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Productivity, Financial Performance, and Corporate Governance: Evidence from Romanian R&D Firms

Claudiu Albulescu and Camelia Romocea Turcu

No 2018.09, Working Papers from International Network for Economic Research - INFER

Abstract: We study the impact of financial performance and corporate governance on the productivity of the Romanian Research and Development (R&D) sector. We draw on a dataset consisting of 116 Romanian R&D companies covering the time span from 2007 to 2016. Firm productivity is computed using several metrics of TFP (total factor productivity). We show, based on bootstrap panel quantile regressions, that size, financial profitability, and foreign ownership are key drivers of R&D companies’ productivity. Intangible assets and taxation have no significant effect on R&D firms’ productivity, while the degree of independence in decision-making and owners’ presence in firms’ management negatively impact TFP. With women on the board, state-owned applied research institutes benefit from higher productivity compared with R&D private firms, if they are in lower quantiles.

Keywords: productivity; R&D sector; corporate finance and governance; panel quantiles regression; Romania (search for similar items in EconPapers)
JEL-codes: C D G O (search for similar items in EconPapers)
Pages: 29 pages
Date: 2018
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https://infer-research.eu/wp-content/uploads/2020/10/WP2018.09a.pdf First version, 2018 (application/pdf)

Related works:
Journal Article: Productivity, financial performance, and corporate governance: evidence from Romanian R&D firms (2022) Downloads
Working Paper: Productivity, financial performance, and corporate governance: evidence from Romanian R&D firms (2022)
Working Paper: Productivity, Financial Performance, and Corporate Governance: Evidence from Romanian R&D Firms (2020) Downloads
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