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Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders

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  • Olivier Brossard
  • Stéphanie Lavigne
  • Mustafa Erdem Sakinç

Abstract

This study examines the relationship between ownership structures in large European companies and their innovative activity in terms of R&D spending. The analysis is performed on a sample of 324 large innovative companies over 8 years. Contrary to the view that institutional investors can have a negative influence on R&D spending, we report a positive impact of these investors. Our study also tests the impact of "impatient" institutional investors and provides evidence of their negative influence on R&D spending. Copyright 2013 The Author 2013. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.

Suggested Citation

  • Olivier Brossard & Stéphanie Lavigne & Mustafa Erdem Sakinç, 2013. "Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 22(4), pages 1031-1068, August.
    • Handle: RePEc:oup:indcch:v:22:y:2013:i:4:p:1031-1068
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    File URL: http://hdl.handle.net/10.1093/icc/dtt018
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