Board reforms and innovation |
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| Institution: | 1. SKEMA Business School – Université Côte d''Azur, France;2. Rennes School of Business, Rennes, France;3. DCU Business School, Dublin City University, Dublin, Ireland;4. IESEG School of Management, UMR 9221 - LEM - Lille Économie Management, F-59000 Lille, France;5. Univ. Lille, UMR 9221 - LEM - Lille Économie Management, F-59000 Lille, France;6. CNRS, UMR 9221 - LEM - Lille Économie Management, F-59000 Lille, France;1. James Cook University, Queensland, Australia;2. Western Sydney University, NSW, Australia;3. Lebanese American University, Beirut, Lebanon;1. College of Finance, Nanjing Agricultural University, Nanjing 210095, China;2. School of Advanced Agricultural Sciences, Peking University, Beijing 100871, China;3. Business School, Hohai University, Nanjing 211100, China;1. Center for Quantitative Economics of Jilin University, Changchun 130012, PR China;2. Business and Management School of Jilin University, Changchun 130012, PR China;3. Economics School of Changchun University, Changchun 130021, PR China |
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| Abstract: | We study the effect of board reforms on firms' research and development (R&D) investments utilizing a sample of 41 countries. Using a difference-in-differences analysis, we find that firms invest more in R&D following corporate governance reforms. Of these, two legal reforms — having an independent audit committee and board independence — have a greater impact on R&D investment. Additionally, we show that board reforms have a more pronounced effect on R&D investment in hi-tech industries and the health sector. |
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