Do the Type and Number of Blockholders Influence R&D Investments? New evidence from Spain

Josep A. Tribó, Pascual Berrone () and Jordi Surroca
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Jordi Surroca: Department of Business Administration at the Universidad Carlos III de Madrid

Corporate Governance: An International Review, 2007, vol. 15, issue 5, pages 828-842

Abstract: Using 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. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.

Date: 2007

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