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.
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Bibliographic InfoPaper provided by Universidad Carlos III de Madrid in its series Open Access publications from Universidad Carlos III de Madrid with number info:hdl:10016/7427.
Length: 844 p.
Date of creation: 2007
Date of revision:
Publication status: Published in Corporate Governance (2007) v.v. 15, p.828-842
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Web page: http://www.uc3m.es
Ownership structure; Banks; Institutional blockholders; Non-financial blockholders; Individual blockholders; R&D investment;
Other versions of this item:
- Josep A. Tribo & Pascual Berrone & Jordi Surroca, 2007. "Do the Type and Number of Blockholders Influence R&D Investments? New evidence from Spain," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(5), pages 828-842, 09.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Raquel Ortega & Rosina Moreno & Jordi Surinach, 2003.
"Ownership Structure and Innovation: Is There a Real Link?,"
ERSA conference papers
ersa03p213, European Regional Science Association.
- Raquel Ortega-Argilés & Rosina Moreno & Jordi Caralt, 2005. "Ownership structure and innovation: is there a real link?," The Annals of Regional Science, Springer, vol. 39(4), pages 637-662, December.
- Raquel Ortega Argiles & Rosina Moreno Serrano & Jordi Surinach Caralt, 2004. "Ownership structure and innovation: Is there a real link," Working Papers in Economics 111, Universitat de Barcelona. Espai de Recerca en Economia.
- 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.
- 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.
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