Corporate governance and innovation : does firm age matter?
Stefano Bianchini
- Fonction : Auteur
- PersonId : 1242147
- ORCID : 0000-0001-6090-013X
Jackie Krafft
- Fonction : Auteur
- PersonId : 20807
- IdHAL : jackie-krafft
- ORCID : 0000-0002-8011-9866
- IdRef : 069718989
Francesco Quatraro
- Fonction : Auteur
- PersonId : 847602
Résumé
This article investigates the relationship between corporate governance (CG) and innovation for firms of different ages. We blend data drawn from the ISS RiskMetrics and the Bureau van Dijk Orbis databases to perform micro-econometric analyses on a sample of 2200 listed firms. We show that CG may decrease research and development for all firms and that, more importantly, it has a significant and negative effect on the patenting strategy of the younger firms. Our results are consistent with the CG life cycle view, according to which young companies tend to privilege short-termism and value preservation rather than long-term risky innovation strategies. What shown and discussed in this contribution supports the proposition that firm age matters in how CG may alter innovation.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Corporate governance and innovation : does firm age matter?
|
Résumé |
en
This article investigates the relationship between corporate governance (CG) and innovation for firms of different ages. We blend data drawn from the ISS RiskMetrics and the Bureau van Dijk Orbis databases to perform micro-econometric analyses on a sample of 2200 listed firms. We show that CG may decrease research and development for all firms and that, more importantly, it has a significant and negative effect on the patenting strategy of the younger firms. Our results are consistent with the CG life cycle view, according to which young companies tend to privilege short-termism and value preservation rather than long-term risky innovation strategies. What shown and discussed in this contribution supports the proposition that firm age matters in how CG may alter innovation.
|
Auteur(s) |
Stefano Bianchini
1
, Jackie Krafft
2
, Francesco Quatraro
2, 3
, Jacques-Laurent Ravix
2
1
BETA -
Bureau d'Économie Théorique et Appliquée
( 93745 )
- Université de Lorraine, UFR Droit Sciences Economiques et Gestion, 13 place Carnot CO 70026, 54035 Nancy Cedex
Université de Strasbourg, Faculté des Sciences Economiques et de Gestion, 61 avenue de la Forêt Noire 67085 Strasbourg Cedex
- France
2
GREDEG -
Groupe de Recherche en Droit, Economie et Gestion
( 185786 )
- GREDEG - Bâtiment 2 - Campus Azur du CNRS - 250 rue Albert Einstein - CS 10269 - F
06905 SOPHIA ANTIPOLIS Cedex
- France
3
UNITO -
Università degli studi di Torino = University of Turin
( 47709 )
- Via Verdi, 8
10124 Torino
Italie
- Italie
|
Nom de la revue |
|
Date de production/écriture |
2015-01-13
|
Date de publication |
2018-01-01
|
Vulgarisation |
Non
|
Audience |
Internationale
|
Comité de lecture |
Oui
|
Date de publication électronique |
2017-09-13
|
Volume |
27
|
Numéro |
2
|
Langue du document |
Anglais
|
Page/Identifiant |
349-370
|
Mots-clés (JEL) |
|
Domaine(s) |
|
Projet(s) ANR |
|
Collaboration/Projet |
|
Mots-clés |
en
Corporate governance, Innovation
|
DOI | 10.1093/icc/dtx031 |
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