政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/122833
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    题名: Relationship between R&D Capitalization and R&D Overinvestment in the Software Industry: The Effect of Executive Equity-Based Compensation
    作者: 陳家慧
    Chen, Chia-Hui
    蔡柳卿
    Tsai, Liu-Ching
    楊朝旭
    Young, Chaur-Shiuh
    許慧雯
    Hsu, Hui-Wen
    贡献者: 會計評論
    关键词: R&D Expenditures;R&D Capitalization;Overinvestment;Executive Equity-Based Compensation
    研發支出;研發資本化;過度投資;管理者權益薪酬
    日期: 2019-01
    上传时间: 2019-04-02 09:06:46 (UTC+8)
    摘要: Prior studies show that immediate expensing of R&D expenditures creates R&D underinvestment problems. In contrast, from data on firms listed in the U.S. software industry for 2001 to 2011, we provide evidence that R&D capitalization is positively associated with R&D overinvestment. This evidence sheds light on one kind of agency problem- R&D overinvestment- caused by R&D capitalization decisions and, in turn, provides implications for investors and regulators in assessing the consequences of R&D capitalization. Moreover, we examine the effect of executive equity-based compensation on mitigating such agency problem. Our results support that executive equity-based compensation serves as an important mechanism to alleviate R&D overinvestment problems driven by R&D capitalization. This evidence is of value to firms' compensation committees in designing executive compensation structures to motivate managers' R&D investment decisions from long-term perspectives. We finally conduct additional tests to ensure that our empirical results are robust to potential endogeneity concerns and competing explanations.
    軟體業研發資本化與研發過度投資之關聯性:論管理者權益薪酬之影響
    關聯: 會計評論, 68, pp.1-37
    数据类型: article
    DOI 連結: https://doi.org/10.6552/JOAR.201901_(68).0001
    DOI: 10.6552/JOAR.201901_(68).0001
    显示于类别:[會計評論] 期刊論文

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