How to cite this paper
Chou, T & Johennesse, L. (2021). Board characteristics, ownership structures and firm R&D intensity.Accounting, 7(3), 635-644.
Refrences
Ashwin, A. S., Krishnan, R. T., & George, R. (2016). Board characteristics, financial slack, and R&D investments: An empirical analysis of the Indian pharmaceutical industry. International Studies of Management & Organization, 46(1), 8-23.
Baysinger, B., & Hoskisson, R. E. (1990). The composition of boards of directors and strategic control: effects on corporate strategy. Academy of Management Review, 15, 72–87.
Baysinger, B. D., Kosnik, R. D., & Turk, T. A. (1991). Effects of the board and ownership structure on corporate R&D strategy. Academy of Management Journal, 34(1), 205–214.
Boyd, B. (1994). Board control and CEO compensation. Strategic Management Journal, 15, 335–44.
Chen, H. L., & Hsu, W. T. (2009). Family ownership, board independence, and R&D investment. Family Business Review, 22(4), 347-362.
Chen, W. R., & Miller, K. D. (2007). Situational and institutional determinants of firms' R&D search intensity. Strategic Management Journal, 28(4) 369-381.
Chung, K., Wright, P., & Media, B. (2003). Corporate governance and market valuation of capital and R&D investments. Review of Financial Economics, 12, 161–172.
Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1), 128–152.
Dalziel, T., White, R. E., & Arthurs, J. D. (2011). Principal costs in initial public offerings. Journal of Management Studies, 48(6), 1346-1364.
Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93, 1155– 1177.
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. The Academy of Management Review, 14(1), 57–74.
Fama, E. F., & Jensen, M. C. (1983). Agency problem and residual claims. Journal of Law and Economics, 26(2), 327-349.
Francis, J., & Smith, A. (1995). Agency costs and innovation. Some empirical evidence. Journal of Accounting and Economics, 19, 383–409.
Driver, C., & Guedes M. J. C. (2012). Research and development, cash flow, agency, and governance: UK large companies. Research Policy, 41, 1565–1577.
Graves, S. (1988). Institutional ownership and corporate R&D in the computer industry. Academy of Management Journal, 31, 417-427.
Grinblatt, M., & Titman, S. (1998). Financial Markets and Corporate Strategy. Boston, MA: Irwin/McGraw Hill.
Gugler, K. (2003). Corporate governance, dividend layout policy, and the interrelation between dividends, R&D, and capital investment. Journal of Banking & Finance, 27, 1297–1321
Hernandez, A. B., Camelo, C., & Valle, R. (2010). The effects of boards of directors on R&D investments: the case of Spain. International Journal of Human Resources Development and Management, 10(2), 152-165.
Hill, C. W., & Snell, S. (1988). External control, corporate strategy, and firm performance in research-intensive industries. Strategic Management Journal, 9, 577–590.
Holderness, C. G., & Sheehan, D. P. (1988). The role of majority shareholders in publicly held corporations. Journal of Financial Economics, 20, 317–346.
Hoskisson, R. E., Hitt, M. A., Johnson, R. A., & Grossman, W. (2002). Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies. Academy of Management Journal, 45, 697–716.
Hoskisson, R. E., Johnson, R. A., & Hill, C. A. (1993). Managerial incentives and investment in R&D in large multiproduct firms. Organization Science, 4, 325–341.
Hosono, K., Tomiyama, M., & Miyagawa, T. (2004). Corporate governance and research and development: Evidence from Japan. Economics of Innovation and New Technologies, 13, 141–164.
Jensen, M. C. (1993). The modern industrial revolution, exit and the failure of internal control systems. Journal of Finance, 48(3), 831-881.
Jensen, Mi. C., & Murphy, K. J. (1990). CEO Incentives: It's Not How Much You Pay, But How. Michael C. Jensen, Foundations of organizational strategy, Harvard University Press, 1998; Harvard Business Review, 3(May-June), 1990,
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, Agency costs, and ownership Structure. Journal of Financial Economics, 3(October 1976), 305-60.
Jones, E., & Danbolt, J. (2003). R&D Project Announcements and the Impact of Ownership Structure. Applied Economics Letters, 10, 933–936.
Kochhar, R., & David, P. (1996). Institutional investors and firm innovation: A test of competing hypothesis. Strategic Management Journal, 17, 73–84.
Kor, Y.Y. (2006). Direct and interaction effects of the top management team and board compositions on R&D investment strategy. Strategic Management Journal, 27(11), 1081-1110
Kroszner, R., & Strahan, A. (2001). Bankers on boards: Monitoring, conflicts of interests, and lender liability. Journal of Financial Economics, 62, 415–452.
Lee, P. G. (2005). A Comparison of Ownership Structures and Innovations of US and Japanese Firms. Managerial and Decision Economics, 26, 39–50.
Lee, P. G., & O'Neil, H. M. (2003) Ownership Structures and R&D Investments of US and Japanese Firms: Agency and Stewardship Perspectives. Academy of Management Journal, 46, 212–225.
Lehn, K.M., & Zhao, M. (2006). CEO turnover after acquisitions: Are bad bidders fired. Journal of Finance, 61(4), 1759-1811.
Lu, J., & Wang, W. (2015). Board independence and corporate investments. Review of Financial Economics, 24, 52-64.
Mallette, P., & Fowler, K. L. (1992). Effects of board composition and stock ownership on the adoption of poison pills. Academy of Management Journal, 35(5), 1010-1035.
May, D. O. (1995). Do managerial motives influence firm risk reduction strategies? Journal of Finance, 50, 1291–1309.
Pathan, S., & Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking & Finance, 37(5), 1573-1589.
Petersen, M. A., & Rajan, R. G. (1994) The benefits of lending relationships: Evidence from small business data. Journal of Finance, 49, 3–37
Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 17, 218-228.
Platt, H., & Platt, M. (2012). Corporate board attributes and bankruptcy. Journal of Business Research, 65(8), 1139-1143.
Wahal, S., & Mcconnell, J. J. (2000). Do institutional investors exacerbate managerial myopia?. Journal of Corporate Finance, 6, 307–329.
Wang, T., & Hsu, C. (2013). Board composition and operational risk events of financial institutions. Journal of Banking & Finance, 37(6), 2042-2051.
Westphal, J. D. (1999). Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties. Academy of Management Journal, 42, 7–24.
Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15(2), 291-334.
Baysinger, B., & Hoskisson, R. E. (1990). The composition of boards of directors and strategic control: effects on corporate strategy. Academy of Management Review, 15, 72–87.
Baysinger, B. D., Kosnik, R. D., & Turk, T. A. (1991). Effects of the board and ownership structure on corporate R&D strategy. Academy of Management Journal, 34(1), 205–214.
Boyd, B. (1994). Board control and CEO compensation. Strategic Management Journal, 15, 335–44.
Chen, H. L., & Hsu, W. T. (2009). Family ownership, board independence, and R&D investment. Family Business Review, 22(4), 347-362.
Chen, W. R., & Miller, K. D. (2007). Situational and institutional determinants of firms' R&D search intensity. Strategic Management Journal, 28(4) 369-381.
Chung, K., Wright, P., & Media, B. (2003). Corporate governance and market valuation of capital and R&D investments. Review of Financial Economics, 12, 161–172.
Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1), 128–152.
Dalziel, T., White, R. E., & Arthurs, J. D. (2011). Principal costs in initial public offerings. Journal of Management Studies, 48(6), 1346-1364.
Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93, 1155– 1177.
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. The Academy of Management Review, 14(1), 57–74.
Fama, E. F., & Jensen, M. C. (1983). Agency problem and residual claims. Journal of Law and Economics, 26(2), 327-349.
Francis, J., & Smith, A. (1995). Agency costs and innovation. Some empirical evidence. Journal of Accounting and Economics, 19, 383–409.
Driver, C., & Guedes M. J. C. (2012). Research and development, cash flow, agency, and governance: UK large companies. Research Policy, 41, 1565–1577.
Graves, S. (1988). Institutional ownership and corporate R&D in the computer industry. Academy of Management Journal, 31, 417-427.
Grinblatt, M., & Titman, S. (1998). Financial Markets and Corporate Strategy. Boston, MA: Irwin/McGraw Hill.
Gugler, K. (2003). Corporate governance, dividend layout policy, and the interrelation between dividends, R&D, and capital investment. Journal of Banking & Finance, 27, 1297–1321
Hernandez, A. B., Camelo, C., & Valle, R. (2010). The effects of boards of directors on R&D investments: the case of Spain. International Journal of Human Resources Development and Management, 10(2), 152-165.
Hill, C. W., & Snell, S. (1988). External control, corporate strategy, and firm performance in research-intensive industries. Strategic Management Journal, 9, 577–590.
Holderness, C. G., & Sheehan, D. P. (1988). The role of majority shareholders in publicly held corporations. Journal of Financial Economics, 20, 317–346.
Hoskisson, R. E., Hitt, M. A., Johnson, R. A., & Grossman, W. (2002). Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies. Academy of Management Journal, 45, 697–716.
Hoskisson, R. E., Johnson, R. A., & Hill, C. A. (1993). Managerial incentives and investment in R&D in large multiproduct firms. Organization Science, 4, 325–341.
Hosono, K., Tomiyama, M., & Miyagawa, T. (2004). Corporate governance and research and development: Evidence from Japan. Economics of Innovation and New Technologies, 13, 141–164.
Jensen, M. C. (1993). The modern industrial revolution, exit and the failure of internal control systems. Journal of Finance, 48(3), 831-881.
Jensen, Mi. C., & Murphy, K. J. (1990). CEO Incentives: It's Not How Much You Pay, But How. Michael C. Jensen, Foundations of organizational strategy, Harvard University Press, 1998; Harvard Business Review, 3(May-June), 1990,
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, Agency costs, and ownership Structure. Journal of Financial Economics, 3(October 1976), 305-60.
Jones, E., & Danbolt, J. (2003). R&D Project Announcements and the Impact of Ownership Structure. Applied Economics Letters, 10, 933–936.
Kochhar, R., & David, P. (1996). Institutional investors and firm innovation: A test of competing hypothesis. Strategic Management Journal, 17, 73–84.
Kor, Y.Y. (2006). Direct and interaction effects of the top management team and board compositions on R&D investment strategy. Strategic Management Journal, 27(11), 1081-1110
Kroszner, R., & Strahan, A. (2001). Bankers on boards: Monitoring, conflicts of interests, and lender liability. Journal of Financial Economics, 62, 415–452.
Lee, P. G. (2005). A Comparison of Ownership Structures and Innovations of US and Japanese Firms. Managerial and Decision Economics, 26, 39–50.
Lee, P. G., & O'Neil, H. M. (2003) Ownership Structures and R&D Investments of US and Japanese Firms: Agency and Stewardship Perspectives. Academy of Management Journal, 46, 212–225.
Lehn, K.M., & Zhao, M. (2006). CEO turnover after acquisitions: Are bad bidders fired. Journal of Finance, 61(4), 1759-1811.
Lu, J., & Wang, W. (2015). Board independence and corporate investments. Review of Financial Economics, 24, 52-64.
Mallette, P., & Fowler, K. L. (1992). Effects of board composition and stock ownership on the adoption of poison pills. Academy of Management Journal, 35(5), 1010-1035.
May, D. O. (1995). Do managerial motives influence firm risk reduction strategies? Journal of Finance, 50, 1291–1309.
Pathan, S., & Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking & Finance, 37(5), 1573-1589.
Petersen, M. A., & Rajan, R. G. (1994) The benefits of lending relationships: Evidence from small business data. Journal of Finance, 49, 3–37
Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 17, 218-228.
Platt, H., & Platt, M. (2012). Corporate board attributes and bankruptcy. Journal of Business Research, 65(8), 1139-1143.
Wahal, S., & Mcconnell, J. J. (2000). Do institutional investors exacerbate managerial myopia?. Journal of Corporate Finance, 6, 307–329.
Wang, T., & Hsu, C. (2013). Board composition and operational risk events of financial institutions. Journal of Banking & Finance, 37(6), 2042-2051.
Westphal, J. D. (1999). Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties. Academy of Management Journal, 42, 7–24.
Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15(2), 291-334.