Ownership Structure And Innovation
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Corporate Ownership Structure And Innovation
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Author : Chen-lung Chin
language : en
Publisher:
Release Date : 2019
Corporate Ownership Structure And Innovation written by Chen-lung Chin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The agency problem of listed companies in East Asia is closely related to their typically concentrated ownership structures. Tight control creates an entrenchment problem that allows the controlling owners' self-interested behaviors to go unchallenged internally by the boards of directors or externally by takeover markets. The primary objective of this paper is to explore the association between the ownership and control structure and innovation. The ownership and control structure is measured first as the divergence between the ultimate owner's voting rights and the ultimate owner's cash flow rights, and second by the composition of the board of directors, calculated as the percentage of the board's membership that consists of individuals with family ties to the ultimate owner. Innovation is measured by patent quantity and patent quality. This paper uses patents granted by the United States Patent and Trademark Office (USPTO) to measure innovation activities. We find that innovation is significantly and negatively related to the level of agency problems. We further find that innovation is lower for firms whose controlling owner is also either the CEO or chairs the board of directors. Our findings appear to be robust with respect to examining patent count and patent quality variables.
The Relationship Between A Firm S Ownership Structure Governance And Innovation
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Author : Erica J. Wagner
language : en
Publisher:
Release Date : 2018
The Relationship Between A Firm S Ownership Structure Governance And Innovation written by Erica J. Wagner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Electronic books categories.
Firm innovation is key for many companies to continuously thrive in the marketplace. Unfortunately, there are drawbacks to making innovative investments because of the upfront costs and riskiness of future returns. This creates conflicts because managers are under pressure to meet short-term earnings forecasts. A managers' short-term focus on a firm's business strategy may not be in the best interests of the shareholders' long-term vision of a firm. For this reason, a strong corporate governance system can trigger an increased level of monitoring of the decision-making of managers so that it's aligned with shareholders' goals. Often, a firm's long-term strategy focuses on firm innovation. A major influencer of a firm's innovative strategy is its ownership structure. This research specifically focuses on the impact of ownership concentration, institutional ownership, activist investors, large passive investors, and Board of Director composition on firm innovation. Key components of a firm's organizational structure, such as ownership concentration and Board member composition, are analyzed to explain the variance iv of innovation when other variables are controlled. Based on a sample of technology firms, the findings show that publicly-traded information technology firms' level of passive investors and percentage of independent Board members are significant relative to firm innovation. There are also important findings from the unsupported variables, which are the firm's ownership concentration of shareholders, activist investors, and institutional investors. Finally, inferences are drawn from these results as to whether a firm's ownership structure and governance affect a firm's long-term strategy.
Ownership Structure And Innovation
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Author : PhD Chen (CFA, Victor Zitian)
language : en
Publisher:
Release Date : 2015
Ownership Structure And Innovation written by PhD Chen (CFA, Victor Zitian) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Considerable attention has been focused on the ways in which emerging market firms can obtain and mobilize the knowledge and resources required for innovation. Innovation is a particular challenge in emerging markets because of inadequate external institutions. In this study, we focus on the importance of ownership structure, and in particular on ownership type diversity and ownership concentration. Using transaction cost and agency theories embedded in an emerging market context, we argue that ownership structure provides an important mechanism by which firms can assemble and direct the resources necessary for innovation in the context of inadequate external institutions. Specifically, we hypothesize that ownership type diversity improves innovation performance and that increasing ownership concentration has the same effect, but only up to a point. Using a self-tailed panel data of 487 and 475 Chinese listed companies during 2004-2005 and 2005-2006 respectively, we find supportive empirical evidence for our hypotheses. Our findings also suggest ownership type diversity has a more significant statistical effect on innovation performance than does ownership concentration, although most of the extant literature focuses on the latter.
Ownership Structure And Innovative Behavior
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Author : Waleed Omri
language : en
Publisher:
Release Date : 2013
Ownership Structure And Innovative Behavior written by Waleed Omri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The primary objective of the present study was to expand understanding of the determinants of adoption innovation in SME context by empirically examine the effect of corporate governance structure on manager's innovative behavior. This was done through exploring whether ownership structure affects managers' innovative behavior and if so, whether the effect is mediated by board composition. Using a sample of 197 managers within Tunisian SMEs, the study finds that ownership structure is significantly associated with manager's innovative behavior. Further analysis arising from introducing outsiders' representation on the board as a mediating variable reveals that the relationship is fully mediated by this variable. Research and practical implications are discussed.
Structures Leading To Innovation
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Author : I-Jung Lee
language : de
Publisher:
Release Date : 2014
Structures Leading To Innovation written by I-Jung Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Foreign Ownership Structure Product Innovation
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Author : Xiaming Liu
language : en
Publisher:
Release Date : 2003
Foreign Ownership Structure Product Innovation written by Xiaming Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Investments, Foreign categories.
Ownership Structure And Innovation
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Author : Raquel Ortega-Argilés
language : en
Publisher:
Release Date : 2004
Ownership Structure And Innovation written by Raquel Ortega-Argilés and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Innovation And Corporate Governance In The Firm
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Author : Tim Grünebaum
language : en
Publisher:
Release Date : 2021
Innovation And Corporate Governance In The Firm written by Tim Grünebaum and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
Corporate Governance Market Structure And Innovation
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Author : Mario Calderini
language : en
Publisher:
Release Date : 2003
Corporate Governance Market Structure And Innovation written by Mario Calderini and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Corporate governance categories.
Ownership Structure Innovation Process And Competitive Performance The Case Of Italy
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Author : Maria Rosa Battaggion
language : en
Publisher:
Release Date : 2000
Ownership Structure Innovation Process And Competitive Performance The Case Of Italy written by Maria Rosa Battaggion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.