Institutional blockholder investors influence over corporate R&D investment, a comparison between United States, Germany and Brazil

This study aims to examine the influence of institutional blockholder investors ownership over corporate investment in research and development (R&D). As a contribution to the existent empirical literature, an econometric analysis is developed to make a comparison between developed and emerging...

Full description

Autores:
Sánchez Portilla, Juan Sebastián
Tipo de recurso:
Fecha de publicación:
2019
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
eng
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/43916
Acceso en línea:
http://hdl.handle.net/1992/43916
Palabra clave:
Investigación y desarrollo - Inversiones - Investigaciones - Estados Unidos
Investigación y desarrollo - Inversiones - Investigaciones - Alemania
Investigación y desarrollo - Inversiones - Investigaciones - Brasil
Gobierno corporativo - Investigaciones
Patrocinio corporativo - Inveastigaciones
Administración
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
Description
Summary:This study aims to examine the influence of institutional blockholder investors ownership over corporate investment in research and development (R&D). As a contribution to the existent empirical literature, an econometric analysis is developed to make a comparison between developed and emerging countries with important R&D activity, as well as between their industry sectors. As a result, this study finds that: 1) overall, active institutional investors influence negatively corporate R&D spending at low levels of ownership and positively at high levels of ownership, while the effect of passive institutional investors ownership is statistically not significant; 2) there are industry-specific factors that affect the statistical significance of the influence of active institutional investors over corporate R&D spending.