What determines firms’ R&D intensity in business groups with cross-ownership structures?
What determines firms’ R&D intensity in business groups with cross-ownership structures?
复制标题
交叉所有制企业集团的研发强度由什么决定？
DOI：
10.1080/13662716.2016.1261694
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发表时间：
2017
影响因子：
3.9
通讯作者：
Hyeonmi Ahn
中科院分区：
文献类型：
--
作者：
Taeyoon Sung;Chang‐Yang Lee;Hyeonmi Ahn
摘要本文考察了在交叉所有权结构的企业集团中，集团控股股东的利益对集团关联企业R&D决策的影响，特别是控制权-所有权差异或现金流权的影响。我们发现，在交叉所有权结构的企业集团中，当控制权差异较低或集团控股股东拥有较高的现金流权时，集团关联企业的研发强度较高。特别是在上市公司中，我们发现，集团控股股东的现金流权是一个最重要的决定因素的R&D强度的集团关联企业。
Abstract This paper examines the impact of group-controlling shareholders’ interests on the R&D decision of group-affiliated firms in business groups with cross-ownership structures, especially with regard to the impact of control-ownership disparities or cash-flow rights. We show that R&D intensity across group-affiliated firms, in business groups with cross-ownership structures, is higher when control-ownership disparities are low or when group-controlling shareholders have higher cash-flow rights. Particularly in publicly listed firms, we find that the cash-flow rights of group-controlling shareholders are one of the most important determinants of the R&D intensity for group-affiliated firms.
影响因子：
1.3
作者：
K. Pavitt;M. Robson;J. Townsend
通讯作者：
K. Pavitt;M. Robson;J. Townsend