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

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  • 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.

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  • 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
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    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

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