Since 2014
Ownership Structure and R&D: An Empirical Analysis of Italian listed companies
PSL Quarterly Review
View Archive Info| Field | Value | |
| Title |
Ownership Structure and R&D: An Empirical Analysis of Italian listed companies
|
|
| Creator |
Rossi, Fabrizio; University of Cassino and Southern Lazio
Cebula, Richard J.; Jacksonville University (FL) |
|
| Subject |
Ownership structure; corporate governance; R&D; agency theory
G32; G34; O32 |
|
| Description |
The objective of this study is to explore the relationship between Research and Development outlays (R&D) and firm ownership structure for public corporations listed on the Italian exchange. Using a sample of 369 firm-year observations over the period 2005-2013 and estimating with the Fixed-Effects model and then a dynamic panel data system-GMM estimator, we empirically investigate the relationship between R&D outlays and ownership structure, taking into consideration various indicator, such as ownership concentration, board ownership, and institutional investors. Our findings are of interest because they reveal a negative relationship between R&D outlays and ownership concentration. Furthermore, we find a positive relationship between R&D investments and institutional investors and a positive relationship between R&D outlays on the one hand and both firm size and firm age on the other hand. Moreover, we find a negative relationship between R&D outlays and the debt-to-capital ratio.JEL codes: G32; G34; O32
|
|
| Publisher |
Economia civile
|
|
| Contributor |
—
|
|
| Date |
2016-01-25
|
|
| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — |
|
| Format |
application/pdf
|
|
| Identifier |
http://annalidibotanica.uniroma1.it/index.php/PSLQuarterlyReview/article/view/13153
|
|
| Source |
PSL Quarterly Review; Vol 68, No 275 (2015)
PSL Quarterly Review; Vol 68, No 275 (2015) 2037-3643 ISSN 2037-3635 |
|
| Language |
eng
|
|
| Relation |
http://annalidibotanica.uniroma1.it/index.php/PSLQuarterlyReview/article/view/13153/13035
|
|
| Rights |
Copyright (c) 2016 Fabrizio Rossi, Richard J. Cebula
http://creativecommons.org/licenses/by-nc-nd/4.0 |
|