Ownership structure and innovation: is there a real link?

Argilés, Raquel Ortega; Moreno, Rosina; Suriñach, Jordi

doi:10.1007/s00168-005-0026-6

Cited by 87 publications

(45 citation statements)

References 65 publications

(54 reference statements)

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“…All regressions include a constant and time dummies for the years 2003 and 2004. Although it is possible to assume that most variables are exogenous, the indicators for being an exporter, technological cooperation, relative labour productivity and the percentage of R&D employees are again introduced with a lag in the decision equation to avoid direct simultaneity. The results in Table 5 for most control variables are in line with previous literature (Ortega-Argilés et al, 2005;Griffith et al, 2006;Hall et al, 2009;Huergo and Moreno, 2011). Marginal effects have in general the expected sign in both equations.…”

Section: Randd Equationssupporting

confidence: 88%

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Subsidies or loans? Evaluating the impact of R&D support programmes

2017

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The objective of this study is to compare the effect of different types of public direct support for R&D projects on firms' technological capabilities. We distinguish between low-interest loans and national and European subsidies. Using data on 4,407 Spanish firms during the period 2002-2005, we estimate a multivariate probit to analyse the determinants of firms' participation in public R&D programmes and, later, the impact of this participation on firms' R&D activities using two different procedures. Regardless of the methodology employed for the analysis, the results suggest that being awarded any type of direct aid clearly increases the probability of conducting R&D activities. In terms of being supported through a unique instrument, the greatest effect corresponds to the case of European grants, where the impact is more than three times larger than the one of loans. As for R&D intensity, the hypothesis of full crowding-out of private R&D is rejected for all types of support. In addition, we find that the impacts of subsidies and loans reinforce each other when they are jointly awarded to SMEs. However, for large firms we cannot rule out the existence of crowding-out effect between subsidies and loans.

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Section: Randd Equationssupporting

confidence: 88%

“…In addition, following previous papers for the Spanish economy, we introduce industry dummies that can also approximate sectorial technological opportunities and appropriability conditions (Beneito, 2003;Ortega-Argilés et al, 2005). Specifically, we included the dummies for firms that belong to high and medium-tech sectors.…”

Section: Statistics Inmentioning

confidence: 99%

Subsidies or loans? Evaluating the impact of R&D support programmes

2017

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“…The authors then estimate a probit model using data from a sample of 1233 Italian firms over the 1991–1995 period and find that more highly capitalized corporations are more innovative, in terms of patenting activity. A similar conclusion is reached by Ortega‐Argilés et al . (2005).…”

Section: Corporate Ownershipmentioning

confidence: 99%

“…Baysinger and Hoskisson (1989), using a sample of 971 US firms over the period 1980–1982 period, show a strong negative relationship between the levels of the long‐term debt to assets ratio and the R&D to sales ratio. A negative correlation between a firm's leverage and R&D intensity is found also by Balakrishnan and Fox (1993), examining a sample of 295 US firms across 30 industries over the period 1978–1987, and by Ortega‐Argilés et al . (2005), using data on Spanish manufacturing firms for the year 2001.…”

Section: Corporate Financementioning

confidence: 99%

Corporate Governance and Innovation: A Survey

Belloc

2011

Journal of Economic Surveys

192

108

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The traditional economics of innovation, inspired by Schumpeter and more recent advances on his work, seem unable to explain why firms with similar external conditions may show greatly different performance in innovation. Contrastingly, the literature on corporate governance provides some useful insights for understanding corporate innovation activity, to the extent that such literature examines the economic effects of different modes of coordination between firm members. The process through which individuals integrate their human and physical resources within the firm is central to the dynamics of corporate innovation. This paper provides the first survey of the literature on this issue. We start by discussing how various theoretical approaches to the analysis of the firm deal with technological innovation. We then describe three main channels -corporate ownership, corporate finance and labour -through which a system of corporate governance shapes a firm's innovation activity. Finally, we examine the relationship between country-level institutional settings, national patterns of corporate governance and the aggregate innovation activity of corporations. We conclude by suggesting that future research should focus more deeply on the interrelation between the various dimensions of corporate governance and on their joint effect on firm innovation.

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“…A Swedish listed firms study by Eklund et al (2009) finds a more positive effect of total investment on marginal q in firms with smaller boards of directors (small boards are assumed to more intensively monitor management). Ortega-Argiles, Moreno-Serrano, and Surinach Caralt's (2005) study on Spanish manufacturing firms shows a positive relationship between ownership concentration (a proxy for monitoring) and number of patents, controlling for R&D intensity. A study on Chinese listed companies by Chen et al (2008) finds a positive relationship between R&D intensity and R&D output (ratio of new product sales to employment) in non-state-controlled firms, while it is negative and insignificant in state-controlled firms.…”

Section: Introductionmentioning

confidence: 98%

Innovation, Adoption, Ownership and Productivity: Evidence from Ukraine

Brown¹,

Earle²,

Vakhitova³

et al. 2012

In the Grip of Transition

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How do new and foreign firms achieve superior productivity? Do they conduct more and better R&D? Or do they distinguish themselves through computerization and organizational capital? We investigate the determinants of and returns to several types of investment, using a panel of over 40,000 Ukrainian industrial firms in 2000-2007. Foreign firms engage in more nontechnological investment and IT and less in R&D than domestic private firms. Similarly, new firms invest more in non-technological capital and IT and less in R&D than initially state-owned firms. Productivity gains from R&D and non-technology investment are insignificantly different across ownership types, whereas foreign firms achieve much higher returns to IT investment than other firms. These results suggest that foreign firms outperform others via organizational capital that is better able to exploit IT investment. New firm productivity growth is a result of higher investment volume rather than investment efficiency.

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Ownership structure and innovation: is there a real link?

Cited by 87 publications

References 65 publications

Subsidies or loans? Evaluating the impact of R&D support programmes

Subsidies or loans? Evaluating the impact of R&D support programmes

Corporate Governance and Innovation: A Survey

Innovation, Adoption, Ownership and Productivity: Evidence from Ukraine

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