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Exploring the Impacts of Chairman Characteristics on M&A and R&D Expenses: The Case Study of IC Design Industry
IC design company
merger and acquisition
IC design companies maintain their competitive advantage by incurring research and development expenditures or by merge and acquisition (M&A) to obtain core technology. It is an important issue on whether characteristics of IC design companies’ senior managers affect the way to obtain new technology by spending in R&D expenditures or M&A. This study examines whether the chairman’s characteristics affect the decision making on M&A and R&D expenditures of IC design companies in Taiwan. Five types of IC design listed companies including system integration chips, power management chips, memory-related chips, consumer electronics chips, and panel drive ICs from 2006 to 2017 are chosen as a sample. This study uses the education background, an engineering degree, foreign academic degrees, working experience, and personal overconfidence as proxies to measure chairmen’s characteristics. The empirical results show that chairmen’s education background and working experience have no significant influence on M&A decisions. The chairmen with an engineering degree tend not to undertake M&A. Chairmen with foreign academic degree and chairmen who are overconfident are more likely to undertake M&A. In addition, the results indicate that R&D expenditure is significantly lower for those companies whose chairmen with an engineering degree and companies whose chairmen have longer working experience. The R&D expenditure is significantly higher for those companies whose chairmen with a foreign academic degree.There is no significant relation between chairmen’s overconfidence and R&D expenditure.
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