Group-Affiliated Analysts' Strategic Forecasts During a Year: Evidence from Korea
In: Emerging markets, finance and trade: EMFT, Band 55, Heft 1, S. 59-77
ISSN: 1558-0938
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In: Emerging markets, finance and trade: EMFT, Band 55, Heft 1, S. 59-77
ISSN: 1558-0938
In: Emerging markets, finance and trade: EMFT, Band 54, Heft 11, S. 2533-2556
ISSN: 1558-0938
In: Problems & perspectives in management, Band 16, Heft 4, S. 224-234
ISSN: 1810-5467
Since CEO pension is unsecured and unfunded liabilities of the firm, it induces CEOs to have long-term incentives towards minimizing their firms' default risk. Motivated by the unique characteristics of CEO pension, this study investigates the impact of CEO pension on the value relevance of R&D expenditures. Using Tobin's Q ratio to measure firm value, the empirical results show that CEO pension intensifies the relation between R&D expenditures and Tobin's Q ratio. The results remain robust in two-stage least square and propensity score matching regression analysis to address the endogeneity issues in the relation between CEO pension and the value relevance of R&D expenditures. In addition, the regression results with ROA and F-score as the alternative dependent variables also confirm that CEO pension intensifies the relation between R&D expenditures and firm value.
In: Emerging markets, finance and trade: EMFT, Band 52, Heft 11, S. 2530-2545
ISSN: 1558-0938
In: KAIST College of Business Working Paper Series No. 2012-002
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