Journal
JOURNAL OF BUSINESS RESEARCH
Volume 115, Issue -, Pages 289-295Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.jbusres.2019.11.070
Keywords
Research and development; Corporate governance; Agency problems; Panel data; fsQCA; Listed companies
Categories
Funding
- FCT - Fundacao para a Ciencia e Tecnologia (Portugal) [UID/SOC/04521/2019]
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The positive effects of R&D investment on innovation, productivity, and sustainability are well documented. However, findings regarding the impact of corporate governance on R&D investment are mixed, despite arguments supporting the role of governance mechanisms in solving agency problems. This study focuses on the relationship between governance mechanisms and R&D investment using a sample of large companies listed in European countries. The data cover the period from 2002 to 2013. These data are analyzed using an econometric panel data method and the recently developed method of panel data fuzzy-set qualitative comparative analysis. The results reveal the importance of institutional context and highlight the configurations of governance mechanisms that lead to high and low levels of R&D investment. These findings are relevant for companies aiming to adopt the most suitable governance mechanisms to pursue their R&D objectives and for policymakers interested in promoting R&D investment.
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