The Relations among CEO Characteristics, Slack Resources, and R&D Expenditures: An Empirical Study of Taiwan High-Tech Industries

• Main Authors: Tsung-Che Tsai, 蔡宗哲
• Other Authors: Chia-Ling Lee
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/15628642398684409592

碩士 === 國立中正大學 === 會計與資訊科技研究所 === 97 === Researchers have been investigating whether CEO characteristics affects R&D expenditures. Considering functions of slack resources on inducement, risk buffer and strategy facilitator, this paper incorporates the slack resources into the relation between CEO characteristics and R&D expenditures. Our sample is collected from the listed high-tech firms from 2003 to 2007. The empirical results show that when firms have more slack resources, CEO with longer-tenure, lower education level, or lower shareholdings will invest more on R&D expenditures. Additionally, the CEO with science and engineering education background and foreign education background will invest more R&D expenditures. However, slack resources have no significant moderating effect on the relationship between CEO age / duality and R&D expenditures. Our finding implies that when CEO makes decisions of R&D investment, it could not only be affected by its characteristics but also the influences of slack resources.