CEO Tenure and R&D investment: founders vs. agents and the Role of independent directors

被引：23
作者：
Hsu Wen-Tsung [1 ]
Chen Hsiang-Lan [2 ]
Ho Mei Hsiu-Ching [3 ]
机构：
[1] Ming Chuan Univ, Taipei, Taiwan
[2] Natl Kaohsiung Univ Sci & Technol, Dept Finance, 1 Univ Rd, Kaohsiung 824, Taiwan
[3] Natl Taiwan Univ Sci & Technol, Taipei, Taiwan
来源：
TECHNOLOGY ANALYSIS & STRATEGIC MANAGEMENT | 2020年 / 32卷 / 10期
关键词：
R&D investment; agent CEO; founder CEO; tenure; independent director; ENTREPRENEURIAL ORIENTATION; CORPORATE GOVERNANCE; FIRM; BOARD; FAMILY; PERFORMANCE; EXPERIENCE; MANAGEMENT; OWNERSHIP;
D O I：
10.1080/09537325.2020.1757637
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
R&D investment is necessary for firms to pursue innovation. However, few studies have simultaneously investigated the different tenure effects of founder CEOs and agent CEOs on R&D investment. Furthermore, scholars have been increasingly calling for a study of the effects of CEO-board interactions on firm strategy. Accordingly, this study examines the differing effects of founder CEO tenure and agent CEO tenure and the moderating influence of independent directors' human and social capital on R&D investment. Regarding the tenure effect on R&D investment, an inverted U-shaped relationship is observed for agent CEOs whereas a negative relationship is noted for founder CEOs. Additionally, the results show that independent directors' industry-specific experience (board human capital) and external directorships (board social capital) positively moderate the relationship between CEO tenure and R&D investment.
引用
收藏
页码：1209 / 1222
页数：14
相关论文
共 44 条
  • [1] CEO characteristics and firm R&D spending
    Barker, VL
    Mueller, GC
    [J]. MANAGEMENT SCIENCE, 2002, 48 (06) : 782 - 801
  • [2] Board Influence on a Firm's Internationalization
    Barroso, Carmen
    Mar Villegas, Ma
    Perez-Calero, Leticia
    [J]. CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2011, 19 (04) : 351 - 367
  • [3] Value creation in cross-border acquisitions: The role of outside directors' human and social capital
    Basuil, Dynah A.
    Datta, Deepak K.
    [J]. JOURNAL OF BUSINESS RESEARCH, 2017, 80 : 35 - 44
  • [4] R&D investments in family and founder firms: An agency perspective
    Block, Joern H.
    [J]. JOURNAL OF BUSINESS VENTURING, 2012, 27 (02) : 248 - 265
  • [5] CEO Tenure and Entrepreneurial Orientation Within Family and Nonfamily Firms
    Boling, J. Ruben
    Pieper, Torsten M.
    Covin, Jeffrey G.
    [J]. ENTREPRENEURSHIP THEORY AND PRACTICE, 2016, 40 (04) : 891 - 913
  • [6] The role of human and social board capital in driving CSR reporting
    Camino Ramon-Llorens, M.
    Garcia-Meca, Emma
    Consuelo Pucheta-Martinez, M.
    [J]. LONG RANGE PLANNING, 2019, 52 (06)
  • [7] Independent directors' human and social capital, firm internationalization and performance implications: An integrated agency-resource dependence view
    Chen, Hsiang-Lan
    Hsu, Wen-Tsung
    Chang, Chiao-Yi
    [J]. INTERNATIONAL BUSINESS REVIEW, 2016, 25 (04) : 859 - 871
  • [8] CEO Tenure and R&D Investment: The Moderating Effect of Board Capital
    Chen, Hsiang-Lan
    [J]. JOURNAL OF APPLIED BEHAVIORAL SCIENCE, 2013, 49 (04) : 437 - 459
  • [9] Cirillo A., SMALL BUSINESS EC
  • [10] An Integrated Agency-Resource Dependence View of the Influence of Directors' Human and Relational Capital on Firms' R&D Spending
    Dalziel, Thomas
    Gentry, Richard J.
    Bowerman, Michael
    [J]. JOURNAL OF MANAGEMENT STUDIES, 2011, 48 (06) : 1217 - 1242
12345