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

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...

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Veröffentlicht in:	Industrial and corporate change 2013-08, Vol.22 (4), p.1031-1068
Hauptverfasser:	Brossard, O., Lavigne, S., Erdem Sakinc, M.
Format:	Artikel
Sprache:	eng
Schlagworte:	Economics and Finance Humanities and Social Sciences Institutional investments Investors Research & development expenditures Stockholders Studies
Online-Zugang:	Volltext
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Beschreibung
Zusammenfassung:	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. [PUBLICATION ABSTRACT]
ISSN:	0960-6491 1464-3650
DOI:	10.1093/icc/dtt018