Do the type and number of blockholders influence R&D investments? New evidence from SpainTribo, J. A., Berrone, P. & Surroca, J., Sep-2007, In : Corporate Governance - An International Review. 15, 5, p. 828-842 15 p.
Research output: Contribution to journal › Article › Academic › peer-review
Using data from 3,638 Spanish firms between 1996 and 2000, this article studies the relationship between the presence of large shareholders in the ownership structure of firms and R&D investment. Consistent with our theoretical contention, our results indicate that the impact of large shareholders on the R&D investment is (1) negative when blockholders are banks, (2) positive when blockholders are non-financial corporations and (3) null when blockholders are individuals. In addition, we find a systematic negative relationship between the number of blockholders and R&D investment. Finally, we extend our study by analysing the influence that the combined effect between blockholder type and R&D investment has on the firm's economic performance. Results of this work provide relevant implications for policy makers and academic research.
|Number of pages||15|
|Journal||Corporate Governance - An International Review|
|Publication status||Published - Sep-2007|
|Event||4th International Corporate Governance Conference on Global Developments in Corporate Governance - Birmingham, Netherlands|
Duration: 1-Jul-2006 → …
4th International Corporate Governance Conference on Global Developments in Corporate Governance
01/07/2006 → …Netherlands
- ownership structure, banks, institutional blockholders, non-financial blockholders, individual blockholders, R&D investment, OWNERSHIP STRUCTURE, INSTITUTIONAL OWNERSHIP, CORPORATE GOVERNANCE, TECHNOLOGICAL OPPORTUNITY, CAPITAL-INVESTMENT, HELD CORPORATIONS, FIRM PERFORMANCE, AGENCY COSTS, INNOVATION, STRATEGIES