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Do the type and number of blockholders influence R&D investments? : new evidence from Spain

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dc.affiliation.dptoUC3M. Departamento de Economía de la Empresaes
dc.contributor.authorTribo Gine, José Antonio
dc.contributor.authorBerrone, Pascual Alberto
dc.contributor.authorSurroca Aguilar, Jorge
dc.date.accessioned2010-04-12T09:55:17Z
dc.date.available2010-04-12T09:55:17Z
dc.date.issued2007
dc.description.abstractUsing 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.
dc.description.statusPublicado
dc.format.mimetypetext/plain
dc.format.mimetypeapplication/pdf
dc.identifier.bibliographicCitationCorporate Governance, 2007, v. 15, n. 5, pp. 828-842
dc.identifier.doi10.1111/j.1467-8683.2007.00622.x
dc.identifier.issn1467-8683
dc.identifier.publicationfirstpage828
dc.identifier.publicationissue5
dc.identifier.publicationlastpage842
dc.identifier.publicationtitleCorporate Governance
dc.identifier.publicationvolume15
dc.identifier.urihttps://hdl.handle.net/10016/7427
dc.language.isoeng
dc.publisherWiley-Blackwell
dc.relation.publisherversionhttp://dx.doi.org/10.1111/j.1467-8683.2007.00622.x
dc.rights©Wiley-Blackwell
dc.rights.accessRightsopen access
dc.subject.ecienciaEmpresa
dc.subject.otherOwnership structure
dc.subject.otherBanks
dc.subject.otherInstitutional blockholders
dc.subject.otherNon-financial blockholders
dc.subject.otherIndividual blockholders
dc.subject.otherR&D investment
dc.titleDo the type and number of blockholders influence R&D investments? : new evidence from Spain
dc.typeresearch article*
dc.type.reviewPeerReviewed
dspace.entity.typePublication
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