Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders

Abstract : This study examines the relationship between ownership structures in large European companies and their innovative activity in terms of R&D spending. The analysis is performed on a sample of 324 large innovative companies over 8 years. Contrary to the view that institutional investors can have a negative influence on R&D spending, we report a positive impact of these investors. Our study also tests the impact of 'impatient' institutional investors and provides evidence of their negative influence on R&D spending.
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Olivier Brossard, Stéphanie Lavigne, Mustafa Erdem Sakinc. Ownership structures and R&D in Europe: the good institutional investors, the bad and ugly impatient shareholders. Industrial and Corporate Change, Oxford University Press (OUP), 2013, 22 (04), pp.xx-xx. ⟨10.1093/icc/dtt018.⟩. ⟨halshs-00843984⟩

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