An empirical research on the influence of TMT characteristics on R&D investment

Research on Modern Higher Education

Bingfa Zhang*¹ 

关键词:   top management team (TMT);    R&;    D;    investment;   

DOI  :  10.24104/rmhe/2017.02.01017

学科分类：社会科学、人文和艺术（综合）

来源: Asian Academic Press Co Limited

【 摘 要 】

Characteristics of top management team (TMT) are the key factors influencing R&D investment. This paper selects food & beverage companies and biological & pharmaceutical companies as samples. These companies are A-share listed companies in Shanghai and Shenzhen stock exchange. The aim of this article is to examine the influence of TMT characteristics on R&D investment using the relevant data disclosed in their annual reports, from 2011 to 2012. The results show that: (1) The average educational level of TMT members, and the proportion of members with “output function” experience and stock owned members in TMT are positively associated with R&D investment; (2) The average age of TMT members is negatively associated with R&D investment.

【 授权许可】

CC BY-NC