Corporate Governance and Innovation: Theory and Evidence

被引：124

作者：

Sapra, Haresh ^{[1
]}

Subramanian, Ajay ^{[2
]}

Subramanian, Krishnamurthy V. ^{[3
]}

机构：

[1] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA

[2] Georgia State Univ, Robinson Coll Business, Atlanta, GA 30303 USA

[3] Indian Sch Business, Hyderabad 500032, Telangana, India

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2014年 / 49卷 / 04期

关键词：

MANAGERIAL MYOPIA; EQUITY PRICES; WEALTH; PERFORMANCE; PREFERENCES; LEGISLATION; COMPETITION; TAKEOVERS; COSTS; FIRMS;

D O I：

10.1017/S002210901400060X

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop a theory to show how external and internal corporate governance mechanisms affect innovation. We predict a U-shaped relation between innovation and external takeover pressure, which arises from the interaction between expected takeover premia and private benefits of control. Using ex ante and ex post innovation measures, we find strong empirical support for the predicted relation. We exploit the variation in takeover pressure created by the passage of antitakeover laws across different states. Innovation is fostered either by an unhindered market for corporate control or by antitakeover laws that are severe enough to effectively deter takeovers.

引用

页码：957 / 1003

页数：47

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