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Corporate Governance and Firm Innovation: The Effect of Ownership and Board of Directors on R&D Investments
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Author(s): Mario Ossorio (University of Campania “Luigi Vanvitelli”, Italy)
Copyright: 2020
Pages: 27
Source title:
Handbook of Research on Accounting and Financial Studies
Source Author(s)/Editor(s): Luís Farinha (University of Beira Interior, Portugal), Ana Baltazar Cruz (School of Management, Polytechnic Institute of Castelo Branco, Portugal)and João Renato Sebastião (Polytechnic Institute of Castelo Branco, Portugal)
DOI: 10.4018/978-1-7998-2136-6.ch008
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Abstract
Innovation is a key factor for firms' competitive advantage in the long-term and for their financial success. Scholars highlight the underinvestment problem with respect of R&D investment. This chapter focuses on two relevant variables of corporate governance that influence firms' innovation performance: firm ownership and board of directors. In the first section, the effect of ownership structure on R&D investment is analyzed. More specifically, the chapter will illustrate the effects of family ownership and institutional ownership on innovation investments. The second section explores the main theoretical perspectives investigating the functions of board of directors and the main board tasks. Lastly, three attributes of board structure and their effect on R&D investments are explored.
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