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

Brossard, Olivier, Lavigne, Stéphanie and Mustafa Erdem, Sakinc (2013) Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders. Industrial and Corporate Change, 22 (4).

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Abstract

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. Copyright 2013 The Author 2013. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.

Item Type: Article
Date: August 2013
Refereed: Yes
Keywords (French): R&D, Actionnaires, Investisseurs
Subjects: B- ECONOMIE ET FINANCE > B2- Production. Travail
Divisions: Laboratoire d'Études et de Recherches sur l'Économie, les Politiques et les Systèmes sociaux (Toulouse)
Site: IEP
Date Deposited: 19 Jun 2014 08:34
Last Modified: 26 May 2016 16:22
URI: http://publications.ut-capitole.fr/id/eprint/14853

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