In this paper we use the subset of ICT companies from the European R&D Investment Scoreboard to test the effect of change in the shareholders structure on the business orientation towards R&D. A change in one of the control participation for the business group is associated with a deepening of the R&D orientation. The effect is twice as large if the shareholder is a public institution or a risk-oriented financial institution. In the estimation, we address the role of heterogeneity by allowing for fat tails and asymmetry.
Bogliacino, F., De Prato, G., Nepelski, D., Ownership Structure and R&D Orientation in ICT Groups, <<EURASIAN BUSINESS REVIEW>>, 2013; 3 (2): 164-178. [doi:10.14208/ebr.2013.03.02.003] [https://hdl.handle.net/10807/283857]
Ownership Structure and R&D Orientation in ICT Groups
Bogliacino, Francesco;
2013
Abstract
In this paper we use the subset of ICT companies from the European R&D Investment Scoreboard to test the effect of change in the shareholders structure on the business orientation towards R&D. A change in one of the control participation for the business group is associated with a deepening of the R&D orientation. The effect is twice as large if the shareholder is a public institution or a risk-oriented financial institution. In the estimation, we address the role of heterogeneity by allowing for fat tails and asymmetry.
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