Corporate Governance, Product Market Competition, and the Wealth Effect of R&D Spending Changes
研究公司治理与产品市场竞争如何共同影响企业研发投资的盈利性，发现良好治理的企业在宣布研发支出变化时产生显著的正财富效应，且该效应在非竞争行业中更强。
This article examines whether corporate governance and product market competition interact to affect the profitability of corporate research and development (R&D) investments. Firms announcing R&D spending changes experience positive and significant wealth effects, and these effects are mainly driven by good‐governance firms. Investors appear to view announcements of R&D spending changes undertaken by firms with stronger shareholder rights as evidence of value creation. Moreover, the favorable wealth effects are stronger for good‐governance firms in noncompetitive industries than in competitive industries, supporting the argument that good governance substitutes for product market competition.