The Determinants of R&D in Taiwan Electronic Industry : A Focus on Characteristics of Board of Directors

• Main Authors: Hong, Yie Jie, 洪胤傑
• Other Authors: 張清福
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/u6f9ah

碩士 === 國立政治大學 === 會計學系 === 105 === As the most important industry in Taiwan, electronic industry has tremendous R&D expenditure. This study investigates the determinants of R&D expenditure of electronic industry in Taiwan and focuses on the characteristic of the board of directors. The sample consists of electronic firms listed in Taiwan Stock Exchange or from OTC during 2008 to 2015. Contrast to the literature, this study considers both the firm characteristics and characteristics of the board of directors. The empirical results are as follows: 1. Individual characteristic of the enterprise: (1). Firm size, quick ratio and revenue growth rate are positively related to R&D expenditure. (2). Debt ratio and establishment time are negatively related to R&D expenditure. 2. The characteristics of the board of directors: (1). Internalization of the chairman and the ratio of independent directors are positively related to R&D expenditure. (2). Board size and the shareholdings of the directors are negatively related to R&D expenditure.