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| Corporate Governance,the Delayed Effect of R&D Investment and Corporate Performance in the Strategic Emerging Industries |
| Sun Ying |
| The Party School of CPC Shanghai Municipal Committee The Fifth Branch School, |
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Abstract The relationship among corporate governance,the delayed effect of R&D investment and corporate performance is investigated with the sample of 1038 listed companies in strategic emerging industries during 2013~2015.The empirical evidence supports the following conclusions.First,chairman and CEO concurrency can effectively promote R&D investment; board size,the percentage of independent directors has no significant correlation.Secondly,the concentration of ownership has not played a significantly positive role,institutional ownership has no significant correlation with R&D investment,and equity balance promotes enterprise R&D.Thirdly,executive compensation,equity incentive and the on-the-job consumption are all positively related to R&D investment.Finally,R&D investment has the delayed effect,and has negative and positive impact respectively on the current and subsequent performance.The paper explores the R&D activities of strategic emerging industries from new perspective,and provides reference for the governance structure to match the innovation characteristics.
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Received: 29 September 2016
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Corresponding Authors:
Sun Ying
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