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The effects of boards of directors on R&D investments: the case of Spain

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  • Ana B. Hernandez
  • Carmen Camelo
  • Ramon Valle

Abstract

This paper analyses how the composition and ownership structure of boards of directors affect firms' R&D investments. Most research on the impact of the board focuses on corporate performance in an Anglo-American context. This study explores the influence of the board on R&D investments in the Spanish corporate governance system, which is different from the British and US systems. Data from 86 Spanish quoted companies in technology industries show that board composition influences R&D investments. Further, our results indicate that ownership structure can moderate the relation between board composition and R&D investments. This study states opposing hypotheses, based on arguments from agency and stewardship theories. We use these theories to analyse the influence of the board on R&D investments as a key factor for success in highly competitive technology industries.

Suggested Citation

  • Ana B. Hernandez & Carmen Camelo & Ramon Valle, 2010. "The effects of boards of directors on R&D investments: the case of Spain," International Journal of Human Resources Development and Management, Inderscience Enterprises Ltd, vol. 10(2), pages 152-165.
    • Handle: RePEc:ids:ijhrdm:v:10:y:2010:i:2:p:152-165
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    Cited by:

    1. Carmen Barroso-Castro & Marta Domínguez de la Concha Castañeda & Mª de los Ángeles Rodríguez Serrano, 2022. "Listed SMEs and innovation: the role of founding board members," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 901-934, June.

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