The Relationship of the R&D, Inside Director Ownership and Firm Performance

• Main Authors: LI,CHE-Ming, 李哲銘
• Other Authors: WANG,CHIEN-HO
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/75134985061085992171

碩士 === 國立臺北大學 === 經濟學系 === 104 === 　　Research and development become the necessary ways to increase profits and future development for contemporary companies. This study analyzes the　relationships between R&D investment expenditure and operating performance in Taiwan enterprises. In addition, with the separation of ownership and　management to　the contemporary companies, the enterprises exist principal-agent problems.The　shareholding ratios of insiders will affect the development and profits.To explain the　situations, convergence of interest hypothesis and entrenchment hypothesis are　proposed. The principal-agent problems in　contemporary companies will severe along　with the increase of corporate size. The insider ownership is considered an important　tool for controlling asymmetric information problems. Although the rich research　about the shareholding ratios of insiders to company performance, no paper addresses the association among the insider ownership, R&D spending, and firm　performance.　This study attempts to fill this gap. In this study, we use a data set of firms listed in　Taiwan Stock Exchange market. The yearly based data are used from 2008 to　2014 .The primary findings indicate that the companies have high insider ownership.The more the companies invest R&D, the higher the firms have profit．