1. Standard Deviation of R&D Institutional Ownership
Table 5. Analysis of R&;D expenses as a function of Corporate Governance
Mean of R&D
Standard Deviation of R&D
Gompers Index
Bebchuk Index
Institutional Ownership
Ln(Governance Measure)
(0.240)
(0.175)
(0.022)
(0.534)
(0.924)
(0.032)
Mean ROA
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
Ln (Total Assets)
(0.017)
(0.019)
(0.008)
(0.027)
(0.045)
(0.063)
Capital Expenditures / Total Assets
(0.000)
(0.001)
(0.085)
(0.023)
(0.101)
(0.997)
Total Debt / Total Assets
(0.153)
(0.092)
(0.011)
(0.711)
(0.418)
(0.355)
Number of Business Segments
(0.000)
(0.001)
(0.020)
(0.030)
(0.070)
(0.144)
Intercept
(0.006)
(0.022)
(0.727)
(0.300)
(0.201)
( 0.449)
Adjusted R square
0.4445
0.4405
0.4523
0.2648
0.2581
0.2114
Observations
1354
1174
972
This table presents the results of the regression of the mean and standard deviation of R&D expenses scaled by book value of total assets on the natural logarithm of the governance measure, return on assets (ROA), capital expenditure scaled by the book value of total assets, firm size, financial leverage, the number of business segments, the industry fixed effect for each three-digit SIC code, and a heteroskedastic error term. All independent variables are averaged over the sample period. The Gompers index and Bebchuk index data are reported about every two years (1990, 1993, 1995, 1998, 2000, 2002, 2004, and 2006) by the IRRC. Return on assets (ROA) is income before interest and taxes (EBIT) scaled by the book value of total assets. The other variables are self-explanatory.
Frederick Adjei et al. Corporate Governance and Corporate Performance Dispersion. Journal of Finance and Economics,
2017, Vol. 5, No. 1, doi: /jfe-5-1-2
© The Author(s) Published by Science and Education Publishing.