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The influence of independent directors, insider ownership and scientific connections on risky r&d investments: evidence from emerging markets

Author

Listed:
  • STEPANOVA A.

    (HSE)

  • TERESHCHENKO A.

    (HSE)

Abstract

R&D projects in the pharmaceutical industry are extremely risky and bring benefits in the long-run period. Self-interested managers try to avoid risk and underinvest in R&D. In this paper we study the effect of independent directors, insider ownership and scientific connections on R&D investments. Independent directors and insider ownership can mitigate the agency problem by additional monitoring and convergence of interests. Scientific collaborations promote technological development and increase R&D. The research reveals the difference of the effects in emerging and developed markets.

Suggested Citation

  • Stepanova A. & Tereshchenko A., 2016. "The influence of independent directors, insider ownership and scientific connections on risky r&d investments: evidence from emerging markets," Journal of Corporate Finance Research Корпоративные финансы, CyberLeninka;Федеральное государственное автономное образовательное учреждение высшего образования «Национальный исследовательский университет «Высшая школа экономики», issue 3 (39), pages 5-23.
    • Handle: RePEc:scn:026790:16937038
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    Cited by:

    1. Elena Karnoukhova & Anastasia Stepanova & Maria Kokoreva, 2018. "The Influence Of The Ownership Structure On The Performance Of Innovative Companies In The Us," HSE Working papers WP BRP 70/FE/2018, National Research University Higher School of Economics.

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