Economic Theory and Business Management
Previous Articles Next Articles
LIU Meng,SHI Jinchuan,LUO Deming#br#
Online:
Published:
刘萌,史晋川,罗德明#br#
基金资助:
Abstract: Does media affect the companys R&D level and whether there is heterogeneity? Using the dataset of Chinese listed companies, this paper empirically studies the impacts of media coverage on companies R&D investment. Through empirical research, this paper provides the following conclusions: Firstly, Media coverage significantly reduces companies R&D investment. To be more specific, Media coverage has a significant impact on nonstateowned companies due to the performance pressure, while it has no impact on stateowned companies. Finally, CEO duality, managers shareholding and salary incentives can effectively alleviate the negative impact of media coverage on R&D investment. These conclusions not only enrich the understanding of media coverage on corporate behaviors, but also shed light on the construction of internal governance system of listed companies.
Key words: media coverage , R&D investment , ownership , corporate governance
摘要: 媒体能否影响到公司的研发水平?对不同公司的影响是否会有差异?本文运用中国上市公司2007—2014年的数据,考察媒体关注对公司研发投入的影响。结果表明:(1)媒体关注显著降低了公司的研发投入;(2)通过业绩压力,媒体主要作用于非国有公司,对国有公司没有影响;(3)两职合一、管理层持股与薪酬激励均可以有效缓解媒体的影响。本文的研究既丰富了媒体影响公司行为的文献,也对上市公司加强内部治理体系建设具有重要启示意义。
关键词: 媒体关注 , 研发投入 , 所有制 , 公司治理
LIU Meng,SHI Jinchuan,LUO Deming. MEDIA COVERAGE AND CORPORATE R&D INVESTMENT——Evidence from Listed Companies in China[J]. Economic Theory and Business Management.
刘萌,史晋川,罗德明. 媒体关注与公司研发投入*——基于中国上市公司的实证分析[J]. 经济理论与经济管理.
0 / / Recommend
Add to citation manager EndNote|Ris|BibTeX
URL: http://jjll.ruc.edu.cn/EN/
http://jjll.ruc.edu.cn/EN/Y2019/V39/I3/18