최고경영진의 인지적 특성과 최고경영자 특성이 R&D투자에 미치는 영향

This paper investigates how TMT’s cognitive traits affect R&D investment. Drawing on the attention-based view, we propose that TMT’s future orientation and risk preference increase the level of R&D investment. As R&D activities have long-term goal of generating proprietary knowledge, it is important to understand how TMT’s attention toward future and risk affect R&D investment. Also, we test the moderating effect of CEO duality on R&D investment. As the CEO plays a leadership role in the TMT, if the CEO’s decision-making authority is highly concentrated, the impact of TMT on R&D may decrease. We measure CEO duality and CEO ownership stake as CEO characteristics. Based on a sample of 837 U.S. manufacturing firms, the results show that when TMT has a higher tolerance for risk and higher future orientation, R&D intensity increases. However, when CEO also serves as chairman of board and CEO has higher ownership, TMT’s influence on R&D investment weakens. This implies that TMT and CEO has power dynamic that can change based on CEO power supporting status. Overall, it suggests that TMT’s attention and CEO power are important factors to improve longer-term knowledge accumulation of firm.