Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders

Olivier Brossard (), Stéphanie Lavigne and Mustafa Erdem Sakinç

Industrial and Corporate Change, 2013, vol. 22, issue 4, 1031-1068

Abstract: This study examines the relationship between ownership structures in large European companies and their innovative activity in terms of R&D spending. The analysis is performed on a sample of 324 large innovative companies over 8 years. Contrary to the view that institutional investors can have a negative influence on R&D spending, we report a positive impact of these investors. Our study also tests the impact of "impatient" institutional investors and provides evidence of their negative influence on R&D spending. Copyright 2013 The Author 2013. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.

Date: 2013
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Working Paper: Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders (2013)
Working Paper: Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders (2013)
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