IDEAS home Printed from https://ideas.repec.org/a/eee/respol/v51y2022i4s0048733322000038.html
   My bibliography  Save this article

Staggered boards and product innovations: Evidence from Massachusetts State Bill HB 5640

Author

Listed:
  • Chen, I-Ju
  • Hsu, Po-Hsuan
  • Wang, Yanzhi

Abstract

In this paper, we empirically investigate how staggered boards, a prevailing governance structure of high-tech firms, influence firms’ product innovations in the United States. We explore a quasi-natural experiment of a legislation change in Massachusetts that forced the adoption of staggered boards in 1990 for the causal effect of staggered boards. We find that, when compared with firms in other states, Massachusetts-incorporated firms without staggered boards before 1990 perform better with respect to product innovations once they adopt staggered boards after 1990. The positive effect of staggered boards on product innovations is stronger for firms with higher takeover vulnerability, with higher institutional ownership, and in industries with higher advertising expenditures. Such a positive effect is consistent with staggered boards’ long-term orientation and is further confirmed by treated firms’ better product quality after 1990.

Suggested Citation

  • Chen, I-Ju & Hsu, Po-Hsuan & Wang, Yanzhi, 2022. "Staggered boards and product innovations: Evidence from Massachusetts State Bill HB 5640," Research Policy, Elsevier, vol. 51(4).
    • Handle: RePEc:eee:respol:v:51:y:2022:i:4:s0048733322000038
    DOI: 10.1016/j.respol.2022.104475
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0048733322000038
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.respol.2022.104475?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Stein, Jeremy C, 1988. "Takeover Threats and Managerial Myopia," Journal of Political Economy, University of Chicago Press, vol. 96(1), pages 61-80, February.
    2. Gustavo Manso, 2011. "Motivating Innovation," Journal of Finance, American Finance Association, vol. 66(5), pages 1823-1860, October.
    3. Julian Atanassov, 2013. "Do Hostile Takeovers Stifle Innovation? Evidence from Antitakeover Legislation and Corporate Patenting," Journal of Finance, American Finance Association, vol. 68(3), pages 1097-1131, June.
    4. Crown, Daniel & Faggian, Alessandra & Corcoran, Jonathan, 2020. "Foreign-Born graduates and innovation: Evidence from an Australian skilled visa program✰,✰✰,★,★★," Research Policy, Elsevier, vol. 49(9).
    5. Block, Jörn H. & Fisch, Christian O. & Hahn, Alexander & Sandner, Philipp G., 2015. "Why do SMEs file trademarks? Insights from firms in innovative industries," Research Policy, Elsevier, vol. 44(10), pages 1915-1930.
    6. Bebchuk, Lucian A. & Cohen, Alma, 2005. "The costs of entrenched boards," Journal of Financial Economics, Elsevier, vol. 78(2), pages 409-433, November.
    7. Jean-Jacques Laffont & Jean Tirole, 1988. "Repeated Auctions of Incentive Contracts, Investment, and Bidding Parity with an Application to Takeovers," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 516-537, Winter.
    8. Stuart J.H. Graham & Galen Hancock & Alan C. Marco & Amanda Fila Myers, 2013. "The USPTO Trademark Case Files Dataset: Descriptions, Lessons, and Insights," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 22(4), pages 669-705, December.
    9. Gordon M. Phillips & Alexei Zhdanov, 2013. "R&D and the Incentives from Merger and Acquisition Activity," The Review of Financial Studies, Society for Financial Studies, vol. 26(1), pages 34-78.
    10. Philipp Schautschick & Christine Greenhalgh, 2016. "Empirical studies of trade marks -- The existing economic literature," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 25(4), pages 358-390, June.
    11. Jeremy C. Stein, 1989. "Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 104(4), pages 655-669.
    12. Sapra, Haresh & Subramanian, Ajay & Subramanian, Krishnamurthy V., 2014. "Corporate Governance and Innovation: Theory and Evidence," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 49(4), pages 957-1003, August.
    13. Gao, Huasheng & Hsu, Po-Hsuan & Li, Kai, 2018. "Innovation Strategy of Private Firms," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 53(1), pages 1-32, February.
    14. Meindert Flikkema & Ard-Pieter De Man & Carolina Castaldi, 2014. "Are Trademark Counts a Valid Indicator of Innovation? Results of an In-Depth Study of New Benelux Trademarks Filed by SMEs," Industry and Innovation, Taylor & Francis Journals, vol. 21(4), pages 310-331, May.
    15. Leonid Kogan & Dimitris Papanikolaou & Amit Seru & Noah Stoffman, 2017. "Technological Innovation, Resource Allocation, and Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(2), pages 665-712.
    16. Andrei Shleifer & Lawrence H. Summers, 1988. "Breach of Trust in Hostile Takeovers," NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 33-68, National Bureau of Economic Research, Inc.
    17. Flikkema, Meindert & Castaldi, Carolina & de Man, Ard-Pieter & Seip, Marcel, 2019. "Trademarks’ relatedness to product and service innovation: A branding strategy approach," Research Policy, Elsevier, vol. 48(6), pages 1340-1353.
    18. F. M. Scherer, 1967. "Research and Development Resource Allocation Under Rivalry," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 81(3), pages 359-394.
    19. Philippe Aghion & John Van Reenen & Luigi Zingales, 2013. "Innovation and Institutional Ownership," American Economic Review, American Economic Association, vol. 103(1), pages 277-304, February.
    20. Landes, William M & Posner, Richard A, 1987. "Trademark Law: An Economic Perspective," Journal of Law and Economics, University of Chicago Press, vol. 30(2), pages 265-309, October.
    21. Bronwyn Hall & Christian Helmers & Mark Rogers & Vania Sena, 2014. "The Choice between Formal and Informal Intellectual Property: A Review," Journal of Economic Literature, American Economic Association, vol. 52(2), pages 375-423, June.
    22. Lucian A. Bebchuk & Alma Cohen & Charles C.Y. Wang, 2011. "Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments," NBER Working Papers 17127, National Bureau of Economic Research, Inc.
    23. Davidson Heath & Christopher Mace, 2020. "The Strategic Effects of Trademark Protection [The effects of entry on incumbent innovation and productivity]," Review of Financial Studies, Society for Financial Studies, vol. 33(4), pages 1848-1877.
    24. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance and Equity Prices," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(1), pages 107-156.
    25. Chaney, Paul K & Devinney, Timothy M & Winer, Russell S, 1991. "The Impact of New Product Introductions on the Market Value of Firms," The Journal of Business, University of Chicago Press, vol. 64(4), pages 573-610, October.
    26. Ingemar Dierickx & Karel Cool, 1989. "Asset Stock Accumulation and Sustainability of Competitive Advantage," Management Science, INFORMS, vol. 35(12), pages 1504-1511, December.
    27. Honoré, Florence & Munari, Federico & van Pottelsberghe de La Potterie, Bruno, 2015. "Corporate governance practices and companies’ R&D intensity: Evidence from European countries," Research Policy, Elsevier, vol. 44(2), pages 533-543.
    28. Daines, Robert & Klausner, Michael, 2001. "Do IPO Charters Maximize Firm Value? Antitakeover Protection in IPOs," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 17(1), pages 83-120, April.
    29. Sheng-Syan Chen & Kim Wai Ho & Kueh Hwa Ik, 2005. "The Wealth Effect of New Product Introductions on Industry Rivals," The Journal of Business, University of Chicago Press, vol. 78(3), pages 969-996, May.
    30. Frederico Belo & Xiaoji Lin & Maria Ana Vitorino, 2014. "Brand Capital and Firm Value," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(1), pages 150-169, January.
    31. Mendonca, Sandro & Pereira, Tiago Santos & Godinho, Manuel Mira, 2004. "Trademarks as an indicator of innovation and industrial change," Research Policy, Elsevier, vol. 33(9), pages 1385-1404, November.
    32. Lechner, Michael, 2011. "The Estimation of Causal Effects by Difference-in-Difference Methods," Foundations and Trends(R) in Econometrics, now publishers, vol. 4(3), pages 165-224, November.
    33. Davidson Heath & Christopher Mace, 2020. "The Strategic Effects of Trademark Protection," Review of Finance, European Finance Association, vol. 33(4), pages 1848-1877.
    34. Lucian Arye Bebchuk & John C. Coates IV & Guhan Subramanian, 2002. "The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence and Policy," NBER Working Papers 8974, National Bureau of Economic Research, Inc.
    35. Taylor, Mark Zachary, 2004. "Empirical Evidence Against Varieties of Capitalism's Theory of Technological Innovation," International Organization, Cambridge University Press, vol. 58(3), pages 601-631, July.
    36. Nasirov, Shukhrat, 2020. "Trademark value indicators: Evidence from the trademark protection lifecycle in the U.S. pharmaceutical industry," Research Policy, Elsevier, vol. 49(4).
    37. Mowery, David C., 1998. "The changing structure of the US national innovation system: implications for international conflict and cooperation in R&D policy," Research Policy, Elsevier, vol. 27(6), pages 639-654, September.
    38. Cremers, K.J. Martijn & Litov, Lubomir P. & Sepe, Simone M., 2017. "Staggered boards and long-term firm value, revisited," Journal of Financial Economics, Elsevier, vol. 126(2), pages 422-444.
    39. Dirk Crass & Dirk Czarnitzki & Andrew A. Toole, 2019. "The Dynamic Relationship Between Investments in Brand Equity and Firm Profitability: Evidence Using Trademark Registrations," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 26(1), pages 157-176, January.
    40. Caroline Flammer & Aleksandra Kacperczyk, 2016. "The Impact of Stakeholder Orientation on Innovation: Evidence from a Natural Experiment," Management Science, INFORMS, vol. 62(7), pages 1982-2001, July.
    41. Meulbroek, Lisa K & Mitchell, Mark L & Mulherin, J Harold & Netter, Jeffry M & Poulsen, Annette B, 1990. "Shark Repellents and Managerial Myopia: An Empirical Test," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1108-1117, October.
    42. Chen, Sheng-Syan & Chen, Yan-Shing & Liang, Woan-lih & Wang, Yanzhi, 2020. "Public R&D spending and cross-sectional stock returns," Research Policy, Elsevier, vol. 49(1).
    43. Shai Bernstein, 2015. "Does Going Public Affect Innovation?," Journal of Finance, American Finance Association, vol. 70(4), pages 1365-1403, August.
    44. Ingemar Dierickx & Karel Cool, 1989. "Asset Stock Accumulation and the Sustainability of Competitive Advantage: Reply," Management Science, INFORMS, vol. 35(12), pages 1514-1514, December.
    45. Guodong (Gordon) Gao & Lorin M. Hitt, 2012. "Information Technology and Trademarks: Implications for Product Variety," Management Science, INFORMS, vol. 58(6), pages 1211-1226, June.
    46. Graham, John R. & Harvey, Campbell R. & Rajgopal, Shiva, 2005. "The economic implications of corporate financial reporting," Journal of Accounting and Economics, Elsevier, vol. 40(1-3), pages 3-73, December.
    47. Sandner, Philipp G. & Block, Joern, 2011. "The market value of R&D, patents, and trademarks," Research Policy, Elsevier, vol. 40(7), pages 969-985, September.
    48. James M. Mahoney & Chamu Sundaramurthy & Joseph T. Mahoney, 1997. "The effects of corporate antitakeover provisions on long-term investment: empirical evidence," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 18(5), pages 349-365.
    49. David Argente & Salomé Baslandze & Douglas Hanley & Sara Moreira, 2020. "Patents to Products: Product Innovation and Firm Dynamics," FRB Atlanta Working Paper 2020-4, Federal Reserve Bank of Atlanta.
    50. Marianne Bertrand & Sendhil Mullainathan, 2003. "Enjoying the Quiet Life? Corporate Governance and Managerial Preferences," Journal of Political Economy, University of Chicago Press, vol. 111(5), pages 1043-1075, October.
    51. David T. Robinson, 2008. "Strategic Alliances and the Boundaries of the Firm," Review of Financial Studies, Society for Financial Studies, vol. 21(2), pages 649-681, April.
    52. Mukherjee, Abhiroop & Singh, Manpreet & Žaldokas, Alminas, 2017. "Do corporate taxes hinder innovation?," Journal of Financial Economics, Elsevier, vol. 124(1), pages 195-221.
    53. Tylecote, Andrew & Ramirez, Paulina, 2006. "Corporate governance and innovation: The UK compared with the US and 'insider' economies," Research Policy, Elsevier, vol. 35(1), pages 160-180, February.
    54. Diego Aparicio & Zachary Metzman & Roberto Rigobon, 2021. "The Pricing Strategies of Online Grocery Retailers," NBER Working Papers 28639, National Bureau of Economic Research, Inc.
    55. Stanley M. Besen & Leo J. Raskind, 1991. "An Introduction to the Law and Economics of Intellectual Property," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 3-27, Winter.
    56. Faleye, Olubunmi, 2007. "Classified boards, firm value, and managerial entrenchment," Journal of Financial Economics, Elsevier, vol. 83(2), pages 501-529, February.
    57. Ammann, Manuel & Oesch, David & Schmid, Markus M., 2011. "Corporate governance and firm value: International evidence," Journal of Empirical Finance, Elsevier, vol. 18(1), pages 36-55, January.
    58. Munari, Federico & Oriani, Raffaele & Sobrero, Maurizio, 2010. "The effects of owner identity and external governance systems on R&D investments: A study of Western European firms," Research Policy, Elsevier, vol. 39(8), pages 1093-1104, October.
    59. Hipp, Christiane & Grupp, Hariolf, 2005. "Innovation in the service sector: The demand for service-specific innovation measurement concepts and typologies," Research Policy, Elsevier, vol. 34(4), pages 517-535, May.
    60. K. J. Martijn Cremers & Vinay B. Nair & Kose John, 2009. "Takeovers and the Cross-Section of Returns," The Review of Financial Studies, Society for Financial Studies, vol. 22(4), pages 1409-1445, April.
    61. Akkermans, Dirk & Castaldi, Carolina & Los, Bart, 2009. "Do 'liberal market economies' really innovate more radically than 'coordinated market economies'?: Hall and Soskice reconsidered," Research Policy, Elsevier, vol. 38(1), pages 181-191, February.
    62. Florian Ederer & Gustavo Manso, 2011. "Incentives for Innovation: Bankruptcy, Corporate Governance, and Compensation Systems," Chapters, in: Robert E. Litan (ed.), Handbook on Law, Innovation and Growth, chapter 5, Edward Elgar Publishing.
    63. Dan Horsky & Leonard S. Simon, 1983. "Advertising and the Diffusion of New Products," Marketing Science, INFORMS, vol. 2(1), pages 1-17.
    64. Greenhalgh, Christine & Rogers, Mark, 2006. "The value of innovation: The interaction of competition, R&D and IP," Research Policy, Elsevier, vol. 35(4), pages 562-580, May.
    65. Frederic Scherer, 1984. "Using Linked Patent and R&D Data to Measure Interindustry Technology Flows," NBER Chapters, in: R&D, Patents, and Productivity, pages 417-464, National Bureau of Economic Research, Inc.
    66. Lucian Bebchuk & Alma Cohen & Allen Ferrell, 2009. "What Matters in Corporate Governance?," Review of Financial Studies, Society for Financial Studies, vol. 22(2), pages 783-827, February.
    67. Faleye, Olubunmi & Kovacs, Tunde & Venkateswaran, Anand, 2014. "Do Better-Connected CEOs Innovate More?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 49(5-6), pages 1201-1225, December.
    68. Bebchuk, Lucian Arye & Stole, Lars A, 1993. "Do Short-Term Objectives Lead to Under- or Overinvestment in Long-Term Projects?," Journal of Finance, American Finance Association, vol. 48(2), pages 719-729, June.
    69. S. Certo & Catherine Dalton & Dan Dalton & Richard Lester, 2008. "Boards of Directors’ Self Interest: Expanding for Pay in Corporate Acquisitions?," Journal of Business Ethics, Springer, vol. 77(2), pages 219-230, January.
    70. Jarrell, Gregg & Peltzman, Sam, 1985. "The Impact of Product Recalls on the Wealth of Sellers," Journal of Political Economy, University of Chicago Press, vol. 93(3), pages 512-536, June.
    71. Hartman, Raymond S, 1987. "Product Quality and Market Efficiency: The Effect of Product Recalls on Resale Prices and Firm Valuation," The Review of Economics and Statistics, MIT Press, vol. 69(2), pages 367-372, May.
    72. Casey Dougal & Christopher A. Parsons & Sheridan Titman, 2015. "Urban Vibrancy and Corporate Growth," Journal of Finance, American Finance Association, vol. 70(1), pages 163-210, February.
    73. Faleye, Olubunmi & Hoitash, Rani & Hoitash, Udi, 2011. "The costs of intense board monitoring," Journal of Financial Economics, Elsevier, vol. 101(1), pages 160-181, July.
    74. Valentine Millot, 2009. "Trademarks as an Indicator of Product and Marketing Innovations," OECD Science, Technology and Industry Working Papers 2009/6, OECD Publishing.
    75. Knoeber, Charles R, 1986. "Golden Parachutes, Shark Repellents, and Hostile Tender Offers," American Economic Review, American Economic Association, vol. 76(1), pages 155-167, March.
    76. Dane M. Christensen & Dan S. Dhaliwal & Steven Boivie & Scott D. Graffin, 2015. "Top management conservatism and corporate risk strategies: Evidence from managers' personal political orientation and corporate tax avoidance," Strategic Management Journal, Wiley Blackwell, vol. 36(12), pages 1918-1938, December.
    77. Cohen, Alma & Wang, Charles C.Y., 2013. "How do staggered boards affect shareholder value? Evidence from a natural experiment," Journal of Financial Economics, Elsevier, vol. 110(3), pages 627-641.
    78. Cohen, Alma & Wang, Charles C.Y., 2017. "Reexamining staggered boards and shareholder value," Journal of Financial Economics, Elsevier, vol. 125(3), pages 637-647.
    79. Steven N. Kaplan & Luigi Zingales, 1997. "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(1), pages 169-215.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ganglmair, Bernhard & Robinson, W. Keith & Seeligson, Michael, 2022. "The rise of process claims: Evidence from a century of U.S. patents," ZEW Discussion Papers 22-011, ZEW - Leibniz Centre for European Economic Research.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Po‐Hsuan Hsu & Hai‐Ping Hui & Hsiao‐Hui Lee & Kevin Tseng, 2022. "Supply chain technology spillover, customer concentration, and product invention," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 31(2), pages 393-417, April.
    2. Bhojraj, Sanjeev & Sengupta, Partha & Zhang, Suning, 2017. "Takeover defenses: Entrenchment and efficiency," Journal of Accounting and Economics, Elsevier, vol. 63(1), pages 142-160.
    3. Mbanyele, William, 2021. "Staggered boards, unequal voting rights, poison pills and innovation intensity: New evidence from the Asian markets," International Review of Law and Economics, Elsevier, vol. 65(C).
    4. Po-Hsuan Hsu & Dongmei Li & Qin Li & Siew Hong Teoh & Kevin Tseng, 2022. "Valuation of New Trademarks," Management Science, INFORMS, vol. 68(1), pages 257-279, January.
    5. Cremers, K.J. Martijn & Litov, Lubomir P. & Sepe, Simone M., 2017. "Staggered boards and long-term firm value, revisited," Journal of Financial Economics, Elsevier, vol. 126(2), pages 422-444.
    6. Guernsey, Scott & Sepe, Simone M. & Serfling, Matthew, 2022. "Blood in the water: The value of antitakeover provisions during market shocks," Journal of Financial Economics, Elsevier, vol. 143(3), pages 1070-1096.
    7. Carolina Castaldi & Sandro Mendonca, 2021. "Regions and trademarks. Research opportunities and policy insights from leveraging trademarks in regional innovation studies," Papers in Evolutionary Economic Geography (PEEG) 2138, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Dec 2021.
    8. Chen, Dong, 2012. "Classified boards, the cost of debt, and firm performance," Journal of Banking & Finance, Elsevier, vol. 36(12), pages 3346-3365.
    9. Nguyen, Lily & Vu, Le & Yin, Xiangkang, 2020. "The undesirable effect of audit quality: Evidence from firm innovation," The British Accounting Review, Elsevier, vol. 52(6).
    10. Bhargava, Rahul & Faircloth, Sheri & Zeng, Hongchao, 2017. "Takeover protection and stock price crash risk: Evidence from state antitakeover laws," Journal of Business Research, Elsevier, vol. 70(C), pages 177-184.
    11. Nasirov, Shukhrat, 2020. "Trademark value indicators: Evidence from the trademark protection lifecycle in the U.S. pharmaceutical industry," Research Policy, Elsevier, vol. 49(4).
    12. Oh, Frederick Dongchuhl & Shin, Sean Seunghun, 2020. "Does product market competition affect corporate governance? Evidence from corporate takeovers," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 68-87.
    13. Bin Yang & Tao Yuan, 2022. "Trademark and IPO underpricing," Financial Management, Financial Management Association International, vol. 51(1), pages 271-296, March.
    14. Lingfei Kong & Gunratan Lonare & Ahmet Nart, 2022. "Industry tournament incentives and corporate innovation strategies," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(1), pages 124-161, March.
    15. Kooli, Maher & Zhang, Aoran & Zhao, Yunfei, 2022. "How IPO firms' product innovation strategy affects the likelihood of post-IPO acquisitions?," Journal of Corporate Finance, Elsevier, vol. 72(C).
    16. Harford, Jarrad & Kecskés, Ambrus & Mansi, Sattar, 2018. "Do long-term investors improve corporate decision making?," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 424-452.
    17. Yougen Cao & Shengce Ren & Mei Du, 2022. "Strategic trademark management: a systematic literature review and prospects for future research," Journal of Brand Management, Palgrave Macmillan, vol. 29(5), pages 435-453, September.
    18. Mahfuz Chy & Ole-Kristian Hope, 2021. "Real effects of auditor conservatism," Review of Accounting Studies, Springer, vol. 26(2), pages 730-771, June.
    19. Chongwu Xia & Chuyi Yang & Lei Zhang, 2021. "The real effect of foreign exchange hedging on corporate innovation," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(12), pages 2046-2078, December.
    20. Hongchao Zeng, 2014. "Financial Constraints, Antitakeover Protection, and Corporate Innovation: An Empirical Analysis using Antitakeover Legislation," Review of Economics & Finance, Better Advances Press, Canada, vol. 4, pages 1-15, August.

    More about this item

    Keywords

    Staggered board; Product innovations; Trademarks; Product patents; Massachusetts;
    All these keywords.

    JEL classification:

    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • M30 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:respol:v:51:y:2022:i:4:s0048733322000038. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/respol .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.