Title :
Investor sentiment, chairman-CEO duality and R&D investment
Author :
Zhaohui Zhu ; WenSheng Huang
Author_Institution :
Sch. of Accounting, Zhejiang Gongshang Univ., Hangzhou, China
Abstract :
With a sample of Chinese listed firms during 2007-2010, the paper studies the impact of the investor sentiment on firm´s R&D investment, and the results suggest that the firms´ management do not catering investor sentiment significantly. But when the study import the variable of chairman-CEO duality and its interaction with investor sentiment, it is suggested that the stock mispricing which induced by investor sentiment and chairman-CEO duality have a positive effect on firms´ R&D investment. Furthermore, the coefficient of the interaction of investor sentiment and chairman-CEO duality is negative significantly, which suggests that the firms with board member act as CEO will cater investor sentiment through R&D investment, while the firms which separate of chairman and CEO will make investment decisions more rationally.
Keywords :
investment; organisational aspects; personnel; research and development; Chinese listed firms; chairman-CEO duality; firm R&D investment; investor sentiment; stock mispricing; Educational institutions; Investment; Quantum cascade lasers; Stock markets; Technological innovation;
Conference_Titel :
Management of Engineering & Technology (PICMET), 2014 Portland International Conference on
Conference_Location :
Kanazawa
