Auteur :
Honoré
Florence,
Munari
Federico,
Van Pottelsberghe De Le Potterie
Bruno
Année de Publication :
2010
Type : Article
Thème : Recherche et développement
This paper empirically investigates whether corporate governance practices affect the resources firms devote to R&D. Two databases – one on governance ratings and the other on R&D intensity – are merged to obtain a multi-country, multi-sector sample of 279 European companies involved in R&D activities. The relationship is found to be negative: a higher governance score correlates with lower R&D intensity. An executive remuneration system that is linked to the firm’s financial performance has a particularly strong negative impact on R&D. Other factors include the equal treatment of shareholders and the absence of antitakeover devices