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題名: 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
貢獻者: 會計評論
關鍵詞: 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
上傳時間: 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
資料類型: article
DOI 連結: https://doi.org/10.6552/JOAR.201901_(68).0001
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