Board Reforms and Innovation

Muhammad Farooq Ahmad () and Oskar Kowalewski

No 2021-ACF-03, Working Papers from IESEG School of Management

Abstract: We study the effect of board reforms on firms’ research and development (R&D) investments utilizing a sample of 40 countries. Using a difference-in-differences analysis, we find that firmsinvest more in R&D following corporate governance reforms. Of these, two reforms–havingan independent audit committee and board independence–have a greater impact on R&Dinvestment. Additionally, we show that reforms have the largest impact on R&D investmentin hi-tech industries and the health sector.

Keywords: Corporate Governance; Board Reforms; Innovation; Research and Development (search for similar items in EconPapers)
JEL-codes: G3 O30 O32 (search for similar items in EconPapers)
Pages: 29
Date: 2021-05
New Economics Papers: this item is included in nep-acc, nep-ino, nep-sbm and nep-tid
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Journal Article: Board reforms and innovation (2023)
Working Paper: Board reforms and innovation (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:ies:wpaper:f202103

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