Board reforms and innovation

Muhammad Farooq Ahmad, Saqib Aziz, Michael Dowling and Oskar Kowalewski ()
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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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