research, Inderscience Enterprises Ltd, vol. 26(3), pages 350-365.
    • Handle: RePEc:ids:ijbire:v:26:y:2021:i:3:p:350-365
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