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https://ah.lib.nccu.edu.tw/handle/140.119/140247
題名: | Debt maturity and corporate R&D investment – the empirical study of US listed firms | 作者: | 潘氏清 Phan, Thi-Thanh Yu, Hai-Chin |
貢獻者: | 東南亞語言與文化學士學位學程 | 關鍵詞: | debt maturity; debt structure; R&D investment; Sarbanes-Oxley Act | 日期: | Nov-2018 | 上傳時間: | 6-Jun-2022 | 摘要: | 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. | 關聯: | Banks and Bank Systems, 13(4), 1-16 | 資料類型: | article | DOI: | http://dx.doi.org/10.21511/bbs.13(4).2018.01 |
Appears in Collections: | 期刊論文 |
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