An Empirical Study of Equity Agency Costs and R&D Intensity: Evidence from Listed Companies on the ChiNext

Su Zhang

doi:10.4028/www.scientific.net/AMR.798-799.833

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An Empirical Study of Equity Agency Costs and R&D Intensity: Evidence from Listed Companies on the ChiNext

Abstract:

Using a sample of companies listed on the Shenzhen ChiNext board between 2009 and 2011, this paper analyzes the effect of shareholding proportion for the controlling shareholder on the firms R&D investment intensity. I find that the relation between R&D intensity and the equity of de facto controller is U-shape. My findings support the agency conflict between majority and minority shareholders.