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Corporate Governance and Innovation: Theory and Evidence

We develop a theory to show how external and internal corporate governance mechanisms affect innovation. We predict a U-shaped relation between innovation and external takeover pressure, which arises from the interaction between expected takeover premia and private benefits of control. Using ex ante and ex post innovation measures, we find strong empirical support for the predicted relation. We exploit the variation in takeover pressure created by the passage of antitakeover laws across different states. Innovation is fostered either by an unhindered market for corporate control or by antitakeover laws that are severe enough to effectively deter takeovers..Printed Journal

Ketersediaan

Call NumberLocationAvailable
JFQA4904PSB lt.dasar - Pascasarjana1
Penerbit Cambridge Cambridge University Press.,
Edisi -
Subjek Innovation
Corporate governance
antitakeover
ISBN/ISSN 221090
Klasifikasi -
Deskripsi Fisik -
Info Detail Spesifik -
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