The effects of boards of directors on R&D investments: the case of Spain
by Ana B. Hernandez, Carmen Camelo, Ramon Valle
International Journal of Human Resources Development and Management (IJHRDM), Vol. 10, No. 2, 2010

Abstract: This paper analyses how the composition and ownership structure of boards of directors affect firms' R&D investments. Most research on the impact of the board focuses on corporate performance in an Anglo-American context. This study explores the influence of the board on R&D investments in the Spanish corporate governance system, which is different from the British and US systems. Data from 86 Spanish quoted companies in technology industries show that board composition influences R&D investments. Further, our results indicate that ownership structure can moderate the relation between board composition and R&D investments. This study states opposing hypotheses, based on arguments from agency and stewardship theories. We use these theories to analyse the influence of the board on R&D investments as a key factor for success in highly competitive technology industries.

Online publication date: Wed, 03-Feb-2010

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