Research and development, cash flow, agency and governance: UK large companies
Abstract
This paper investigates the determinants of R&D expenditure using a sample of UK listed companies with the highest spend from 2000 to 2005. We investigate the effect of corporate governance and ownership on R&D, using panel data. The results provide some evidence that more governance tends to depress R&D activity, a finding that is robust to whether a composite or disaggregated index of governance is used. One innovation of the paper is that we treat agency and finance effects interactively. The ownership stake of the CEO appears to be supportive for R&D.Download Info
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Bibliographic Info
Article provided by Elsevier in its journal Research Policy.
Volume (Year): 41 (2012)
Issue (Month): 9 ()
Pages: 1565-1577
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Web page: http://www.elsevier.com/locate/respol
Related research
Keywords: R&D; Corporate governance; Finance; UK; Panel data; Policy;References
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Jackie Krafft & Yiping Qu & Francesco Quatraro & Jacques-Laurent Ravix, 2013. "Corporate governance, value and performance of firms: New empirical results on convergence from a large international database," Working Papers hal-00786664, HAL.
- Jackie Krafft & Yiping Qu & Francesco Quatraro & Jacques-Laurent Ravix, 2013.
"Corporate governance, value and performance of firms: New empirical results on convergence from a large international database,"
Working Papers
halshs-00786763, HAL.
- Jackie Krafft & Yiping Qu & Francesco Quatraro & Jacques-Laurent Ravix, 2013. "Corporate governance, value and performance of firms: New empirical results on convergence from a large international database," Post-Print hal-00786664, HAL.
- Pilar Beneito & María E. Rochina-Barrachina & Amparo Sanchis, 2013. "Ownership and cyclicality of firms’ R&D investment," Working Papers 1306, Department of Applied Economics II, Universidad de Valencia.
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