Evidence On The Role Of Ownership Structure On Firms’ Innovative Performance
Based on the Knowledge Production Function framework given by Griliches (1979), we slightly modify it so that the innovative output depends upon a set of factors related to the firm internal characteristics and are influenced by the environment. Specifically, regarding the firm internal determinants the effect of the concentration of the ownership, the composition of the boards of directors and the effect of the nature of the ownership (foreign and public) are analyzed. Additionally, in order to capture the determinants of the environment in which the firm operates other variables concerning the internationalization of market, the agglomeration economies and the regional knowledge externalities are also considered. In order to assess the impact of these determinants on the number of patents and models of use awarded by the firm, the discreteness of the latter variable has to be taken into account. We apply Poisson and Negative Binomial models for a more comprehensive evaluation of the hypothesis in a panel of Spanish manufacturing firms. The results show patenting activity is positively favoured by being located in an environment with a high innovative activity, due to the existence of knowledge spillovers and agglomeration economies.
|Date of creation:||Apr 2009|
|Date of revision:||Apr 2009|
|Contact details of provider:|| Postal: Diagonal 690-696, 08034 Barcelona|
Phone: +34 93 402 43 13cazza
Web page: http://www.ub.edu/irea/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ortega-Argilés , Raquel & Moreno, Rosina, 2009.
"Evidence on the role of ownership structure on firms’ innovative performance,"
INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH,
Asociación Española de Ciencia Regional, issue 15, pages 231-250.
- Raquel Ortega-Argilés & Rosina Moreno, 2009. "Evidence On The Role Of Ownership Structure On Firms’ Innovative Performance," IREA Working Papers 200909, University of Barcelona, Research Institute of Applied Economics, revised Apr 2009.
- Himmelberg, Charles P. & Hubbard, R. Glenn & Palia, Darius, 1999.
"Understanding the determinants of managerial ownership and the link between ownership and performance,"
Journal of Financial Economics,
Elsevier, vol. 53(3), pages 353-384, September.
- Charles P. Himmelberg & R. Glenn Hubbard & Darius Palia, 2000. "Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance," NBER Working Papers 7209, National Bureau of Economic Research, Inc.
- Himmelberg, C.P. & Hubbard, R.G. & Palia, D., 1997. "Understanding the Determinants of Mangerial Ownership and the Link Between Ownership and Performance," Papers 97-21, Columbia - Graduate School of Business.
- Feldman, Maryann P. & Audretsch, David B., 1999.
"Innovation in cities:: Science-based diversity, specialization and localized competition,"
European Economic Review,
Elsevier, vol. 43(2), pages 409-429, February.
- Audretsch, David B & Feldman, Maryann P, 1998. "Innovation in Cities: Science-Based Diversity, Specialization and Localized Competition," CEPR Discussion Papers 1980, C.E.P.R. Discussion Papers.
- Kraft, Kornelius, 1989. "Market Structure, Firm Characteristics and Innovative Activity," Journal of Industrial Economics, Wiley Blackwell, vol. 37(3), pages 329-336, March.
- Cameron, A. Colin & Trivedi, Pravin K., 1990. "Regression-based tests for overdispersion in the Poisson model," Journal of Econometrics, Elsevier, vol. 46(3), pages 347-364, December.
- Francesco Crespi, 2004. "Notes on the Determinants of Innovation: A Multi-Perspective Analysis," Working Papers 2004.42, Fondazione Eni Enrico Mattei.
- Mike Burkart & Denis Gromb & Fausto Panunzi, 1997. "Large Shareholders, Monitoring, and the Value of the Firm," The Quarterly Journal of Economics, Oxford University Press, vol. 112(3), pages 693-728.
- Andrei Shleifer & Robert W. Vishny, 1995.
"A Survey of Corporate Governance,"
Harvard Institute of Economic Research Working Papers
1741, Harvard - Institute of Economic Research.
- Lydia Greunz, 2004.
"Industrial structure and innovation - evidence from European regions,"
Journal of Evolutionary Economics,
Springer, vol. 14(5), pages 563-592, December.
- Lydia Greunz, 2004. "Industrial structure and innovation - evidence from European regions," ULB Institutional Repository 2013/169718, ULB -- Universite Libre de Bruxelles.
- Leech, Dennis & Leahy, John, 1991.
"Ownership Structure, Control Type Classifications and the Performance of Large British Companies,"
Royal Economic Society, vol. 101(409), pages 1418-1437, November.
- Leech, D. & Leahy, J., 1989. "Ownership Structure, Control Type Classifications And The Performance Of Large British Companies," The Warwick Economics Research Paper Series (TWERPS) 345, University of Warwick, Department of Economics.
- Adam B. Jaffe & Manuel Trajtenberg & Rebecca Henderson, 1993.
"Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 108(3), pages 577-598.
- Jaffe, A.B. & Trajtenberg, M., 1992. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," Papers 14-92, Tel Aviv.
- Adam B. Jaffe & Manuel Trajtenberg & Rebecca Henderson, 1992. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," NBER Working Papers 3993, National Bureau of Economic Research, Inc.
- Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-1177, December.
- Lam, Alice, 2004. "Organizational Innovation," MPRA Paper 11539, University Library of Munich, Germany.
- Crepon, B. & Duguet, E., 1995.
"Research and Development, Competition and Innovation; Pseudo Maximum Likelihood and Simulated Maximum Likelihood Methods Applied to Count Data Models with Heterogeneity,"
Papiers d'Economie MathÃ©matique et Applications
95.08, UniversitÃ© PanthÃ©on-Sorbonne (Paris 1).
- Crepon, Bruno & Duguet, Emmanuel, 1997. "Research and development, competition and innovation pseudo-maximum likelihood and simulated maximum likelihood methods applied to count data models with heterogeneity," Journal of Econometrics, Elsevier, vol. 79(2), pages 355-378, August.
- Kaoru Hosono & Masayo Tomiyama & Tsutomu Miyagawa, 2004. "Corporate governance and research and development: Evidence from Japan," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 13(2), pages 141-164.
- Galende, Jesus & de la Fuente, Juan Manuel, 2003. "Internal factors determining a firm's innovative behaviour," Research Policy, Elsevier, vol. 32(5), pages 715-736, May.
- Smith, Clifford Jr. & Watts, Ross L., 1992.
"The investment opportunity set and corporate financing, dividend, and compensation policies,"
Journal of Financial Economics,
Elsevier, vol. 32(3), pages 263-292, December.
- Smith, C.W. & Watts, R.L., 1992. "The Investment Oppotunity set and Corporate Financing, Dividend and Compensation Policies," Papers 92-02, Rochester, Business - Financial Research and Policy Studies.
- Dosi, Giovanni, 1988. "Sources, Procedures, and Microeconomic Effects of Innovation," Journal of Economic Literature, American Economic Association, vol. 26(3), pages 1120-1171, September.
- Bruno Crépon & Emmanuel Duguet & Jacques Mairesse, 1998.
"Research, Innovation and Productivity : An Econometric Analysis at the Firm Level,"
98-33, Centre de Recherche en Economie et Statistique.
- Bruno Crepon & Emmanuel Duguet & Jacques Mairesse, 1998. "Research, Innovation And Productivity: An Econometric Analysis At The Firm Level," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 7(2), pages 115-158.
- Bruno Crepon & Emmanuel Duguet & Jacques Mairesse, 1998. "Research, Innovation, and Productivity: An Econometric Analysis at the Firm Level," NBER Working Papers 6696, National Bureau of Economic Research, Inc.
- Paul Bishop & Nick Wiseman, 1999. "External ownership and innovation in the United Kingdom," Applied Economics, Taylor & Francis Journals, vol. 31(4), pages 443-450.
- Bottazzi, Laura & Peri, Giovanni, 2003.
"Innovation and spillovers in regions: Evidence from European patent data,"
European Economic Review,
Elsevier, vol. 47(4), pages 687-710, August.
- Laura Bottazzi & Giovanni Peri, "undated". "Innovation and Spillovers in Regions: Evidence from European Patent Data," Working Papers 215, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Dirk Czarnitzki & Kornelius Kraft, 2004.
"Management Control and Innovative Activity,"
Review of Industrial Organization,
Springer;The Industrial Organization Society, vol. 24(1), pages 1-24, 02.
- Yishay Yafeh & Oved Yosha, 2003. "Large Shareholders and Banks: Who Monitors and How?," Economic Journal, Royal Economic Society, vol. 113(484), pages 128-146, January.
- Hall, Bronwyn H & Griliches, Zvi & Hausman, Jerry A, 1986. "Patents and R and D: Is There a Lag?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 27(2), pages 265-283, June.
- Beneito, Pilar, 2003. "Choosing among alternative technological strategies: an empirical analysis of formal sources of innovation," Research Policy, Elsevier, vol. 32(4), pages 693-713, April.
- Crepon, B. & Duguet, E. & Mairesse, J., 1998. "Research Investment, Innovation and Productivity: An Econometric Analysis at the Firm Level," Papiers d'Economie MathÃ©matique et Applications 98.15, UniversitÃ© PanthÃ©on-Sorbonne (Paris 1).
- Gerben Panne, 2004. "Agglomeration externalities: Marshall versus Jacobs," Journal of Evolutionary Economics, Springer, vol. 14(5), pages 593-604, December.
- Xulia Gonz·lez & Jordi Jaumandreu, "undated".
"Threshold effects in product R&D decisions: theoretical framework and empirical analysis,"
Studies on the Spanish Economy
- Xulia Gonz·lez & Jordi Jaumandreu, "undated". "Threshold effects in product R&D decisions: theoretical framework and empirical analysis," Studies on the Spanish Economy 45, FEDEA.
- Georg Licht & Konrad Zoz, 1998.
"Patents and R&D, An Econometric Investigation Using Applications for German, European and US Patents by German Companies,"
Annals of Economics and Statistics,
GENES, issue 49-50, pages 329-360.
- Licht, Georg & Zoz, Konrad, 1996. "Patents and R&D: an econometric investigation using applications for German, European and US patents by German companies," ZEW Discussion Papers 96-19, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
- repec:crs:wpaper:9833 is not listed on IDEAS
When requesting a correction, please mention this item's handle: RePEc:ira:wpaper:200909. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alicia García)
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.