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Firm age, ultimate ownership, and R&D investments
Citation
Fan, S and Wang, C, Firm age, ultimate ownership, and R&D investments, International Review of Economics and Finance pp. 1-23. ISSN 1059-0560 (2019) [Refereed Article]
Copyright Statement
© 2019 Published by Elsevier Inc.
Official URL: http://www.iid.tsinghua.edu.cn/p-48/id-220.html
DOI: doi:10.1016/j.iref.2019.11.012
Abstract
Firms’ innovation activities change over time, yet little is known about how R&D investments, as a critical input to innovation, change with firm age. Moreover, previous studies have documented that ownership, as a fundamental component of corporate governance,influences R&D investments. However, no prior study has ever investigated whether types of ownership affect the age–R&D relationship. Examining R&D investments according to firm age and ultimate ownership casts light on the dynamics of innovation. Based on a sample of publicly listed R&D performing manufacturing firms in China during 2007–2014, this study reveals that R&D investments differ according to firm age. The relationship between firm age and R&D investments is bell-shaped in general. The type of ultimate ownership moderates the age–R&D relationship, as the relationship is more dramatic among SOEs. The findings of this study contribute to ongoing literature on corporate governance and innovation from an emerging economy context.
Item Details
| Item Type: | Refereed Article |
|---|---|
| Keywords: | firm age, R&D investment, ultimate ownership |
| Research Division: | Economics |
| Research Group: | Applied Economics |
| Research Field: | Financial Economics |
| Objective Division: | Commercial Services and Tourism |
| Objective Group: | Financial Services |
| Objective Field: | Finance Services |
| UTAS Author: | Wang, C (Dr Cong Wang) |
| ID Code: | 133102 |
| Year Published: | 2019 |
| Deposited By: | TSBE |
| Deposited On: | 2019-06-11 |
| Last Modified: | 2019-12-09 |
| Downloads: | 0 |
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