文章基本信息

标题：Impact of CEO pensions on value relevance of R&D expenditures
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作者：Kyung Jin Park ; Kyoungwon Mo
期刊名称：Problems and Perspectives in Management
印刷版ISSN：1727-7051
电子版ISSN：1810-5467
出版年度：2018
卷号：16
期号：4
页码：224-234
DOI：10.21511/ppm.16(4).2018.19
语种：English
出版社：LLC "CPC "Business Perspectives"
摘要：Since CEO pension is unsecured and unfunded liabilities of the firm,it induces CEOs to have long-term incentives towards minimizing their firms’ default risk.Motivated by the unique characteristics of CEO pension,this study investigates the impact of CEO pension on the value relevance of R&D expenditures.Using Tobin’s Q ratio to measure firm value,the empirical results show that CEO pension intensifies the relation between R&D expenditures and Tobin’s Q ratio.The results remain robust in two-stage least square and propensity score matching regression analysis to address the endogeneity issues in the relation between CEO pension and the value relevance of R&D expenditures.In addition,the regression results with ROA and F-score as the alternative dependent variables also confirm that CEO pension intensifies the relation between R&D expenditures and firm value.
关键词：Since CEO pension is unsecured and unfunded liabilities of the firm,it induces CEOs to have long-term incentives towards minimizing their firms’ default risk.Motivated by the unique characteristics of CEO pension,this study investigates the impact of CEO pension on the value relevance of R&D expenditures.Using Tobin’s Q ratio to measure firm value,the empirical results show that CEO pension intensifies the relation between R&D expenditures and Tobin’s Q ratio.The results remain robust in two-stage least square and propensity score matching regression analysis to address the endogeneity issues in the relation between CEO pension and the value relevance of R&D expenditures.In addition,the regression results with ROA and F-score as the alternative dependent variables also confirm that CEO pension intensifies the relation between R&D expenditures and firm value.