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).

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.