دانلود مقاله ISI انگلیسی شماره 80354
ترجمه فارسی عنوان مقاله

ساختار مالکیت، حکومت و نوآوری

عنوان انگلیسی
Ownership structure, governance, and innovation
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80354 2015 29 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : European Economic Review, Volume 80, November 2015, Pages 165–193

ترجمه کلمات کلیدی
مالکیت؛ حاکمیت شرکتی؛ مشکلات آژانس؛ تغییرات تکنولوژیکی
کلمات کلیدی انگلیسی
G32; G34; O3Ownership; Corporate governance; Agency problems; Technological change
پیش نمایش مقاله
پیش نمایش مقاله  ساختار مالکیت، حکومت و نوآوری

چکیده انگلیسی

This paper tests the impact of firms׳ ownership structure on innovation in a context featuring pronounced ownership concentration and conflicts between large and minority shareholders. Using data for 20,000 Italian manufacturers, and accounting for the possible endogeneity of ownership levels, we find that ownership concentration negatively affects innovation, especially by reducing R&D effort. Conflicts between large and minority shareholders appear to be a determinant of this effect. Moreover, risk aversion induced by lack of diversification exacerbates large shareholders׳ reluctance to innovate. Family owners support innovation more than financial institutions, but the benefits of financial institutions increase with their equity stakes.