Do the Type and Number of Blockholders Influence R&D Investments? New evidence from Spain

By J. Tribó, P. Berrone, Jordi A. Surroca. 2007

180 citations recorded by the source corpus.

Using data from 3,638 Spanish firms between 1996 and 2000, this article studies the relationship between the presence of large shareholders in the ownership structure of firms and R&D investment. Consistent with our theoretical contention, our results indicate that the impact of large shareholders on the R&D investment is (1) negative when blockholders are banks, (2) positive when blockholders are non-financial corporations and (3) null when blockholders are individuals. In addition, we find a systematic negative relationship between the number of blockholders and R&D investment. Finally, we extend our study by analysing the influence that the combined effect between blockholder type and R&D investment has on the firm's economic performance. Results of this work provide relevant implications for policy makers and academic research.

Subfields: Accounting

View Paper: https://www.semanticscholar.org/paper/4c2eb6ba1f4feb1166a9c9367a800aacfa70ea8c

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

Citations in the corpus

Is Environmental Governance Substantive or Symbolic? An Empirical Investigation (2012, background): “In that regard, boards of directors have been found to closely monitor research and development (R&D) spending (Cheng 2008; Deutsch 2005, 2007; Kor 2006; Osma 2008; Tribo et al. 2007).”
Innovation and Institutional Ownership (2013, unknown): “…long-term incentive contracts on innovation ( Lerner and Wulf 2007 , the governance index ( Becker-Blease 2011 , shareholders’ protection ( Xiao 2010 , takeover pressure ( Sapra, Subramanian, and Subramanian 2008 , and the identity of large individual investors ( Tribo, Berrone, and Surroca 2007 .”
Family Ownership, Board Independence, and R&D Investment (2009, background): “Lee & O’Neill, 2003) or ownership types (Tribo et al., 2007) to examine their effects on R&D investment but not on family ownership.”
Corporate governance practices and companies’ R&D intensity: Evidence from European countries (2015, background): “Initial empirical contributions have analysed the impact on R&D intensity of the degree of ownership concentration (Lee and O’Neil, 2003; Tribo et al., 2007), owner identity (Hoskisson et al., 2002; Kim et al., 2008; Munari et al., 2010) or the role and composition of the board of directors (Kor,…”