The influence of blockholders on R and D investments intensity : evidence from Spain

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dc.contributor.author Berrone, Pascual Alberto
dc.contributor.author Surroca Aguilar, Jorge
dc.contributor.author Tribo Gine, José Antonio
dc.date.accessioned 2006-11-08T15:31:38Z
dc.date.available 2006-11-08T15:31:38Z
dc.date.issued 2005-07
dc.identifier.uri http://hdl.handle.net/10016/144
dc.description.abstract This article studies the relationship between the presence of large shareholders in the ownership structure of firms and R and D investment. In our analysis, we consider the influence of three types of blockholders: banks, non-financial corporations, and individuals. Moreover, we incorporate an additional feature largely ignored in previous research, namely the number of blockholders. Consistent with our theoretical contention, our results indicate that the impact of large shareholders on the R and 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 and D investment. Finally, we contribute to current literature by extending our analysis in two novel ways. First, we test the impact of each blockholder type contingent to the life-cycle stage of firms. Second, we analyze the influence that the combined effect between blockholder type and R and D investment has on the firm's economic performance. Results of these extensions provide relevant implications for policy makers and academic research.
dc.format.extent 642455 bytes
dc.format.mimetype application/pdf
dc.language.iso eng
dc.language.iso eng
dc.relation.ispartofseries UC3M Working Papers. Bussiness Economics
dc.relation.ispartofseries 2005-11
dc.title The influence of blockholders on R and D investments intensity : evidence from Spain
dc.type workingPaper
dc.subject.eciencia Empresa
dc.rights.accessRights openAccess
dc.identifier.repec wb054611
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