投资者监管信息披露与企业研发投资

IF 1.1 Q3 BUSINESS, FINANCE

Journal of Accounting Literature Pub Date : 2024-07-25 DOI:10.1108/jal-01-2024-0006

James Routledge

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引用次数: 0

摘要

目的本研究探讨了根据日本《监管准则》披露的机构投资者监管活动与其所投资公司研发投资之间的关联。研究结果研究结果表明，投资者监管活动是影响战略性研发投资的一个因素。具体来说，符合规范的机构投资者持股比例与研发投资之间存在正相关关系，而这取决于高水平的监管活动。原创性/价值通过使用监管信息披露来衡量监管活动，本研究揭示了机构投资者在促进研发投资方面的新作用。研究结果表明，只要能促进监管活动，监管法规就是一种有效的治理政策机制。此外，研究结果表明，管理披露提供了与机构持股相关的潜在价值提升方面的宝贵信息。

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Investor stewardship disclosure and firm R&D investment

PurposeThis study explores the association between institutional investors’ stewardship activity, disclosed under Japan’s Stewardship Code, and the R&D investments of their investee companies.Design/methodology/approachRecognizing the pivotal role of R&D investment in long-term value creation, this study uses comprehensive data from institutional investor disclosures to assess the impact of stewardship activity on their investee companies.FindingsThe findings show that investor stewardship activity is a factor that influences strategic R&D investment. Specifically, a positive association is found between code-compliant institutional investor shareholding and R&D investment, contingent on high levels of stewardship activity.Originality/valueBy using stewardship disclosures to measure stewardship activity, this study sheds new light on institutional investors’ role in promoting R&D investment. The findings suggest that stewardship regulation is a valid governance policy mechanism to the extent that it promotes stewardship activity. Moreover, the findings show that stewardship disclosures provide valuable information about the potential value enhancement associated with institutional shareholding.

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来源期刊

Journal of Accounting Literature BUSINESS, FINANCE-

CiteScore

6.50

自引率

0.00%

发文量

期刊介绍： The objective of the Journal is to publish papers that make a fundamental and substantial contribution to the understanding of accounting phenomena. To this end, the Journal intends to publish papers that (1) synthesize an area of research in a concise and rigorous manner to assist academics and others to gain knowledge and appreciation of diverse research areas or (2) present high quality, multi-method, original research on a broad range of topics relevant to accounting, auditing and taxation. Topical coverage is broad and inclusive covering virtually all aspects of accounting. Consistent with the historical mission of the Journal, it is expected that the lead article of each issue will be a synthesis article on an important research topic. Other manuscripts to be included in a given issue will be a mix of synthesis and original research papers. In addition to traditional research topics and methods, we actively solicit manuscripts of the including, but not limited to, the following: • meta-analyses • field studies • critiques of papers published in other journals • emerging developments in accounting theory • commentaries on current issues • innovative experimental research with strong grounding in cognitive, social or anthropological sciences • creative archival analyses using non-standard methodologies or data sources with strong grounding in various social sciences • book reviews • "idea" papers that don''t fit into other established categories.