Economic policy uncertainty, ownership structure, and R&D investment: Evidence from Japan

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-02-11 DOI:10.1111/irfi.12445

Po-Lin Chen

引用次数: 0

Abstract

Using listed Japanese firms, we examine changes in R&D investment decisions during periods of high economic policy uncertainty and politics uncertainty (EPU). We find that under high EPU, firms are more persistent in their previous R&D investment and reduce their responsiveness to sales growth, while the mechanism of EPU occurs mainly through fiscal policy. We also identify heterogeneities in ownership structure and find that high director ownership encourages R&D in firms with greater growth opportunities despite higher EPU. Moreover, Japanese directors suffer from the “quiet life problem,” which further reduces their incentive to change R&D investment during periods of EPU.

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经济政策的不确定性、所有权结构和研发投资：日本的证据

我们利用日本上市公司，研究了在经济政策不确定性和政治不确定性（EPU）较高时期研发投资决策的变化。我们发现，在经济政策不确定性和政治不确定性较高的情况下，企业会更加坚持之前的研发投资，并降低对销售增长的反应速度，而经济政策不确定性和政治不确定性的机制主要是通过财政政策来实现的。我们还发现了所有权结构的异质性，并发现尽管EPU较高，但高董事所有权会鼓励有更多增长机会的企业进行研发。此外，日本董事还存在 "平静生活问题"，这进一步降低了他们在 EPU 期间改变研发投资的动力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.