R&D Activity in Canada: Does Corporate Ownership Structure Matter?

被引：22

作者：

Di Vito, Jackie ^{[1
]}

Laurin, Claude ^{[1
]}

Bozec, Yves ^{[1
]}

机构：

[1] HEC Montreal, Montreal, PQ H3T 2A7, Canada

来源：

CANADIAN JOURNAL OF ADMINISTRATIVE SCIENCES-REVUE CANADIENNE DES SCIENCES DE L ADMINISTRATION | 2010年 / 27卷 / 02期

关键词：

corporate ownership; agency costs; controlling minority structures; R&D activity; cash flow and voting rights divergence; AGENCY COSTS; FIRM VALUE; EQUITY OWNERSHIP; MARKET VALUATION; GOVERNANCE; ENTRENCHMENT; PERFORMANCE;

D O I：

10.1002/CJAS.152

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines the link between ownership structures and R&D activities in Canada. We hypothesize that highly concentrated ownership structures or the presence of controlling minority shareholders negatively affects R&D intensity of Canadian manufacturing firms. Our results show that the concentration of voting rights is negatively related to the level of R&D expenditure and R&D outcomes. Furthermore, we show that the level of separation between the voting and cash flow rights held by dominant shareholders of "Controlling Minority Structure" firms has a positive effect on R&D intensity but a negative effect on R&D outcomes. Copyright (C) 2010 ASAC. Published by John Wiley & Sons, Ltd.

引用

页码：107 / 121

页数：15

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