Power of R&D Background Executives and the Enterprise"Return to Reality"
Using manually collected data on the ranking of executive teams in the annual reports of A-share listed compa-nies,this paper empirically tests whether the increase in power of R&D background executives can promote companies to fa-cilitate enterprise"return to reality".This paper discovered that the higher the power of R&D background executives,the lower the level of financialization,and this conclusion still holds after controlling for endogeneity issues.The results of the mechanism test show that the power of R&D background executives is intended to prevent company financialization by in-creasing R&D investment and decreasing agency costs.When a company is a high-tech enterprise,further analysis shows that the negative correlation above is more significant.
NETL
NSTL
万方数据
