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Investment in R&D and Corporate Governance

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  • Valdemar Smith
  • Erik Strøjer Madsen

Abstract

The paper investigates the impact of ownership concentration on the likelihood that firms are involved in innovative activities or invest in research and development. We find that more dispersed ownership significantly increases the probability that a firm is engaged in innovation or invests in research and development. Moreover, the effect from ownership concentration is far more important for the incentive to innovate than the effect from product market concentration.

Suggested Citation

  • Valdemar Smith & Erik Strøjer Madsen, 2001. "Investment in R&D and Corporate Governance," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 70(2), pages 263-274.
  • Handle: RePEc:diw:diwvjh:70-20-13
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    File URL: http://ejournals.duncker-humblot.de/doi/pdf/10.3790/vjh.70.2.263
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    References listed on IDEAS

    as
    1. John Scott, 1984. "Firm versus Industry Variability in R&D Intensity," NBER Chapters,in: R&D, Patents, and Productivity, pages 233-248 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Bruno van Pottelsberghe, 2011. "Corporate governance practices and companies' R&D orientation: evidence from European countries," Working Papers 492, Bruegel.

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