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이동기(Dong Kee Rhee),조영곤(Young Kon Cho) 한국경영학회 2001 經營學硏究 Vol.30 No.4
This paper examines the relationship between the ratio of outside directors in board composition and R&D spendings of firms in sample firms from U. S. R&D intensive industries. First, we find a positive relationship between the ratio of outside directors and R&D intensity, supporting that outside directorship can be a structural factor ensuring board independence. Second, we find that the relation-ship between the ratio of outside directors and R&D intensity is weaker in owner-controlled firms than in manager-controlled firms suggesting that the effectiveness of monitoring of outside directors are constrained due to information asymmetry arising from the entrepreneur mode of decision-making process in owner-controlled firms.