The Influence of Blockholders on R&D Investments Intensity: Evidence From Spain

Pascual Berrone (), Jordi Surroca () and Josep A. Tribó

Business Economics Working Papers from Universidad Carlos III, Departamento de Economía de la Empresa

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 analyzing 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.

New Economics Papers: this item is included in nep-cfn
Date: 2005-07
View list of references

Downloads: (external link)
http://docubib.uc3m.es/WORKINGPAPERS/WB/wb054611.pdf (application/pdf)

Related works:
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: http://EconPapers.repec.org/RePEc:cte:wbrepe:wb054611

Access Statistics for this paper

More papers in Business Economics Working Papers from Universidad Carlos III, Departamento de Economía de la Empresa
Contact information at EDIRC.
Series data maintained by ().