{"title":"Board Reforms and Innovation","authors":"Muhammad Farooq Ahmad, Oskar Kowalewski","doi":"10.2139/ssrn.3850121","DOIUrl":null,"url":null,"abstract":"We study the effect of board reforms on firms' research and development investments utilizing a sample of 40 countries. Using a difference-in-differences analysis, we find that firms' invest more in research and development following corporate governance reforms. Of these, two reforms - having an independent audit committee and board independence - have a greater impact on innovation. Additionally, we show that reforms have the largest impact on research and development investment in hi-tech industries and the health sector.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Finance eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3850121","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1
Abstract
We study the effect of board reforms on firms' research and development investments utilizing a sample of 40 countries. Using a difference-in-differences analysis, we find that firms' invest more in research and development following corporate governance reforms. Of these, two reforms - having an independent audit committee and board independence - have a greater impact on innovation. Additionally, we show that reforms have the largest impact on research and development investment in hi-tech industries and the health sector.
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