The impact of corporate governance practices on R&D efforts: a look at shareholders’ rights, cross-listing and control pyramid

The paper considers the impact of multiple shareholder-oriented governance practices on R&D decisions. Based on a sample of 5,528 firms belonging to 110 large French listed business groups, our results substantiate the idea that shareholder-oriented governance practices and a lower position in a control pyramid are better for R&D investment. The introduction of any additional shareholder oriented practice is found to result in more R&D. We show however that this Anglo-Americanization of the French corporate governance system is only partial. We provide evidence of the co-existence of an old French system of corporate governance with a hybrid model of corporate governance. The lack of concrete results on complementarity among shareholder oriented governance practices casts doubt on the stability of this hybrid model in the French context.


Year:
2006
Publisher:
EPFL
Keywords:
Note:
JEL classification : O31, O32, G31, G32. CDM Working Papers Series
Laboratories:


Note: The status of this file is: EPFL only


 Record created 2006-02-20, last modified 2018-03-17

n/a:
Download fulltext
PDF

Rate this document:

Rate this document:
1
2
3
 
(Not yet reviewed)