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政大機構典藏 > 外國語文學院 > 東南亞語言與文化學士學位學程 > 期刊論文 > Item 140.119/140247

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Title:	Debt maturity and corporate R&D investment – the empirical study of US listed firms
Authors:	潘氏清 Phan, Thi-Thanh Yu, Hai-Chin
Contributors:	東南亞語言與文化學士學位學程
Keywords:	debt maturity;debt structure;R&D investment;Sarbanes-Oxley Act
Date:	2018-11
Issue Date:	2022-06-06 15:20:08 (UTC+8)
Abstract:	This study investigates the relationships between debt maturity structure and corporation R&D investment. Using a large sample of US listed firms over the period of 1995 to 2015, it was found that the use of bank debt positively influences R&D investment, whereas the use of public debt exerts a negative impact. However, the Sarbanes-Oxley Act (SOX) mitigates the information asymmetry such that the advantages of private information from banks shrunk. As a result, public debtholders benefit more from the SOX and turn out to be positively influenced by the R&D investment after SOX. Moreover, bank debt impact on R&D spending reduces over the post-SOX. The results also find that the SOX influences the debt maturity on corporate R&D investment only for large corporations, the effects remain unchanged for small businesses.
Relation:	Banks and Bank Systems, 13(4), 1-16
Data Type:	article
DOI 連結:	http://dx.doi.org/10.21511/bbs.13(4).2018.01
DOI:	10.21511/bbs.13(4).2018.01
Appears in Collections:	[東南亞語言與文化學士學位學程] 期刊論文

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