Myopic Investment Behavior and Corporate Governance Structure in Japanese Firms: Research and Development Investment Behavior

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  • 経営者の近視眼的投資行動と企業のガバナンス構造―研究開発投資水準の決定をめぐって―
  • ケイエイシャ ノ キンシガンテキ トウシ コウドウ ト キギョウ ノ ガバナンス コウゾウ ケンキュウ カイハツ トウシ スイジュン ノ ケッテイ オ メグッテ

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Abstract

<p>The purpose of this paper is to investigate the relationship between managerial myopic research and development (R & D) investment behavior and corporate governance structure in Japanese firms. I find that: (1) debt ratio is positively associated with the possibility of managerial myopic R & D investment behavior, (2) stable stockholders ownership tend to prevent managers from cutting R & D investment in order to meet target earnings. But the relationship between managerial myopic R & D investment behavior and corporate governance structure are changed in recent years.</p>

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