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Essays on managing intangible investments: Innovation and human capital.

机译：有关管理无形投资的论文：创新和人力资本。

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摘要

This dissertation examines issues related to managing corporate investments in intangibles, namely innovation and human capital. I examine how value-relevant information and a firm's compensation disclosure policy influence the effects of intangible investments on firm value.;In Essay 1, I examine the dual role of a firm's R&D investments. I demonstrate that a firm's investments in R&D not only contribute to its innovation per se, but also its ability to effectively absorb useful innovative activities of peer firms, namely technology spillovers. High R&D investments therefore likely create extra value for a firm going forward when it is exposed to large spillovers. However, I find that the stock market does not fully recognize the value of R&D investments and thus cannot incorporate this value-relevant information into stock prices immediately, leading to the undervaluation of firms with high R&D investments and high spillover exposure.;In Essay 2, I examine a firm's incentives to voluntarily disclose information regarding employee compensation. I demonstrate that properly managing employee morale is one of the important factors in deciding a firm's compensation disclosure policy since these policies either enhance or reduce employee morale by allowing workers to update their beliefs regarding relative abilities within the firm. Specifically, I show that a firm's optimal policy is to disclose employee compensation when the gains in greater effort from morale-enhanced employees outweigh the costs associated with withdrawn effort from morale-reduced employees.
机译：本文探讨了与管理无形资产的公司投资有关的问题，即创新和人力资本。我研究了价值相关的信息和公司的薪酬披露政策如何影响无形投资对公司价值的影响。在论文1中，我研究了公司R＆D投资的双重作用。我证明了企业在研发方面的投资不仅有助于其本身的创新，而且还能够有效吸收同行企业的有用创新活动，即技术外溢。因此，高研发投资可能会为一家在遭受大量溢出影响的企业中创造额外的价值。但是，我发现股票市场不能完全认识到R＆D投资的价值，因此不能立即将这些与价值相关的信息纳入股票价格，从而导致具有高R＆D投资和高溢出风险的公司被低估。 ，我研究了公司自愿披露有关员工薪酬的信息的动机。我证明，正确管理员工的士气是决定公司薪酬披露政策的重要因素之一，因为这些政策通过允许工人更新其对公司相对能力的信念，增强或降低了员工士气。具体来说，我表明，当士气得到增强的员工付出更大的努力所获得的收益超过士气降低的雇员撤回付出的相关成本时，公司的最佳政策就是披露员工薪酬。

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  • 作者

    Oh, Jong-Min.;

  • 作者单位

    The University of Texas at Dallas.;

  • 授予单位 The University of Texas at Dallas.;
  • 学科 Finance.;Labor economics.;Economic theory.
  • 学位 Ph.D.
  • 年度 2015
  • 页码 116 p.
  • 总页数 116
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 康复医学;
  • 关键词

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