메뉴 건너뛰기




Volumn 12, Issue 2, 2003, Pages 161-172

Corporate governance and market valuation of capital and R&D investments

Author keywords

Analyst following; Board composition; Corporate governance; Market valuation

Indexed keywords


EID: 0037276088     PISSN: 10583300     EISSN: None     Source Type: Journal    
DOI: 10.1016/S1058-3300(02)00063-0     Document Type: Article
Times cited : (113)

References (34)
  • 1
    • 0001516846 scopus 로고
    • The investment aspects of non-productive expenditures: An empirical test
    • Ben-Zion U. The investment aspects of non-productive expenditures: an empirical test Journal of Economics and Business 30 1978 224-229
    • (1978) Journal of Economics and Business , vol.30 , pp. 224-229
    • Ben-Zion, U.1
  • 2
    • 0038803389 scopus 로고    scopus 로고
    • The uncertain relationship between board composition and firm performance
    • K. Hopt, M. Roe, & E. Wymeersch (Eds.), : Oxford University Press
    • Bhagat S. Black B. The uncertain relationship between board composition and firm performance Hopt K. Roe M. Wymeersch E. Comparative corporate governance: the state of the art and emerging research 1999 Oxford University Press
    • (1999) Comparative Corporate Governance: The State of the Art and Emerging Research
    • Bhagat, S.1    Black, B.2
  • 3
    • 0037702976 scopus 로고    scopus 로고
    • Board independence and long-term performance
    • in press
    • Bhagat S. Black B. Board independence and long-term performance Journal of Corporation Law 27 2002 1 in press
    • (2002) Journal of Corporation Law , vol.27 , pp. 1
    • Bhagat, S.1    Black, B.2
  • 4
    • 84977728601 scopus 로고
    • Stock prices and the supply of information
    • Brennan M.J. Hughes P.J. Stock prices and the supply of information Journal of Finance 17 1991 1665-1691
    • (1991) Journal of Finance , vol.17 , pp. 1665-1691
    • Brennan, M.J.1    Hughes, P.J.2
  • 9
    • 0031066545 scopus 로고    scopus 로고
    • Do independent directors enhance target shareholder wealth during tender offers?
    • Cotter J.F. Shivdasani A. Zenner M. Do independent directors enhance target shareholder wealth during tender offers? Journal of Financial Economics 43 1997 195-218
    • (1997) Journal of Financial Economics , vol.43 , pp. 195-218
    • Cotter, J.F.1    Shivdasani, A.2    Zenner, M.3
  • 10
    • 0003646372 scopus 로고
    • Expectations and the structure of share prices
    • Chicago, IL: University of Chicago Press
    • Cragg J.G. Malkiel B.G. Expectations and the structure of share prices 1982 University of Chicago Press Chicago, IL
    • (1982)
    • Cragg, J.G.1    Malkiel, B.G.2
  • 11
    • 0001370880 scopus 로고
    • Predisclosure information search incentives, analyst following, and earnings announcement price response
    • Dempsey S.J. Predisclosure information search incentives, analyst following, and earnings announcement price response Accounting Review 64 1989 748-757
    • (1989) Accounting Review , vol.64 , pp. 748-757
    • Dempsey, S.J.1
  • 12
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama E. Agency problems and the theory of the firm Journal of Political Economy 88 1980 288-307
    • (1980) Journal of Political Economy , vol.88 , pp. 288-307
    • Fama, E.1
  • 15
    • 0002336255 scopus 로고
    • Estimation of linear models with crossed-error structure
    • Fuller W.A. Battese G.E. Estimation of linear models with crossed-error structure Journal of Econometrics 2 1974 67-78
    • (1974) Journal of Econometrics , vol.2 , pp. 67-78
    • Fuller, W.A.1    Battese, G.E.2
  • 16
    • 0013298253 scopus 로고    scopus 로고
    • Corporate governance and equity prices
    • Working paper, The Rodney L. White Center for Financial Research, University of Pennsylvania
    • Gompers, P. A., Ishii, J. L., & Metrick, A. (2001). Corporate governance and equity prices. Working paper, The Rodney L. White Center for Financial Research, University of Pennsylvania.
    • (2001)
    • Gompers, P.A.1    Ishii, J.L.2    Metrick, A.3
  • 17
    • 33847015546 scopus 로고
    • Market value, R&D, and patents
    • Griliches Z. Market value, R&D, and patents Economic Letters 7 1981 183-187
    • (1981) Economic Letters , vol.7 , pp. 183-187
    • Griliches, Z.1
  • 18
    • 0000937212 scopus 로고
    • The stock market's valuation of R&D investment during the 1980's
    • Hall B.H. The stock market's valuation of R&D investment during the 1980's American Economic Review 83 1993 259-264
    • (1993) American Economic Review , vol.83 , pp. 259-264
    • Hall, B.H.1
  • 20
    • 84885627663 scopus 로고
    • Intangible capital aspects of advertising and R&D expenditures
    • Hirschey M. Intangible capital aspects of advertising and R&D expenditures Journal of Industrial Economics 30 1982 375-390
    • (1982) Journal of Industrial Economics , vol.30 , pp. 375-390
    • Hirschey, M.1
  • 21
    • 0002286405 scopus 로고
    • Technological opportunity and spillovers of R&D: Evidence from firms' patents, profits, and market value
    • Jaffe A.B. Technological opportunity and spillovers of R&D: evidence from firms' patents, profits, and market value American Economic Review 76 1986 984-1001
    • (1986) American Economic Review , vol.76 , pp. 984-1001
    • Jaffe, A.B.1
  • 22
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen M.C. Meckling W.H. Theory of the firm: managerial behavior, agency costs and ownership structure Journal of Financial Economics 3 1976 305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 23
    • 0001895052 scopus 로고
    • Contributions of diversification, promotion, and R&D to the value of multiproduct firms: A Tobin's q approach
    • Jose M.L. Nichols L.M. Stevens J. Contributions of diversification, promotion, and R&D to the value of multiproduct firms: a Tobin's q approach Financial Management 15 1986 33-42
    • (1986) Financial Management , vol.15 , pp. 33-42
    • Jose, M.L.1    Nichols, L.M.2    Stevens, J.3
  • 24
    • 0003126404 scopus 로고    scopus 로고
    • Institutional investors and firm innovation: A test of competing hypothesis
    • Kochhar R. David P. Institutional investors and firm innovation: a test of competing hypothesis Strategic Management Journal 17 1996 73-84
    • (1996) Strategic Management Journal , vol.17 , pp. 73-84
    • Kochhar, R.1    David, P.2
  • 25
    • 0001641008 scopus 로고
    • Corporate capital expenditure decisions and the market value of the firm
    • McConnell J.J. Muscarella C.J. Corporate capital expenditure decisions and the market value of the firm Journal of Financial Economics 14 1985 399-422
    • (1985) Journal of Financial Economics , vol.14 , pp. 399-422
    • McConnell, J.J.1    Muscarella, C.J.2
  • 26
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell J.J. Servaes H. Additional evidence on equity ownership and corporate value Journal of Financial Economics 27 1990 595-612
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.J.1    Servaes, H.2
  • 27
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck R. Shleifer A. Vishny R. Management ownership and market valuation: an empirical analysis Journal of Financial Economics 20 1988 293-315
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 29
    • 84934095602 scopus 로고
    • On patents, R&D, and stock market rate of return
    • Pakes A. On patents, R&D, and stock market rate of return Journal of Political Economy 93 1985 390-409
    • (1985) Journal of Political Economy , vol.93 , pp. 390-409
    • Pakes, A.1
  • 30
    • 0000232095 scopus 로고    scopus 로고
    • CEO compensation in the 1990s: Shareholder alignment or shareholder expropriation?
    • Perry T. Zenner M. CEO compensation in the 1990s: shareholder alignment or shareholder expropriation? Wake Forest Law Review 35 2000 123-152
    • (2000) Wake Forest Law Review , vol.35 , pp. 123-152
    • Perry, T.1    Zenner, M.2
  • 31
    • 0001609346 scopus 로고
    • Tobin's q, unionization, and the concentration-profits relationship
    • Salinger F.M. Tobin's q, unionization, and the concentration-profits relationship Rand Journal of Economics 15 1984 159-170
    • (1984) Rand Journal of Economics , vol.15 , pp. 159-170
    • Salinger, F.M.1
  • 32
    • 0040531553 scopus 로고    scopus 로고
    • CEO involvement in the selection of new board members: An empirical analysis
    • Shivdasani A. Yermack D. CEO involvement in the selection of new board members: an empirical analysis Journal of Finance 54 1999 1829-1853
    • (1999) Journal of Finance , vol.54 , pp. 1829-1853
    • Shivdasani, A.1    Yermack, D.2
  • 33
    • 0002456525 scopus 로고
    • The real function of bond rating agencies
    • Wakeman L. The real function of bond rating agencies Chase Financial Quarterly 1 1981 18-26
    • (1981) Chase Financial Quarterly , vol.1 , pp. 18-26
    • Wakeman, L.1
  • 34
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White H. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity Econometrica 48 1980 817-838
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.