Do the Type and Number of Blockholders Influence R&D Investments? New evidence from Spain
AbstractUsing 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. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Corporate Governance: An International Review.
Volume (Year): 15 (2007)
Issue (Month): 5 (09)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1
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- Chen, Yan & Zhang, Bin, 2013.
[The Theoretical Framework and System of Innovation within Enterprises: Based on the Perspective of Ownership]," MPRA Paper 47078, University Library of Munich, Germany.
- Jackie Di Vito, 2011. "Concentration de propriété et investissements en R&D:une perspective d’agence," Revue Finance Contrôle Stratégie, revues.org, vol. 14(2), pages 67-100, June.
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