Purpose

This study aims to examine whether and how the power of a chief executive officer (CEO) relates to firm-level research and development (R&D) investment.

Design/methodology/approach

The authors use clustered standard errors ordinary least squares regression using a large sample of US firms from 1994 to 2017.

Findings

The authors find a significant negative relation between CEO power and R&D investment, suggesting that firms with more powerful CEOs are less likely to invest in R&D activities. Besides, the study finds that this significant negative relation is largely driven by firms with weaker corporate governance.

Originality/value

This study contributes to the finance literature on the impact and consequences of having powerful CEOs and the financial accounting literature on the determinants of R&D expenditures.

中文翻译：

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CEO权力与研发投入

目的

本研究旨在检验首席执行官 (CEO) 的权力是否以及如何与公司层面的研发 (R&D) 投资相关。

设计/方法/方法

作者使用 1994 年至 2017 年的大量美国公司样本使用聚类标准误差普通最小二乘回归。

发现

作者发现 CEO 权力与研发投资之间存在显着的负相关关系，这表明拥有更强大 CEO 的公司不太可能投资于研发活动。此外，研究发现，这种显着的负相关主要是由公司治理较弱的公司驱动的。

原创性/价值

这项研究有助于金融文献中关于拥有强大的 CEO 的影响和后果以及关于研发支出决定因素的财务会计文献。