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The Influence of Corporate Internal Governance on the Wealth Effect of R&D Expenditure Increase,” working paper
- Journal of Banking and Finance
, 2006
"... We examine the influence of corporate internal governance on the wealth effect of corporate R&D expenditure increases. We find that stock markets respond more favorably to announcements of R&D expenditure increase by firms with stronger internal governance. The evidence further indicates tha ..."
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We examine the influence of corporate internal governance on the wealth effect of corporate R&D expenditure increases. We find that stock markets respond more favorably to announcements of R&D expenditure increase by firms with stronger internal governance. The evidence further indicates that a firm’s growth opportunity has a positive interaction effect with internal governance in explaining the variation of market reactions to R&D expenditure increase. Our findings hold even after controlling for other potentially important variables.
QUT Digital Repository:
"... The paper examines the decision by Australian Real Estate Trusts (A-REITs) to issue seasoned equity offerings from 2000- 2008 and stock market reaction to the offerings using panel data and event study methodologies, respectively. The global financial crisis has resulted in freezing of the Australia ..."
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The paper examines the decision by Australian Real Estate Trusts (A-REITs) to issue seasoned equity offerings from 2000- 2008 and stock market reaction to the offerings using panel data and event study methodologies, respectively. The global financial crisis has resulted in freezing of the Australian bond markets, with several A-REITs left with seasoned equity issuance and asset sales as the only viable modes of raising additional capital. The findings review that leverage and operating risk are negative significant determinants of seasoned equity offerings; profitability and growth opportunities are positive significant determinants. Of the structure and type of properties held by the A-REIT, only stapled management structure and international operations are significant determinants. Type of properties held by A-REITs show inconsistent results. Similar to previous studies of seasoned equity offerings, we find a significant negative abnormal return associated with their announcement and no evidence of excessive leakage of information. Cross-sectional regressions show that the issued amount raised and leverage are significant factors affecting abnormal returns. 2
and Investments in Publicly Traded Restaurant Firms in the United States
"... Traded Restaurant Firms in the United States This research investigated the relationship between investments in fixed assets and free cash flows of U.S. restaurant firms while controlling for future investment opportunities and financial constraints. It also investigated investment and cash-flow sen ..."
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Traded Restaurant Firms in the United States This research investigated the relationship between investments in fixed assets and free cash flows of U.S. restaurant firms while controlling for future investment opportunities and financial constraints. It also investigated investment and cash-flow sensitivity in the context of economic conditions. Results suggested that investments in small firms (with higher financial constraints) had relatively weaker sensitivity to cash flows than investments in large firms (with higher sensitivity). Controlling for economic conditions did not significantly change results. While the debate over sensitivity of investments to cash flows remains unresolved, it has not been explored widely in industry contexts, especially in services such as the restaurant industry. In addition to its contribution to this literature, this paper provides implications for cash-flow management in publicly traded restaurant companies.
Internal Governance and the Wealth Effect of R&D Expenditure Increases
"... We examine the influence of corporate internal governance on the wealth effect of corporate R&D expenditure increases. We find that stock markets respond more favorably to announcements of R&D expenditure increase by firms with stronger internal governance. The evidence further indicates tha ..."
Abstract
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We examine the influence of corporate internal governance on the wealth effect of corporate R&D expenditure increases. We find that stock markets respond more favorably to announcements of R&D expenditure increase by firms with stronger internal governance. The evidence further indicates that a firm’s growth opportunity has a positive interaction effect with internal governance in explaining the variation of market reactions to R&D expenditure increase. Our findings hold even after controlling for other potentially important variables.
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"... Investment is a complex process that cannot be encapsulated by a single-variable approach and that is influenced direct or indirectly by both internal and external variables. It is necessary to evaluate and deal ..."
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Investment is a complex process that cannot be encapsulated by a single-variable approach and that is influenced direct or indirectly by both internal and external variables. It is necessary to evaluate and deal
