Corporate Governance, Innovation and Firm Age: Insights and New Evidence

Stefano Bianchini (), Jackie Krafft, Francesco Quatraro and Jacques-Laurent Ravix ()

Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo Alberto. WP series from University of Turin

Abstract: This paper investigates the relationship between corporate governance (CG) and innovation according to firms’ age by combining insights from the recent strand of contributions analysing CG and innovation with the lifecycle literature. We find a negative relationship between CG and innovation which is stronger for young firms than for mature ones. The empirical analysis is carried out on a sample of firms drawn from the ISSR isk Metrics database and observed over the period 2003 -2008. The parametric methodology provides results that are consistent with the literature and supports the idea that mature firms are better off than young ones. We check for possible non-linearities by implementing a non-parametric analysis and suggest that the negative relationship between CG and innovation is mostly driven by higher values of CG.

Pages: 40 pages
Date: 2015-01
New Economics Papers: this item is included in nep-bec, nep-ino and nep-sbm
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Citations: View citations in EconPapers (3)

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Related works:
Working Paper: Corporate Governance, Innovation and Firm Age: Insights and New Evidence (2015)
Working Paper: Corporate Governance, Innovation and Firm Age: Insights and New Evidence (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:uto:labeco:201502

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