특례상장기업의 연구개발투자와 기업가치에 영향을 미치는 CEO 특성: 행동재무학 이론 관점에서

Since special listed companies are listed under relaxed conditions in management performance and market evaluation, if they do not continue to grow after listing, the damage to investors will inevitably increase. In addition, since special listed companies have a smaller company size than general listed companies, CEOs are inevitably more important in establishing corporate strategies. Therefore, this study empirically analyzed the characteristics of CEOs that affect R&D investment and corporate value of special listed companies from the perspective of behavioral finance theory. As a result of verifying the characteristics of CEOs who influence R&D investment through interactions with specially listed companies, it has a positive effect on R&D if the CEO is male, a natural science major, or a former investment company. In addition, the characteristics of CEOs who influence corporate value through interactions with variables of specially listed companies positively affected R&D if the CEO is male and has an academic background. The characteristics of CEOs who influence R&D investment and corporate value through interactions with specially listed companies are different from those of single variables in gender, education, major, and career variables excluding age, indicating that specially listed companies play a role as a control variable that affects R&D investment and corporate value through interaction with CEO characteristics. This study supplemented the limitations of the existing CEO theory and verified that age, gender, education, major, and career, which are CEO characteristics from a behavioral finance perspective, can be explanatory variables that reflect psychological differences in individual abilities. In addition, it is expected to contribute to research on corporate sustainability by providing implications for predicting the characteristics of CEOs who have high influence on R&D investment and corporate value of specially listed companies.