What determines firms' R&D intensity in business groups with cross-ownership structures?

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This paper examines the impact of group-controlling shareholders' interests on the R&D decision of group-affiliated firms in business groups with cross-ownership structures, especially with regard to the impact of control-ownership disparities or cash-flow rights. We show that R&D intensity across group-affiliated firms, in business groups with cross-ownership structures, is higher when control-ownership disparities are low or when group-controlling shareholders have higher cash-flow rights. Particularly in publicly listed firms, we find that the cash-flow rights of group-controlling shareholders are one of the most important determinants of the R&D intensity for group-affiliated firms.
Publisher
ROUTLEDGE JOURNALS
Issue Date
2017
Language
English
Article Type
Article
Keywords

ASIAN FINANCIAL CRISIS; CORPORATE GOVERNANCE; EMERGING MARKETS; LEVERAGED RECAPITALIZATIONS; STRUCTURE MATTER; CAPITAL-MARKETS; PANEL DATA; 2 FACES; PERFORMANCE; INVESTMENT

Citation

INDUSTRY AND INNOVATION, v.24, no.6, pp.633 - 658

ISSN
1366-2716
DOI
10.1080/13662716.2016.1261694
URI
http://hdl.handle.net/10203/224908
Appears in Collection
MT-Journal Papers(저널논문)
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