Corporate governance practices and companies' R&D intensity: Evidence from European countries

被引：116

作者：

Honore, Florence ^{[1
]}

Munari, Federico ^{[2
]}

de La Potterie, Bruno van Pottelsberghe ^{[3
]}

机构：

[1] Univ Minnesota, Carlson Sch Management, Strateg Management & Entrepreneurship Dept, Minneapolis, MN 55455 USA

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

[3] Univ Libre Bruxelles, SBS EM, B-1050 Brussels, Belgium

来源：

RESEARCH POLICY | 2015年 / 44卷 / 02期

关键词：

R&D intensity; Corporate governance; Remuneration; Shareholder rights; DEVELOPMENT INVESTMENTS; OWNERSHIP STRUCTURE; INSTITUTIONAL INVESTORS; PRODUCTIVITY GROWTH; MANAGERIAL MYOPIA; STRATEGIC CONTROL; FIRM PERFORMANCE; STOCK-MARKET; AGENCY COSTS; CASH FLOW;

D O I：

10.1016/j.respol.2014.10.016

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

This paper empirically investigates whether corporate governance practices implemented to align shareholders' and managers' interests affect the resources firms devote to R&D. Two databases - one on governance ratings and one on R&D investment - are merged to obtain a multi-country, multi-sector sample of 177 European companies involved in R&D activities. The results suggest that limitations of anti-takeover devices and voting rights restrictions, a financial performance-based remuneration system for managers and a higher shareholders' consensus at the annual general assembly are all negatively correlated with R&D intensity. In other words, governance practices that are designed to respond to the short-term expectations of financial markets might prove to be detrimental to long-term R&D investments. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：533 / 543

页数：11

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