haku: @author Kor, Y.Y. / yhteensä: 2
viite: 2 / 2
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| Tekijä: | Kor, Y.Y. |
| Otsikko: | Direct and interaction effects of top management team and board compositions on R&D investment strategy |
| Lehti: | Strategic Management Journal
2006 : NOV, VOL. 27:11, p. 27:11, p. 1081-1099 |
| Asiasana: | board of directors investments R&D top management |
| Kieli: | eng |
| Tiivistelmä: | This article investigates why firms differ in levels of R&D investment intensity by developing and testing a theory of direct and interaction effects of top management team and board outsider composition on R&D intensity. The results of a longitudinal study on technology-intensive firms that completed an initial public offering shows that both top management team composition and board composition have direct and indirect effects on R&D investment intensity. In addition, monitoring by outsider directors does not constitute a universally effective governance mechanism with regard to a firm's R&D investment strategy. Firms opt for lower levels of R&D investment intensity when their outsider-rich board interacts with a team of managers who have high levels of (1) firm tenure, (2) shared team-specific experience, or of managers who have high levels of (1) firm tenure, (2) shared team-specific experience, or (3) functional heterogeneity. When a firm's competitiveness relies on sustained R&D investments, it is important to note these interaction effects and make adjustments to promote a healthy dialogue between managers and the board. |
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