Employee stock ownership and corporate R&D expenditures: evidence from Taiwan's information-technology industry |
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| Authors: | Hsiang-Lan Chen Yen-Sheng Huang |
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| Institution: | (1) Department of Business Administration, National Taiwan University of Science and Technology, 43, Section 4, KeeLung Road, Taipei, Taiwan, Republic of China;(2) Department of Business Administration, St. John’s University, 499, Section 4, Tam King Road, Tamsui, Taipei, Taiwan, Republic of China |
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| Abstract: | This study investigates how employee stock ownership affects corporate R&D expenditures for information-technology firms listed on the Taiwan Stock Exchange during 1996–2001. The empirical results indicate a positive association between implementing employee stock ownership and R&D expenditures. The evidence thus supports the argument that employee stock ownership could help alleviate agency conflicts between employees and shareholders, and reduce agency costs, in turn enabling firms to make sizable R&D expenditures. |
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| Keywords: | Employee stock ownership R& D expenditures Agency theory |
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