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Employee stock ownership and corporate R&D expenditures: evidence from Taiwan's information-technology industry

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  • Hsiang-Lan Chen
  • Yen-Sheng Huang

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Abstract

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Suggested Citation

  • Hsiang-Lan Chen & Yen-Sheng Huang, 2006. "Employee stock ownership and corporate R&D expenditures: evidence from Taiwan's information-technology industry," Asia Pacific Journal of Management, Springer, vol. 23(3), pages 369-384, September.
  • Handle: RePEc:kap:asiapa:v:23:y:2006:i:3:p:369-384
    DOI: 10.1007/s10490-006-9005-4
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    References listed on IDEAS

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    1. Smith, Clifford Jr. & Watts, Ross L., 1992. "The investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Financial Economics, Elsevier, vol. 32(3), pages 263-292, December.
    2. Guay, Wayne R., 1999. "The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants," Journal of Financial Economics, Elsevier, vol. 53(1), pages 43-71, July.
    3. Todd R. Zenger, 1994. "Explaining Organizational Diseconomies of Scale in R&D: Agency Problems and the Allocation of Engineering Talent, Ideas, and Effort by Firm Size," Management Science, INFORMS, vol. 40(6), pages 708-729, June.
    4. Chih-Ying Chen, 2003. "Investment Opportunities and the Relation Between Equity Value and Employees' Bonus," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30, pages 941-974.
    5. Sangsoo Park & Moon H. Song, 1995. "Employee Stock Ownership Plans, Firm Performance, and Monitoring by Outside Blockholders," Financial Management, Financial Management Association, vol. 24(4), Winter.
    6. Agrawal, Anup & Mandelker, Gershon N, 1987. " Managerial Incentives and Corporate Investment and Financing Decision s," Journal of Finance, American Finance Association, vol. 42(4), pages 823-837, September.
    7. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    8. Harvey, Keith D & Shrieves, Ronald E, 2001. "Executive Compensation Structure and Corporate Governance Choices," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 24(4), pages 495-512, Winter.
    9. Richard A. DeFusco & Thomas S. Zorn & Robert R. Johnson, 1991. "The Association Between Executive Stock Option Plan Changes and Managerial Decision Making," Financial Management, Financial Management Association, vol. 20(1), Spring.
    10. Smith, Clifford W. & Stulz, René M., 1985. "The Determinants of Firms' Hedging Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(04), pages 391-405, December.
    11. Jay C. Hartzell & Laura T. Starks, 2003. "Institutional Investors and Executive Compensation," Journal of Finance, American Finance Association, vol. 58(6), pages 2351-2374, December.
    12. Jouahn Nam & Richard E. Ottoo & John H. Thornton Jr., 2003. "The Effect of Managerial Incentives to Bear Risk on Corporate Capital Structure and R&D Investment," The Financial Review, Eastern Finance Association, vol. 38(1), pages 77-101, February.
    13. William N. Pugh & Sharon L. Oswald & John S. Jahera Jr., 2000. "The effect of ESOP adoptions on corporate performance: are there really performance changes?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 21(5), pages 167-180.
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    More about this item

    Keywords

    Employee stock ownership; R&D expenditures; Agency theory; G31; M52;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

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