The effects of owner identity and external governance systems on R&D investments: A study of Western European firms

被引：376

作者：

Munari, Federico ^{[1
]}

Oriani, Raffaele ^{[2
]}

Sobrero, Maurizio ^{[1
]}

机构：

[1] Univ Bologna, Dept Management, I-40123 Bologna, Italy

[2] LUISS Guido Carli, Dept Econ & Business, I-00196 Rome, Italy

来源：

RESEARCH POLICY | 2010年 / 39卷 / 08期

关键词：

Corporate governance; Owner identity; R&D investments; Western Europe; INSTITUTIONAL INVESTORS; STOCK-MARKET; CORPORATE GOVERNANCE; AGENCY COSTS; INNOVATION; PRIVATIZATION; US; PERFORMANCE; IMPACT; PANEL;

D O I：

10.1016/j.respol.2010.05.004

中图分类号：

C93 [管理学];

学科分类号：

120117 [社会管理工程];

摘要：

This paper builds on agency and institutional theory to extend the analysis of the effects of ownership and control on R&D investments by considering the influence of different types of ownership and of institutional corporate governance systems. Our empirical analysis is based on a unique dataset of 1000 firms publicly-traded in six European countries (France, Germany, Italy, Norway, Sweden and the UK). Controlling for industry- and firm-level effects, our findings show that higher shareholding by families is negatively associated with R&D investment. Moreover, widely-held firms invest less in R&D in the United Kingdom than in Continental European countries, thus suggesting the existence of a greater pressure towards the reduction of R&D in market-based governance systems. The results are robust against possible sample selection biases due to firms' discretional R&D disclosure. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：1093 / 1104

页数：12

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