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Firm age, ultimate ownership, and R&D investments

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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 Type: | Article |
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Authors/Creators: | Fan, S and Wang, C |
Keywords: | firm age, R&D investment, ultimate ownership |
Journal or Publication Title: | International Review of Economics and Finance |
Publisher: | Elsevier |
ISSN: | 1059-0560 |
DOI / ID Number: | 10.1016/j.iref.2019.11.012 |
Copyright Information: | © 2019 Published by Elsevier Inc. |
Item Statistics: | View statistics for this item |
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