Ownership structures and RandD in Europe: the good institutional investors, the bad and ugly impatient shareholders

Ownership structures and RandD 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 RandD 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 n...

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Veröffentlicht in:Industrial and corporate change 2013-08, Vol.22 (4), p.1031-1068
Hauptverfasser: Brossard, Olivier, Lavigne, Stéphanie, Sakinç, Mustafa Erdem
Format: Artikel
Sprache:eng
Schlagworte:
Eastern Europe
Innovation
Institutions
Investors
Ownership
Research and development
Stockholders
Western Europe
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Zusammenfassung:This study examines the relationship between ownership structures in large European companies and their innovative activity in terms of RandD 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 RandD 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 RandD spending. [PUBLICATION ABSTRACT] Reprinted by permission of Oxford University Press
ISSN:0960-6491