Abstract
Sustainable R&D investment is an important issue for enterprises to obtain core competitiveness in modern society. Government supervision can play a guiding role in the process of developing a competitive advantage in innovation in developing countries. This paper analyzes the impact of the government’s proactive regulatory model, represented by the R&D expense inquiry letters (hereafter, RDILs), on the corporate catering motives of high sustainable R&D investment. The results show that the RDILs have a regulatory effect on the listed companies’ catering motives of high sustainable R&D investment, but this effect is weakened by higher stock price crash risk, lower stock liquidity, and greater market short-selling pressure. Further analysis shows that the regulatory effect of RDILs is achieved by reducing the subsequent level of strategic R&D classification manipulation by the company. Overall, our study finds a monitoring role for inquiry letter supervision on the sustainability of corporate R&D investments. Exchanges in other countries should consider their use.
Funder
National Natural Science Foundation of China
Subject
Management, Monitoring, Policy and Law,Renewable Energy, Sustainability and the Environment,Geography, Planning and Development,Building and Construction
Cited by
2 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献