 Firm age, ultimate ownership, and R&D investmentsShuangrui Fan and Cong Wang International Review of Economics & Finance, 2021, vol. 76, issue C, 1245-1264 Abstract: Firms’ innovation activities change over time, yet little is known about how R&D investments, as a critical input to innovation, change with firm age. Moreover, previous studies have documented that ownership, as a fundamental component of corporate governance, influences R&D investments. However, no prior study has ever investigated whether types of ownership affect the age–R&D relationship. Examining R&D investments according to firm age and ultimate ownership casts light on the dynamics of innovation. Based on a sample of publicly listed R&D performing manufacturing firms in China during 2007–2014, this study reveals that R&D investments differ according to firm age. The relationship between firm age and R&D investments is bell-shaped in general. The type of ultimate ownership moderates the age–R&D relationship, as the relationship is more dramatic among SOEs. The findings of this study contribute to ongoing literature on corporate governance and innovation from an emerging economy context. Keywords: Firm age; Ultimate ownership; State owner; R&D investments; China (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:76:y:2021:i:c:p:1245-1264 DOI: 10.1016/j.iref.2019.11.012 Access Statistics for this article International Review of Economics & Finance is currently edited by H. Beladi and C. Chen More articles in International Review of Economics & Finance from Elsevier |
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