Effects of CEO ownership on R&D and Firm performance

• Main Authors: WANG,MU-HUA, 王牧樺
• Other Authors: WANG,CHIEN-HO
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/18125379437885461755

碩士 === 國立臺北大學 === 經濟學系 === 104 === The asymmetric information problems about CEO and ownerships are one of the important topics in financial economics. How the managerial share ownership affects firm value is an interesting research direction. From the research of European and US companies, there exists a significant relationship between the CEO holding a significant fraction of firm's share and stock market return of firms. In addition, the R&D expenditure of firms has positive relationship with firm profit. The relationship between CEO ownerships and firm performance is a contentious issue. This thesis examine the relationship between CEO ownerships and R&D expenditure in Taiwan companies. We found that the CEO ownership and firm performance is rendered positive relationship, rather than presenting a non-linear relationship in Taiwan. Director ownership has insignificant relationship with firm performance. CEO ownership and the R&D expenditure presents nonlinear relationship in the electronics industry, but in non-electronics industry, CEO ownership and R&D expenditure presented insignificant relationship.