EFFECTS OF CORPORATE AND COUNTRY GOVERNANCE ON R&D INVESTMENT: EVIDENCE FROM EMERGING MARKETS

Iftekhar Hasan, Steven Raymar () and Liang Song ()
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Steven Raymar: Fordham University — Gabelli School of Business, 5 Columbus Circle, New York, NY 10019, United States
Liang Song: Michigan Technological University, 1400 Townsend Dr. Houghton, M149931, United States

The Singapore Economic Review (SER), 2015, vol. 60, issue 01, 1-17

Abstract: We investigate how corporate governance influences R&D across 13 emerging markets. We find that superior corporate governance increases corporate R&D spending. These results suggest that corporate governance may influence management's discretion to avoid risky innovative projects. We also find that the link between firm-level governance and corporate R&D is stronger in countries with weaker country-level governance. These results suggest substitutability between firm and country governance in generating innovation activities.

Keywords: Corporate governance; emerging market; innovation; G15; G24; G38 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1142/S0217590815500034

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