El papel de la propiedad extranjera en la innovacion

The aims of this work are to analyze the relationship between the existence of foreign investors' ownership on the firm and the firm's innovation probability, and to examine the influence of the foreign ownership on the level of firm's innovation. To that end, an empirical study was conducted of 1267 Spanish industrial firms in the 1998-2002 period. The results reveal that the existence of foreign owners has a negative effect on firm's innovation probability. Moreover, when the level of foreign ownership is considered the results shown that the foreign ownership concentration present a non-linear (-/+) relationship with the level of firm's innovation.