Are Public Firms Less Responsive to Investment Opportunities? Evidence from R&D Investment of Taiwan Firms

上市公司投資機會敏感度較低嗎？－臺灣研究發展投資之實證研究

謝依珊(Yi-Shan Hsieh) ； 黃朝熙(Chao-Hsi Huang)

《財務金融學刊》 28卷3期 (2020/09) Pp. 75-112

https://doi.org/10.6545/JFS.202009_28(3).0002

摘要

We explore whether managerial short-termism affects investment decisions of public firms by comparing how R&D investment of public and private firms responds to growth opportunities with a sample of Taiwan firms in the manufacturing industry over the period 1989-2014. Our results show that public firms generally exhibit low investment sensitivity to growth opportunities regardless of their reliance on external finance. Moreover, among the firms less reliant on external finance, public firms exhibit significantly lower investment sensitivity than private ones. These results all point toward public firms' managerial short-termism.

關鍵字

Managerial short-termism ； R&D investment ； internal funds ； public firms ； private firms

並列摘要

本文以臺灣上市上櫃與未上市上櫃公司R&D投資對投資機會反應敏感度差異，驗證上市公司經理人短視近利行為存在的證據。實證結果顯示，上市公司R&D投資敏感度皆普遍偏低，且在統計上不顯著。特別是，在內部資金充裕的公司中，上市公司R&D投資敏感度顯著低於未上市公司，這些結果提供了上市公司經理人短視近利行為存在的證據。

並列關鍵字

經理人短視行為 ； 研究發展投資 ； 內部資金 ； 上市公司 ； 未上市公司

參考文獻

Becker­Blease, John R., and Donna L. Paul, 2006, Stock liquidity and investment opportunities: Evidence from index additions, Financial Management 35, 35-51.

Benner, Mary J., and Ram Ranganathan, 2012, Offsetting illegitimacy? How pressures from securities analysts influence incumbents in the face of new technologies, Academy of Management Journal 55, 213-233.

Bernstein, Jeffrey I., and M. Ishaq Nadiri, 1989, Research and development and intra-industry spillovers: An empirical application of dynamic duality, Review of Economic Studies 56, 249-267.

Bhagat, Sanjai, and Ivo Welch, 1995, Corporate research and development investments international comparisons, Journal of Accounting and Economics 19, 443-470.

Bharath, Sreedhar T., and Amy K. Dittmar, 2010, Why do firms use private equity to opt out of public markets? Review of Financial Studies 23, 1771-1818.