Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders

Olivier Brossard (), Stéphanie Lavigne () and Mustafa Erdem Sakinç
Additional contact information
Stéphanie Lavigne: LEREPS - Laboratoire d'Etude et de Recherche sur l'Economie, les Politiques et les Systèmes Sociaux - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - UT2J - Université Toulouse - Jean Jaurès - UT - Université de Toulouse - Institut d'Études Politiques [IEP] - Toulouse - ENSFEA - École Nationale Supérieure de Formation de l'Enseignement Agricole de Toulouse-Auzeville

Post-Print from HAL

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.

Keywords: ownership structures; institutional ownership; innovation; R&D intensity (search for similar items in EconPapers)
Date: 2013
New Economics Papers: this item is included in nep-acc, nep-cse, nep-eur, nep-ino and nep-sbm
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00843984v1
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (31)

Published in Industrial and Corporate Change, 2013, 22 (04), pp.xx-xx. ⟨10.1093/icc/dtt018⟩

Downloads: (external link)
https://shs.hal.science/halshs-00843984v1/document (application/pdf)

Related works:
Journal Article: Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders (2013)
Working Paper: Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00843984

DOI: 10.1093/icc/dtt018

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().