R&D activity in Canada: does corporate ownership structure matter? | Zendy

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R&D activity in Canada: does corporate ownership structure matter?

Author(s) -

Di Vito Jackie,

Laurin Claude,

Bozec Yves

Publication year - 2010

Publication title -

canadian journal of administrative sciences / revue canadienne des sciences de l'administration

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.347

H-Index - 48

eISSN - 1936-4490

pISSN - 0825-0383

DOI - 10.1002/cjas.152

Subject(s) - shareholder , voting , cash flow , business , cash , intensity (physics) , monetary economics , demographic economics , economics , finance , corporate governance , political science , law , physics , quantum mechanics , politics

This study examines the link between ownership structures and R&D activities in Canada. We hypothesize that highly concentrated ownership structures or the presence of controlling minority shareholders negatively affects R&D intensity of Canadian manufacturing firms. Our results show that the concentration of voting rights is negatively related to the level of R&D expenditure and R&D outcomes. Furthermore, we show that the level of separation between the voting and cash flow rights held by dominant shareholders of “Controlling Minority Structure” firms has a positive effect on R&D intensity but a negative effect on R&D outcomes. Copyright © 2010 ASAC. Published by John Wiley & Sons, Ltd.

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