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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 陳業寧(Yehning Chen) | |
| dc.contributor.author | Dien Giau Bui | en |
| dc.contributor.author | 裴典富 | zh_TW |
| dc.date.accessioned | 2021-06-17T07:31:01Z | - |
| dc.date.available | 2029-06-11 | |
| dc.date.copyright | 2019-06-14 | |
| dc.date.issued | 2019 | |
| dc.date.submitted | 2019-06-11 | |
| dc.identifier.citation | Acharya, V., Xu, Z., 2017. Financial dependence and innovation: The case of public versus private firms. Journal of Financial Economics 124, 223–243.
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/73370 | - |
| dc.description.abstract | 我們發現在控制其他決定因素後，每增加一個同行研發投資的標準差，會提升大約13%的公司研發支出。我們使用股票流動性以及商業祕密的法律保護當作工具變數，發現同行研發投資與公司研發支出的關係依然存在。此外，公司如有較強的財務限制，過度自信的執行長(CEO)，較高的成長機會以及處在競爭激烈的產業之下，同行效果在該公司的研發支出上會更為顯著。我們也發現較高的同行研發投資會使公司提升研發產出及公司價值。然而，高研發產出及公司價值會造成該公司更高的股票波動性及崩盤風險。我們的結果提供了新的證據在同行效果與公司的研發支出。 | zh_TW |
| dc.description.abstract | We find that a one-standard-deviation increase in peer R&D investment is associated with about 13 percent rise in a firm’s R&D after controlling for known determinants. We use stock liquidity and trade secret legal protection among peers as instrumental variables and find similar results. In addition, the peer effect on R&D spending is more prominent for firms with tighter financial constraints, overconfident or highly incentive CEOs, high growth opportunity, and in more competitive or innovative industries. We also find that firms with more peer R&D spending have higher subsequent innovation output and firm value. However, these benefits come together with higher stock return volatility and stock price crash risk. Overall, our results provide novel evidence on a robust peer effect in R&D investment. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-17T07:31:01Z (GMT). No. of bitstreams: 1 ntu-108-D05723007-1.pdf: 2405616 bytes, checksum: 5ee387a558119fc591e10ee1c8985f8d (MD5) Previous issue date: 2019 | en |
| dc.description.tableofcontents | 口試委員會審定書 i
致謝 ii 中文摘要 iii Abstract iv 1. Introduction 1 2. Related Literature and Hypothesis Vevelopment 7 2.1. Related Literature and Hypothesis 7 2.2. The Potential Mechanisms of Peer Effect and the Instrumental Variables 10 3. Data and Empirical Setting 12 3.1. Data 12 3.2. Main Regression 13 3.3. Uniform Trade Secrets Act 14 3.4. Summary Statistics 15 4. Empirical results 16 4.1. Peer R&D and Firm R&D Investment 16 4.2. Two-stage Least Squares Approach 17 4.3. Placebo Test: Randomly Pseudo Peers 18 4.4. Heterogeneity in Peer Effects 20 4.5. The Peer RD Effect, Firm Performance, and Firm Risk 22 5. Additional supporting evidence 25 5.1. More Control Variables and Industry-fixed Effects 25 5.2. Peer Effect in Total Investment 26 5.3. Alternative Peer Definitions 26 5.4. Alternative Instrumental Variable Definitions 28 6. Conclusion 29 References 31 | |
| dc.language.iso | en | |
| dc.title | 研發支出增加對競爭對手的影響 | zh_TW |
| dc.title | R&D Expenditure as a Response to Peer Influence | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 107-2 | |
| dc.description.degree | 博士 | |
| dc.contributor.oralexamcommittee | 王衍智(Yanzhi Wang),陳彥行(Yan-Shing Chen),張晏誠(Yen-Cheng Chang),林智勇(Chih-Yung Lin),何柏欣(Po-Hsin Ho) | |
| dc.subject.keyword | 同行效果,研發支出,股票流動性以,商業祕密的法律保護, | zh_TW |
| dc.subject.keyword | Peer effect,R&D,stock liquidity,trade secret legal protection, | en |
| dc.relation.page | 67 | |
| dc.identifier.doi | 10.6342/NTU201900866 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2019-06-12 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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