메뉴 건너뛰기




Volumn 51, Issue 1, 2008, Pages 165-181

The implications of debt heterogeneity for R&D investment and firm performance

Author keywords

[No Author keywords available]

Indexed keywords


EID: 42149106230     PISSN: 00014273     EISSN: None     Source Type: Journal    
DOI: 10.5465/AMJ.2008.30772877     Document Type: Article
Times cited : (127)

References (65)
  • 3
    • 0000153009 scopus 로고    scopus 로고
    • Deregulation, disintermediation, and agency costs of debt: Evidence from Japan
    • Anderson, C. W., & Makhija, A. K. 1999. Deregulation, disintermediation, and agency costs of debt: Evidence from Japan. Journal of Financial Economics, 51: 309-339.
    • (1999) Journal of Financial Economics , vol.51 , pp. 309-339
    • Anderson, C.W.1    Makhija, A.K.2
  • 5
    • 0033249244 scopus 로고    scopus 로고
    • Contractual commitments, bargaining power, and governance inseparability: Incorporating history into transaction cost theory
    • Argyres, N. S., & Liebeskind, J. P. 1999. Contractual commitments, bargaining power, and governance inseparability: Incorporating history into transaction cost theory. Academy of Management Review, 24: 49-63.
    • (1999) Academy of Management Review , vol.24 , pp. 49-63
    • Argyres, N.S.1    Liebeskind, J.P.2
  • 6
    • 84989092848 scopus 로고
    • Asset specificity, firm heterogeneity and capital structure
    • Balakrishnan, S., & Fox, I. 1993. Asset specificity, firm heterogeneity and capital structure. Strategic Management Journal, 14: 3-16.
    • (1993) Strategic Management Journal , vol.14 , pp. 3-16
    • Balakrishnan, S.1    Fox, I.2
  • 7
    • 0001990250 scopus 로고
    • The composition of boards of directors and strategic controls: Effects on corporate strategy
    • Baysinger, B., & Hoskisson, R. A. 1990. The composition of boards of directors and strategic controls: Effects on corporate strategy. Academy of Management Review, 1: 72-87.
    • (1990) Academy of Management Review , vol.1 , pp. 72-87
    • Baysinger, B.1    Hoskisson, R.A.2
  • 9
    • 0001019649 scopus 로고
    • Proprietary information, financial intermediation, and research incentives
    • Bhattacharya, S., & Chiesa, G. 1995. Proprietary information, financial intermediation, and research incentives. Journal of Financial Intermediation, 4: 328-357.
    • (1995) Journal of Financial Intermediation , vol.4 , pp. 328-357
    • Bhattacharya, S.1    Chiesa, G.2
  • 12
    • 0035997987 scopus 로고    scopus 로고
    • Institutional, cultural, and transaction cost influences on entry mode choice and performance
    • Brouthers, K. D. 2002. Institutional, cultural, and transaction cost influences on entry mode choice and performance. Journal of International Business Studies, 33: 203-221.
    • (2002) Journal of International Business Studies , vol.33 , pp. 203-221
    • Brouthers, K.D.1
  • 14
    • 18744388853 scopus 로고    scopus 로고
    • Approximating the bias of the LSDV estimator for dynamic unbalanced panel data models
    • Bruno, G. S. F. 2005. Approximating the bias of the LSDV estimator for dynamic unbalanced panel data models. Economic Letters, 87: 361-366.
    • (2005) Economic Letters , vol.87 , pp. 361-366
    • Bruno, G.S.F.1
  • 15
    • 0032116927 scopus 로고    scopus 로고
    • The influence of institutional investors on myopic R&D investment behavior
    • Bushee, B. 1998. The influence of institutional investors on myopic R&D investment behavior. Accounting Review, 73: 305-333.
    • (1998) Accounting Review , vol.73 , pp. 305-333
    • Bushee, B.1
  • 16
    • 42149161968 scopus 로고    scopus 로고
    • Cabinet Office. 2001. Annual report on Japan's economy and public finance 2000-2001. Tokyo: Government of Japan.
    • Cabinet Office. 2001. Annual report on Japan's economy and public finance 2000-2001. Tokyo: Government of Japan.
  • 18
    • 21844511403 scopus 로고
    • Reputation, renegotiation, and the choice between bank loans and publicly traded debt
    • Chemmanur, T. J., & Fulghieri, P. 1994. Reputation, renegotiation, and the choice between bank loans and publicly traded debt. Review of Financial Studies, 7: 475-506.
    • (1994) Review of Financial Studies , vol.7 , pp. 475-506
    • Chemmanur, T.J.1    Fulghieri, P.2
  • 19
    • 21844519267 scopus 로고
    • A simple approximation of Tobin's Q
    • Chung, K. H., & Pruitt, S. W. 1994. A simple approximation of Tobin's Q. Financial Management, 23(3): 70-74.
    • (1994) Financial Management , vol.23 , Issue.3 , pp. 70-74
    • Chung, K.H.1    Pruitt, S.W.2
  • 20
    • 0037788743 scopus 로고    scopus 로고
    • How is investment financed? A study of Germany, Japan, the United Kingdom, and the United States
    • Corbett, J., & Jenkinson, T. 1997. How is investment financed? A study of Germany, Japan, the United Kingdom, and the United States. Manchester School Supplement, 0025-2034: 69-93.
    • (1997) Manchester School Supplement
    • Corbett, J.1    Jenkinson, T.2
  • 21
    • 0035529295 scopus 로고    scopus 로고
    • The influence of activism by institutional investors on R&D
    • David, P., Hitt, M. A., & Gimeno, J. 2001. The influence of activism by institutional investors on R&D. Academy of Management Journal, 44: 144-157.
    • (2001) Academy of Management Journal , vol.44 , pp. 144-157
    • David, P.1    Hitt, M.A.2    Gimeno, J.3
  • 22
    • 33646566562 scopus 로고    scopus 로고
    • Strategic investments in Japanese corporations: Do foreign portfolio owners foster underinvestment or appropriate investment?
    • David, P., Yoshikawa, T., Chari, M., & Rasheed, A. 2006. Strategic investments in Japanese corporations: Do foreign portfolio owners foster underinvestment or appropriate investment? Strategic Management Journal, 27: 591-600.
    • (2006) Strategic Management Journal , vol.27 , pp. 591-600
    • David, P.1    Yoshikawa, T.2    Chari, M.3    Rasheed, A.4
  • 23
    • 0033147919 scopus 로고    scopus 로고
    • The money center cannot hold: Commercial banks in the US system of corporate governance
    • Davis, G. F., & Mizruchi, M. S. 1999. The money center cannot hold: Commercial banks in the US system of corporate governance. Administrative Science Quarterly, 44: 215-239.
    • (1999) Administrative Science Quarterly , vol.44 , pp. 215-239
    • Davis, G.F.1    Mizruchi, M.S.2
  • 24
    • 0000857363 scopus 로고
    • Asset stock accumulation and sustainability of competitive advantage
    • Dierickx, I., & Cool, K. 1989. Asset stock accumulation and sustainability of competitive advantage. Management Science, 35: 1504-1511.
    • (1989) Management Science , vol.35 , pp. 1504-1511
    • Dierickx, I.1    Cool, K.2
  • 25
    • 0007122285 scopus 로고
    • CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command
    • Finkelstein, S., & D'Aveni, R. A. 1994. CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command. Academy of Management Journal, 37: 1079-1108.
    • (1994) Academy of Management Journal , vol.37 , pp. 1079-1108
    • Finkelstein, S.1    D'Aveni, R.A.2
  • 26
    • 84989065559 scopus 로고
    • Global corporate competition: Who's winning, who's losing and the R&D factor as one reason why
    • Franko, L. G. 1989. Global corporate competition: Who's winning, who's losing and the R&D factor as one reason why. Strategic Management Journal, 10: 449-474.
    • (1989) Strategic Management Journal , vol.10 , pp. 449-474
    • Franko, L.G.1
  • 28
    • 44949291946 scopus 로고
    • Troubled debt restructurings: An empirical study of private reorganization of firms in default
    • Gilson, S. C., John, K., & Lang, L. H. P. 1990. Troubled debt restructurings: An empirical study of private reorganization of firms in default. Journal of Financial Economics, 27: 315-353.
    • (1990) Journal of Financial Economics , vol.27 , pp. 315-353
    • Gilson, S.C.1    John, K.2    Lang, L.H.P.3
  • 29
  • 30
    • 84977721089 scopus 로고
    • The theory of capital structure
    • Harris, M., & Raviv, A. 1991. The theory of capital structure. Journal of Finance, 46: 297-335.
    • (1991) Journal of Finance , vol.46 , pp. 297-335
    • Harris, M.1    Raviv, A.2
  • 31
    • 0000478543 scopus 로고
    • Firm-specificity in corporate applied research and development
    • Helfat, C. E. 1994. Firm-specificity in corporate applied research and development. Organization Science, 5: 173-184.
    • (1994) Organization Science , vol.5 , pp. 173-184
    • Helfat, C.E.1
  • 32
    • 84989095308 scopus 로고
    • External control, corporate strategy, and firm performance in research-intensive industries
    • Hill, C. W. L., & Snell, S. A. 1988. External control, corporate strategy, and firm performance in research-intensive industries. Strategic Management Journal, 9: 577-590.
    • (1988) Strategic Management Journal , vol.9 , pp. 577-590
    • Hill, C.W.L.1    Snell, S.A.2
  • 34
    • 0000026346 scopus 로고
    • Bank monitoring and investment: Evidence from the changing structure of Japanese corporate banking relationships
    • R. G. Hubbard Ed, Chicago: University of Chicago Press
    • Hoshi, T., Kashyap, A., & Scharfstein, D. 1990. Bank monitoring and investment: Evidence from the changing structure of Japanese corporate banking relationships. In R. G. Hubbard (Ed.), Asymmetric information, corporate finance, and investment: 105-126. Chicago: University of Chicago Press.
    • (1990) Asymmetric information, corporate finance, and investment , pp. 105-126
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 36
    • 0036670792 scopus 로고    scopus 로고
    • Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies
    • Hoskisson, R. E., Hitt, M. A., Johnson, R. A., & Grossman, W. 2002. Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies. Academy of Management Journal, 45: 697-716.
    • (2002) Academy of Management Journal , vol.45 , pp. 697-716
    • Hoskisson, R.E.1    Hitt, M.A.2    Johnson, R.A.3    Grossman, W.4
  • 37
    • 0011831075 scopus 로고    scopus 로고
    • Do banking shocks affect borrowing firm performance?
    • Kang, J.-K., & Stulz, R. M. 2000. Do banking shocks affect borrowing firm performance? Journal of Business, 73: 1-23.
    • (2000) Journal of Business , vol.73 , pp. 1-23
    • Kang, J.-K.1    Stulz, R.M.2
  • 39
    • 0000502708 scopus 로고    scopus 로고
    • Explaining firm capital structure: The role of agency theory vs transaction cost economics
    • Kochhar, R., 1996. Explaining firm capital structure: The role of agency theory vs transaction cost economics. Strategic Management Journal, 17: 713-728.
    • (1996) Strategic Management Journal , vol.17 , pp. 713-728
    • Kochhar, R.1
  • 40
    • 0030509373 scopus 로고    scopus 로고
    • Economic "short-termism": The debate, the unresolved issues, and the implications for management practice and research
    • Laverty, K. J. 1996. Economic "short-termism": The debate, the unresolved issues, and the implications for management practice and research. Academy of Management Review, 21: 825-860.
    • (1996) Academy of Management Review , vol.21 , pp. 825-860
    • Laverty, K.J.1
  • 41
    • 0038808621 scopus 로고    scopus 로고
    • Ownership structures and R&D investments of U.S. and Japanese firms: Agency and stewardship perspectives
    • Lee, P. M., & O'Neill, H. M. 2003. Ownership structures and R&D investments of U.S. and Japanese firms: Agency and stewardship perspectives. Academy of Management Journal, 46: 212-225.
    • (2003) Academy of Management Journal , vol.46 , pp. 212-225
    • Lee, P.M.1    O'Neill, H.M.2
  • 43
    • 0002426435 scopus 로고
    • The investment-financing nexus: Some empirical evidence
    • Long, M., & Malitz, I. 1985. The investment-financing nexus: Some empirical evidence. Midland Corporate Finance Journal, 3(3): 53-59.
    • (1985) Midland Corporate Finance Journal , vol.3 , Issue.3 , pp. 53-59
    • Long, M.1    Malitz, I.2
  • 45
    • 0001812752 scopus 로고
    • Exploration and exploitation in organizational learning
    • March, J. G. 1991. Exploration and exploitation in organizational learning. Organization Science, 2: 71-87.
    • (1991) Organization Science , vol.2 , pp. 71-87
    • March, J.G.1
  • 46
    • 84986797859 scopus 로고
    • Transaction costs, mistakes, and performance: Assessing the importance of governance
    • Masten, S. E. 1993. Transaction costs, mistakes, and performance: Assessing the importance of governance. Managerial and Decision Economics, 14: 119-129.
    • (1993) Managerial and Decision Economics , vol.14 , pp. 119-129
    • Masten, S.E.1
  • 47
    • 0001191203 scopus 로고
    • New issues in corporate finance
    • Mayer, C. 1988. New issues in corporate finance. European Economic Review, 32: 1167-1188.
    • (1988) European Economic Review , vol.32 , pp. 1167-1188
    • Mayer, C.1
  • 48
    • 84888585635 scopus 로고
    • A longitudinal study of borrowing by large American corporations
    • Mizruchi, M. S., & Stearns, L. B. 1994. A longitudinal study of borrowing by large American corporations. Administrative Science Quarterly, 39: 118-140.
    • (1994) Administrative Science Quarterly , vol.39 , pp. 118-140
    • Mizruchi, M.S.1    Stearns, L.B.2
  • 49
    • 0000604269 scopus 로고
    • Biases in dynamic models with fixed effects
    • Nickell, S. J. 1981. Biases in dynamic models with fixed effects. Econometrica, 49: 1417-1426.
    • (1981) Econometrica , vol.49 , pp. 1417-1426
    • Nickell, S.J.1
  • 50
    • 2942580740 scopus 로고    scopus 로고
    • Why firms want to organize efficiently and what keeps them from doing so
    • Nickerson, J. A., & Silverman, B. S. 2003. Why firms want to organize efficiently and what keeps them from doing so. Administrative Science Quarterly, 48: 433.
    • (2003) Administrative Science Quarterly , vol.48 , pp. 433
    • Nickerson, J.A.1    Silverman, B.S.2
  • 51
    • 0037406870 scopus 로고    scopus 로고
    • The capital structure implication of pursuing a strategy of innovation
    • O'Brien, J. 2003. The capital structure implication of pursuing a strategy of innovation. Strategic Management Journal, 24: 415-431.
    • (2003) Strategic Management Journal , vol.24 , pp. 415-431
    • O'Brien, J.1
  • 52
    • 0001997858 scopus 로고
    • A methodology for collective evaluation and selection of industrial R&D projects
    • Oral, M., Kettani, O., & Lang, P. 1991. A methodology for collective evaluation and selection of industrial R&D projects. Management Science, 37: 871-886.
    • (1991) Management Science , vol.37 , pp. 871-886
    • Oral, M.1    Kettani, O.2    Lang, P.3
  • 53
    • 0036001724 scopus 로고    scopus 로고
    • Development and application of a new methodology of evaluating industrial R&D projects
    • Osawa, Y., & Murakami, M. 2002. Development and application of a new methodology of evaluating industrial R&D projects. R&D Management, 32: 79-86.
    • (2002) R&D Management , vol.32 , pp. 79-86
    • Osawa, Y.1    Murakami, M.2
  • 55
    • 4043092437 scopus 로고    scopus 로고
    • The cost of misaligned governance in R&D alliances
    • Sampson, R. C. 2004. The cost of misaligned governance in R&D alliances. Journal of Law Economics and Organization, 20: 484-526.
    • (2004) Journal of Law Economics and Organization , vol.20 , pp. 484-526
    • Sampson, R.C.1
  • 56
    • 0002725659 scopus 로고    scopus 로고
    • Profitability, transaction alignment, and organizational mortality in the U.S. trucking industry
    • Silverman, B. S., Nickerson, J. A., & Freeman, J. 1997. Profitability, transaction alignment, and organizational mortality in the U.S. trucking industry. Strategic Management Journal, 18: 31-52.
    • (1997) Strategic Management Journal , vol.18 , pp. 31-52
    • Silverman, B.S.1    Nickerson, J.A.2    Freeman, J.3
  • 57
    • 0001881842 scopus 로고    scopus 로고
    • Environmental dynamism, capital structure and performance: A theoretical integration and empirical test
    • Simerly, R. L., & Li, M. F. 2000. Environmental dynamism, capital structure and performance: A theoretical integration and empirical test. Strategic Management Journal, 21: 31-49.
    • (2000) Strategic Management Journal , vol.21 , pp. 31-49
    • Simerly, R.L.1    Li, M.F.2
  • 58
    • 49249143360 scopus 로고
    • On financial contracting: An analysis of bond covenants
    • Smith, C. W., & Warner, J. 1979. On financial contracting: An analysis of bond covenants. Journal of Financial Economics, 7: 117-161.
    • (1979) Journal of Financial Economics , vol.7 , pp. 117-161
    • Smith, C.W.1    Warner, J.2
  • 59
    • 38549086633 scopus 로고
    • Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy
    • Teece, D. J. 1986. Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy. Research Policy, 15: 285.
    • (1986) Research Policy , vol.15 , pp. 285
    • Teece, D.J.1
  • 60
    • 0013222279 scopus 로고    scopus 로고
    • Specificity and opacity as resource-based determinants of capital structure
    • Vincente-Lorente, J. D. 2001. Specificity and opacity as resource-based determinants of capital structure. Strategic Management Journal, 22: 157-177.
    • (2001) Strategic Management Journal , vol.22 , pp. 157-177
    • Vincente-Lorente, J.D.1
  • 62
    • 84977702527 scopus 로고
    • Corporate finance and corporate governance
    • Williamson, O. E. 1988. Corporate finance and corporate governance. Journal of Finance, 43: 567-591.
    • (1988) Journal of Finance , vol.43 , pp. 567-591
    • Williamson, O.E.1
  • 63
    • 84936824407 scopus 로고
    • Comparative economic organization: The analysis of discrete structural alternatives
    • Williamson, O. E. 1991. Comparative economic organization: The analysis of discrete structural alternatives. Administrative Science Quarterly, 36: 269-296.
    • (1991) Administrative Science Quarterly , vol.36 , pp. 269-296
    • Williamson, O.E.1
  • 65
    • 77952735198 scopus 로고    scopus 로고
    • Reexamining the relation between corporate debt mix and growth in Japan
    • Paper presented at the, Barcelona
    • Wu, X., Sercu, P., & Yao, J. 2001. Reexamining the relation between corporate debt mix and growth in Japan. Paper presented at the annual meeting of the EFA, Barcelona.
    • (2001) annual meeting of the EFA
    • Wu, X.1    Sercu, P.2    Yao, J.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.