 The effects of boards of directors on R&D investments: the case of SpainAna B. Hernandez, Carmen Camelo and Ramon Valle International Journal of Human Resources Development and Management, 2010, vol. 10, issue 2, 152-165 Abstract: This paper analyses how the composition and ownership structure of boards of directors affect firms' R&D investments. Most research on the impact of the board focuses on corporate performance in an Anglo-American context. This study explores the influence of the board on R&D investments in the Spanish corporate governance system, which is different from the British and US systems. Data from 86 Spanish quoted companies in technology industries show that board composition influences R&D investments. Further, our results indicate that ownership structure can moderate the relation between board composition and R&D investments. This study states opposing hypotheses, based on arguments from agency and stewardship theories. We use these theories to analyse the influence of the board on R&D investments as a key factor for success in highly competitive technology industries. Keywords: company directors; research and development; R&D; investment; Spain; corporate governance; technology industry; quoted companies; ownership structures; board composition; agency theory; stewardship; success rates; competition; competiveness; company performance; human resource development; HRD; human resource management; HRM. (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:ids:ijhrdm:v:10:y:2010:i:2:p:152-165 Access Statistics for this article More articles in International Journal of Human Resources Development and Management from Inderscience Enterprises Ltd |
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