Investment in R&D and Corporate Governance
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.
Volume (Year): 70 (2001)
Issue (Month): 2 ()
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- Erik Lehmann & Juergen Weigand, 2000.
"Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany,"
CoFE Discussion Paper
00-05, Center of Finance and Econometrics, University of Konstanz.
- Erik Lehmann & Jürgen Weigand, 2000. "Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany," Review of Finance, European Finance Association, vol. 4(2), pages 157-195.
- 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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