This study examines how the research and development (R&D) investments of listed companies in Indonesia are influenced by the educational characteristics of their CEOs and CFOs. This study uses 368 observations from 150 listed companies on the Indonesian Stock Exchange for the period 2010 to 2015. We find that CEOs with higher educational levels invest more in research and development. This is consistent with more education instilling a longer-term perspective on corporate managers. We also find that CFOs with accounting certifications invest less in R&D, consistent with the risk-adverse nature of the accounting profession. For companies and shareholders, our findings indicate the need for a greater understanding of the factors associated with R&D investments in Indonesia and other developing markets. Particularly, factors related to the background experience of CEOs and other executives, whose characteristics can have a real impact on the R&D investment decisions of firms. Our results show that the education of CEOs and CFOs is associated with their investment decisions in research and development. Thus, different education backgrounds create a bias for or against R&D investment in

中文翻译：

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印尼首席执行​​官兼首席财务官教育与研发投资

本研究探讨了印度尼西亚上市公司的研发投资如何受到其首席执行官和首席财务官的教育特征的影响。这项研究使用了2010年至2015年期间来自印度尼西亚证券交易所150家上市公司的368条观察结果。我们发现，受过较高教育水平的CEO在研发方面的投入更多。这与更多的教育向公司经理灌输更长期的观点是一致的。我们还发现，拥有会计认证的首席财务官在研发方面的投入更少，这与会计专业的风险规避性质是一致的。对于公司和股东而言，我们的发现表明需要更深入地了解与印尼和其他发展中市场的研发投资相关的因素。特别，与首席执行官和其他高管的背景经验有关的因素，其特征可能对企业的R＆D投资决策产生真正的影响。我们的结果表明，CEO和CFO的教育与他们在研发方面的投资决策有关。因此，不同的教育背景会导致对R＆D投资的偏见或反对