DocumentCode :
1818873
Title :
R&D investment and firms´ financial performance: The moderating role of chairman-CEO duality
Author :
Huang WenSheng ; Zhu Zhaohui
Author_Institution :
Hangzhou Coll. of Commerce, Zhejiang Gongshang Univ., Hangzhou, China
fYear :
2013
fDate :
July 28 2013-Aug. 1 2013
Firstpage :
1843
Lastpage :
1847
Abstract :
Though technological innovation by R&D is at the core of business strategy for firms to compete in the competitive market, but the previous studies did not lead to a consensus about the R&D impacts on financial performance. The study suggests that the separation of Board´s chairman and CEO may play an important moderating role in firm´s R&D investment decision-making. After testing the correlation between firms R&D investment intensity and the one-year lagged financial performance, the moderating effect of chairman-CEO duality is studied, and the results suggest that duality does mediate the effect of R&D investment on firm´s financial performance. But further analyses of subsample suggest that it is the fact only in the low-tech firms.
Keywords :
decision making; innovation management; R&D investment; competitive market; decision making; firms financial performance; technological innovation; Companies; Economics; Industries; Investment; Technological innovation; Technology management;
fLanguage :
English
Publisher :
ieee
Conference_Titel :
Technology Management in the IT-Driven Services (PICMET), 2013 Proceedings of PICMET '13:
Conference_Location :
San Jose, CA
Type :
conf
Filename :
6641638
Link To Document :
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