Reexamining the relationship between CEO ownership and R&D investment by considering the contextual effects
by Bich-Ngoc Thi Le; Cheng-Yu Lee
International Journal of Business Innovation and Research (IJBIR), Vol. 26, No. 3, 2021

Abstract: Despite the agency theory prescribes risk alignment effect of corporate governance through CEO ownership, the empirical inquiries into the relationship between CEO ownership and corporate risk-taking thus far yielded a mixed result. This study aims to examine the nuances of such a relationship in the presence of financial slack and technological opportunities by contingency models. The study employs the secondary data in a sample of S&P 1500 from 2006 to 2018. According to empirical results, this study finds that both financial slack and technological opportunities positively moderate the CEO ownership-R&D investment relationship.

Online publication date: Thu, 09-Dec-2021

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