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Top management team characteristics, R&D investment and capital structure in the IT industry

机译：IT行业最高管理团队的特征，研发投资和资本结构

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摘要

This paper is based on agency theory, resource-based and upper-echelons perspectives to examine the relationship between R&D investment and capital structure and the moderating effects of top management team (TMT) characteristics on the financing decisions of R&D investment in small and medium enterprises (SMEs). Using data for SMEs in Taiwan’s IT industry, we find that (1) SMEs involved in R&D activities tend to have lower debt levels and (2) TMT characteristics exert considerable influence on the R&D investment-financial leverage relationship in SMEs. One important implication of the empirical evidence is that for SMEs trying to compete on the basis of innovation, the TMT characteristics significantly influence financing decisions. As innovative activities increase, the selection and development of top executives, who are responsible for choosing an optimal capital structure that could keep financial costs low while providing sufficient financial resources for maintaining a continuous, uninterrupted rate of R&D, is crucial for SMEs.
机译：本文基于代理理论，资源基础和高层观点，研究了R＆D投资与资本结构之间的关系，以及高层管理团队特征对中小型企业R＆D投资融资决策的调节作用。 （中小企业）。使用台湾IT行业中小型企业的数据，我们发现（1）从事研发活动的中小型企业的债务水平往往较低，并且（2）TMT特性对中小型企业的R＆D投资与财务杠杆关系有相当大的影响。经验证据的一个重要含义是，对于试图在创新基础上进行竞争的中小企业而言，TMT的特征极大地影响了融资决策。随着创新活动的增加，高层管理人员的选择和培养负责选择一种最佳的资本结构，这种结构可以保持较低的财务成本，同时提供足够的财务资源来维持持续，不间断的研发速度，这对中小企业至关重要。

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