Autori
Bianchini, Stefano
Quatraro, Francesco
Krafft, Jackie
Ravix, Jaques

Titolo
Corporate Governance, Innovation and Firm Age: Insights and New Evidence.
Periodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper series
Anno: 2015 - Volume: 1 - Fascicolo: 4 - Pagina iniziale: 1 - Pagina finale: 40

This paper investigates the relationship between corporate governance (CG) and innovation according to firms’ age by combining insights from the recent strand of contributions analysing CG and innovation with the lifecycle literature. We find a negative relationship between CG and innovation which is stronger for young firms than for mature ones. The empirical analysis is carried out on a sample of firms drawn from the ISSR isk Metrics database and observed over the period 2003 -2008. The parametric methodology provides results that are consistent with the literature and supports the idea that mature firms are better off than young ones. We check for possible non-linearities by implementing a non-parametric analysis and suggest that the negative relationship between CG and innovation is mostly driven by higher values of CG.



Testo completo: http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2015dip/wp_4_2015.pdf

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