Board reforms and innovation
Muhammad Farooq Ahmad,
Saqib Aziz,
Michael Dowling and
Oskar Kowalewski (o.kowalewski@ieseg.fr)
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Muhammad Farooq Ahmad: SKEMA Business School
Saqib Aziz: ESC [Rennes] - ESC Rennes School of Business
Michael Dowling: DCU - Dublin City University [Dublin]
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Abstract:
We study the effect of board reforms on firms' research and development (R&D) investments utilizing a sample of 41 countries. Using a difference-in-differences analysis, we find that firms invest more in R&D following corporate governance reforms. Of these, two legal reforms — having an independent audit committee and board independence — have a greater impact on R&D investment. Additionally, we show that board reforms have a more pronounced effect on R&D investment in hi-tech industries and the health sector.
Date: 2023-07
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Published in International Review of Financial Analysis, 2023, 88, pp.102707. ⟨10.1016/j.irfa.2023.102707⟩
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Journal Article: Board reforms and innovation (2023) 
Working Paper: Board Reforms and Innovation (2021) 
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04159126
DOI: 10.1016/j.irfa.2023.102707
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