The Impact of R&D Investment and Corporate Governance on the Change of Insider Shareholdings

• Main Authors: Jin-Nan Syu, 許進男
• Other Authors: Cheng-Tin Liu
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/26901263018486113644

碩士 === 國立臺北商業大學 === 會計財稅研究所 === 104 === In this paper, use 2010 to 2014 year Taiwan listed companies for the study, total of 3,648 observations to explore the impact of R&D investment and corporate governance on the change of insider shareholdings. The main empirical results:(1)R&D intensity variables and the change of insider shareholdings is positive significant relationship;(2)The directors’s and supervisors’s shareholdings proportion and the change of insider shareholdings is significantly positive; the legal person’s share holdings propotion and he change of insider shareholdings is significant negative .(3)R&D intensity dummy variable and director share collateralization ratio intervention is significantly positive; and the directors’s and supervisors’s shareholdings intervention is negative significant; and the largest shareholder’s proportion is negative significant; the result support the conclusion : corporate governance has moderation effect between R&D investment and the change of insider shareholdings.