How Do Ownership Concentration and Family Control Affect R&D Investments? New Evidence from Taiwan

Irene Wei Kiong Ting, Huai‐Chun Lo and Qian Long Kweh

International Review of Finance, 2020, vol. 20, issue 1, 275-291

Abstract: This study finds a nonlinear relationship between ownership concentration and R&D investments. Specifically, ownership concentration is positively related to R&D investments at a low level of ownership concentration; the relationship becomes negative when ownership concentration is at a high level. However, the impact of ownership concentration on R&D investments is lessened in family‐controlled firms; that is, family control moderates the relationship between ownership concentration and R&D investments. Overall, this study suggests that the ownership concentration's nonlinear impact on R&D investments differs between family‐controlled firms and nonfamily‐controlled firms.

Date: 2020
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International Review of Finance is currently edited by Bruce D. Grundy, Naifu Chen, Ming Huang, Takao Kobayashi and Sheridan Titman

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