CEO stock option pay and R&D spending: a behavioral agency explanation

被引：125

作者：

Wu, Jianfeng ^{[1
]}

Tu, Rungting ^{[1
]}

机构：

[1] Peking Univ, Guanghua Sch Management, Beijing 100871, Peoples R China

来源：

JOURNAL OF BUSINESS RESEARCH | 2007年 / 60卷 / 05期

基金：

中国国家自然科学基金;

关键词：

behavioral agency theory; R&D spending; CEO stock option pay;

D O I：

10.1016/j.jbusres.2006.12.006

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study applies the behavioral agency perspective to investigate the relationship between CEO stock option pay and a firm's R&D spending. This study argues that such a linkage is contingent upon two contextual factors - slack resources and firm performance - that influence the managerial perception of the downside risk associated with R&D investment. Using panel data from four R&D intensive industries, this study shows that the positive impact of CEO stock option pay on. R&D spending is more prominent when slack resources are abundant, or when firm performance is high. (c) 2007 Elsevier Inc. All rights reserved.

引用

页码：482 / 492

页数：11

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