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首页> 外文期刊>Journal of management studies >An Integrated Agency-Resource Dependence View of the Influence of Directors' Human and Relational Capital on Firms' R&D Spending
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An Integrated Agency-Resource Dependence View of the Influence of Directors' Human and Relational Capital on Firms' R&D Spending

机译：董事人力资本和关系资本对企业研发支出影响的代理资源依赖综合观

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摘要

In this paper, we contribute to the agency and corporate entrepreneurship literatures by focusing on board antecedents of research and development (R&D). Some researchers in this stream find outside directors negatively influence R&D spending, yet popular opinion suggests boards should be composed of outsiders, and at the same time, firms should be innovative and entrepreneurial. We begin to address this conflict by extending agency theory and incorporating resource dependence views in order to explore the influence of a wider range of director characteristics on R&D spending, a precursor of innovation and entrepreneurial activity. Our empirical results demonstrate that aspects of directors' human and relational capital (e.g. education, entrepreneurial finance experience, technical experience, and interlocks) significantly influence R&D spending. Our findings illustrate that boards can be configured to improve efficiencies, thereby reducing R&D spending, and/or to augment R&D spending. They reveal the merits of considering inside and outside directors separately and show how the independence (i.e. inside/outside status) of directors shapes the effect of their human and relational capital on R&D spending.
机译：在本文中，我们将重点放在研究与开发（R＆D）的前提上，从而为代理和企业创业文献做出贡献。在这一流中，一些研究人员发现外部董事会对研发支出产生负面影响，但流行的意见认为董事会应该由外部人组成，同时，公司应该具有创新性和企业家精神。我们开始通过扩展代理理论并结合资源依赖的观点来解决这种冲突，以探索更广泛的董事特征对研发支出（创新和创业活动的先驱）的影响。我们的经验结果表明，董事的人力和关系资本的各个方面（例如，教育，企业融资经验，技术经验和连锁关系）会显着影响研发支出。我们的发现表明，可以对董事会进行配置以提高效率，从而减少R＆D支出和/或增加R＆D支出。它们揭示了分别考虑内部和外部董事的优点，并展示了董事的独立性（即内部/外部地位）如何影响其人力资本和关系资本对研发支出的影响。

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