1. Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders
- Author
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Sakinç, Mustafa Erdem, Brossard, O., Lavigne, S., Erdem Sakinc, M., Laboratoire d'Etude et de Recherche sur l'Economie, les Politiques et les Systèmes Sociaux (LEREPS), Université Toulouse 1 Capitole (UT1), Université Fédérale Toulouse Midi-Pyrénées-Université Fédérale Toulouse Midi-Pyrénées-Université Toulouse - Jean Jaurès (UT2J)-Institut d'Études Politiques [IEP] - Toulouse-École Nationale Supérieure de Formation de l'Enseignement Agricole de Toulouse-Auzeville (ENSFEA), Groupe de Recherche en Economie Théorique et Appliquée (GREThA), Centre National de la Recherche Scientifique (CNRS)-Université de Bordeaux (UB), Financement européen, FP7 European Project, Université de Bordeaux (UB)-Centre National de la Recherche Scientifique (CNRS), Centre d'Economie de l'Université Paris Nord (CEPN), and Université Paris 13 (UP13)-Université Sorbonne Paris Cité (USPC)-Centre National de la Recherche Scientifique (CNRS) more...
- Subjects
Economics and Econometrics ,ownership structures,institutional ownership,innovation,R&D intensity ,Financial economics ,JEL: C - Mathematical and Quantitative Methods/C.C3 - Multiple or Simultaneous Equation Models • Multiple Variables/C.C3.C33 - Panel Data Models • Spatio-temporal Models ,Institutional investor ,JEL: O - Economic Development, Innovation, Technological Change, and Growth/O.O3 - Innovation • Research and Development • Technological Change • Intellectual Property Rights/O.O3.O32 - Management of Technological Innovation and R&D ,Accounting ,Sample (statistics) ,institutional ownership ,Shareholder ,0502 economics and business ,Economics ,ownership structures ,050207 economics ,ComputingMilieux_MISCELLANEOUS ,R&D intensity ,JEL: C - Mathematical and Quantitative Methods/C.C2 - Single Equation Models • Single Variables/C.C2.C23 - Panel Data Models • Spatio-temporal Models ,business.industry ,05 social sciences ,JEL: G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,innovation ,JEL: G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G20 - General ,Form of the Good ,business ,050203 business & management - 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. more...
- Published
- 2013
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