INVESTISSEMENT EN R&D ET PERFORMANCE DE L'ENTREPRISE: L'EFFET MODERATEUR DE LA GOUVERNANCE D'ENTREPRISE

Basma Sellami Mezghanni
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Basma Sellami Mezghanni: LGC - Laboratoire de Gestion et de Cognition - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse

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Abstract: The purpose of this research is to examine the moderating effect of ownership structure and board of directors, as governance mechanisms, on the relationship between research and development (R&D) investment and firm performance. The study conducted on a sample of French companies listed on Euronext Paris in 2006 shows that the effect of R&D spending on firm performance is positive and significant. However, this effect varies significantly with the characteristics related to ownership structure and board of directors. In general, the results show that ownership concentration, chief executive officer and chairman duality and the presence of a strategic committee within the board have a positive effect on R&D spending - firm performance relationship. Nevertheless, institutional investor ownership, managerial ownership, board size and independent directors have a negative effect on R&D spendingfirm performance relationship. These findings suggest that the positive effect of R&D spending on firm performance is more favourable in firms characterised by a high ownership concentration, a low institutional and managers' ownership, a limited board size, composed of a small proportion of independent directors, whose directors have a strong equity shareholdings, opting for CEO duality and having a strategic committee.

Keywords: Firm performance; Corporate governance; Board of directors; Ownership structure; R&D; Performance; Gouvernance d'entreprise; Conseil d'administration; Structure de propriété (search for similar items in EconPapers)
Date: 2009-05-27
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00459415
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Published in La place de la dimension européenne dans la Comptabilité Contrôle Audit, May 2009, Strasbourg, France. pp.CD ROM

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