Open Access Repository

Firm age, ultimate ownership, and R&D investments

Fan, S and Wang, Cong ORCID: 0000-0002-6852-5490 2019 , 'Firm age, ultimate ownership, and R&D investments' , International Review of Economics and Finance , pp. 1-23 , doi: 10.1016/j.iref.2019.11.012.

Full text not available from this repository.


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
Authors/Creators:Fan, S and Wang, Cong
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

Actions (login required)

Item Control Page Item Control Page