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政大機構典藏 > 學術期刊 > 會計評論 > 期刊論文 > Item 140.119/122833

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/122833

Title:	Relationship between R&D Capitalization and R&D Overinvestment in the Software Industry: The Effect of Executive Equity-Based Compensation
Authors:	陳家慧 Chen, Chia-Hui 蔡柳卿 Tsai, Liu-Ching 楊朝旭 Young, Chaur-Shiuh 許慧雯 Hsu, Hui-Wen
Contributors:	會計評論
Keywords:	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
Date:	2019-01
Issue Date:	2019-04-02 09:06:46 (UTC+8)
Abstract:	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
Relation:	會計評論, 68, pp.1-37
Data Type:	article
DOI 連結:	https://doi.org/10.6552/JOAR.201901_(68).0001
DOI:	10.6552/JOAR.201901_(68).0001
Appears in Collections:	[會計評論] 期刊論文

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