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Article history: Received: November 2, 2020 Received in revised format: November 27 2020 Accepted: December 21, 2020 Available online: December 21, 2020 This study explores the impact of board characteristics and ownership structures on the strategic decisions taken for R&D investment. The study employs a sample comprising 1736 firm-year observations of 434 technological firms listed on the Taiwanese Stock Exchange (TWSE) between 2014 and 2017. Contrary to extant research, the findings reveal that board independence plays a crucial role relative to R&D intensity, as strong evidence reflects a positive and significant relationship thereon. Moreover, the empirical results demonstrate negative and significant relationships between CEO Duality, Board size (in big companies), Executive & Manager, Board of Directors and Top Blockholders; ownership structures, and firm R&D intensity. Interestingly, the ownership structure results emerging from this Taiwanese contextual study support, and are consistent with the predictions of the ‘entrenchment argument’ and are counter to the ‘convergence of interest’ argument. The findings emerging from this research provide an opportunity for further discussion and analysis regarding corporate governance principles and regulations. Firms seeking to optimize their R&D policy imperatives may benefit from such a study. © 2021 by the authors; licensee Growing Science, Canada

Board characteristics, ownership structures and firm R&D intensity