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Agency Costs, Management Stockholding, and Research and Development Expenditures
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Cho, Shin | - |
dc.date.accessioned | 2009-01-16 | - |
dc.date.available | 2009-01-16 | - |
dc.date.issued | 1992-04 | - |
dc.identifier.citation | Seoul Journal of Economics, Vol.5 No.2, pp. 127-152 | - |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://hdl.handle.net/10371/949 | - |
dc.description.abstract | This paper examines the relationship between management stockholding and the level of R&D expenditures of a firm. Agency theory implies that a manager is reluctant to undertake R&D projects. Considering that management stockholding generally works to reduce agency problems between shareholders and managers, we can expect a certain relationship between management stockholding and R&D intensity, although the theory fails to predict a monotonous relationship between these two. Empirical results show that R&D intensity rises as the importance of management stockholding increases in the manager's personal wealth. These results are consistent with the agency theory that management stockholding reduces agency problem. | - |
dc.language.iso | en | - |
dc.publisher | Institute of Economic Research, Seoul National University | - |
dc.subject | R&D expenditures | - |
dc.subject | management stockholding | - |
dc.subject | R&D intensity | - |
dc.title | Agency Costs, Management Stockholding, and Research and Development Expenditures | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | 조신 | - |
dc.citation.journaltitle | Seoul Journal of Economics | - |
dc.citation.endpage | 152 | - |
dc.citation.number | 2 | - |
dc.citation.pages | 127-152 | - |
dc.citation.startpage | 127 | - |
dc.citation.volume | 5 | - |
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