Does R%D investment affect export intensity? The moderating effect of ownership

Mario Ossorio

International Journal of Managerial and Financial Accounting, 2018, vol. 10, issue 1, 65-83

Abstract: The present work aims to highlight the relationship between R%D investment and firms' internationalisation degree and to investigate whether family ownership and state ownership exert a moderating role on the abovementioned relationship. Based on a sample of 106 Italian listed firms during the period 2010-2013, this study finds that R%D investment has a positive impact on the ratio of sales in foreign countries to total sales. Furthermore, family ownership positively influences the relationship between R%D investment and firms' internationalisation degree because of patient capital and family owners' altruism. Conversely, the findings show that state ownership negatively affects the relationship under examination because state-owned enterprises (SOEs) operate in domestic protected markets and are characterised by severe agency conflicts and low competitiveness.

Keywords: R%D investment; internationalisation; export intensity; family ownership; state ownership. (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (8)

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