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- W2548743079 abstract "Abstract This study investigates the association between financing constraints/agency problem (agency costs) and corporate R&D investment in China by using the two‐tier stochastic frontier model initially developed by Kumbhakar and Parmeter (2009) in light of the Euler equation analysis framework. The results show that there is a significantly negative association between financing constraints and firms' R&D investments and a significantly positive relationship between agency costs and R&D investments. Thus, financing constraints lead to R&D underinvestment, while agency costs cause R&D overinvestment by the sample firms. However, government subsidies have a positive moderating effect on the relationships. The impact of financing constraints and agency costs on R&D investment varies slightly by firms in different geographical regions, industries, business ownerships, and years." @default.
- W2548743079 created "2016-11-11" @default.
- W2548743079 creator A5050513541 @default.
- W2548743079 creator A5052987381 @default.
- W2548743079 creator A5060432914 @default.
- W2548743079 date "2016-11-04" @default.
- W2548743079 modified "2023-10-18" @default.
- W2548743079 title "The Impact of Financing Constraints and Agency Costs on Corporate R&D Investment: Evidence from China" @default.
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- W2548743079 doi "https://doi.org/10.1111/irfi.12108" @default.
- W2548743079 hasPublicationYear "2016" @default.
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