Tribo Gine, José AntonioBerrone, Pascual AlbertoSurroca Aguilar, Jorge2010-04-122010-04-122007Corporate Governance, 2007, v. 15, n. 5, pp. 828-8421467-8683https://hdl.handle.net/10016/7427Using 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.text/plainapplication/pdfeng©Wiley-BlackwellOwnership structureBanksInstitutional blockholdersNon-financial blockholdersIndividual blockholdersR&D investmentresearch articleEmpresa10.1111/j.1467-8683.2007.00622.xopen access8285842Corporate Governance15