Publication: Do the type and number of blockholders influence R&D investments? : new evidence from Spain
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2007
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Wiley-Blackwell
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Abstract
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.
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Keywords
Ownership structure, Banks, Institutional blockholders, Non-financial blockholders, Individual blockholders, R&D investment
Bibliographic citation
Corporate Governance, 2007, v. 15, n. 5, pp. 828-842