Ownership structure and the relationship between financial slack and RD investments Evidence from Korean firms.pdf英文资料.pdfVIP

Organization Science informs® Vol. 19, No. 3, May–June 2008, pp. 404–418 doi 10.1287/orsc.1080.0360 issn 1047-7039 eissn 1526-5455 08 1903 0404 © 2008 INFORMS Ownership Structure and the Relationship Between Financial Slack and RD Investments: Evidence from Korean Firms Hicheon Kim Korea University Business School, Seoul, 136-701, Korea, hkim01@korea.ac.kr Heechun Kim, Peggy M. Lee W.P. Carey School of Business, Arizona State University, Tempe, Arizona 85287 {heechun.kim@asu.edu, peggy.lee@asu.edu} We use agency theory to examine the influence of ownership structure on the relationship between financial slack and RD investments, highlighting how that relationship might differ depending on the identity of the owners, and their potentially different interests. In doing so, we extend the scope of agency theory by examining the principal-principal conflicts of interests that may exist among different types of owners. Using a sample of Korean manufacturing firms in RD-intensive industries between 1998 and 2003, we find that financial slack has an inverted U-shaped relationship with RD investments. Furthermore, that relationship varies depending on the presence of different types of owners. Family ownership positively moderates the relationship between financial slack and RD investments, whe