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Corporate Governance and Innovation

O’Connor, Matthew and Matthew Rafferty

Journal of Financial and Quantitative Analysis, 2012, vol. 47, issue 2, 397-413

Abstract: We use Tobin’s q models of investments to estimate the relationship between corporate governance and the level of innovative activity. Simple ordinary least squares (OLS) models suggest that poor governance reduces innovative activity. However, OLS results are sensitive to controlling for serial correlation, unobserved effects, or using instrumental variables to control simultaneity. Controlling for these effects substantially reduces or eliminates the relationship between governance and innovative activity.

Date: 2012
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