Corporate governance and innovationa theoretical review
- Asensio-López, Diego 1
- Cabeza-García, Laura 1
- González-Álvarez, Nuria 1
- 1 Universidad de León, España
ISSN: 2444-8494, 2444-8451
Ano de publicación: 2019
Volume: 28
Número: 3
Páxinas: 266-284
Tipo: Artigo
Outras publicacións en: European journal of management and business economics
Resumo
Purpose The purpose of this paper is to present a review of the literature on two lines of research, corporate governance and innovation, explaining how different internal corporate governance mechanisms may be determinants of business innovation. Design/methodology/approach It explores the theoretical background and the empirical evidence regarding the influence of both ownership structure and the board of directors on company innovation. Then, conclusions are drawn and possible future research lines are presented. Findings No consensus was observed regarding the relation between corporate governance and innovation, with both positive and negative arguments being found, and with empirical evidence not always pointing in the same direction. Thus, new studies trying to clarify this relationship are needed. Originality/value Over recent years, interest has grown in the influence of governance mechanisms on innovation decisions taken by the management. Innovation efforts and results depend on factors that are influenced by corporate governance, such as ownership structure or the functioning of the board of directors. Thus, the paper shows an updated state of the art in this field proposing future lines for empirical research.
Referencias bibliográficas
- Adams, R., Hermalin, B.E. and Weisbach, M.S. (2008), “The role of boards of directors in corporate governance: a conceptual framework and survey”, Working Paper No. 14486, National Bureau of Economic Research, Cambridge, MA.
- Aghion, P., Van Reenen, J. and Zingales, L. (2009), “Innovation and institutional ownership”, Working Paper No. 14769, National Bureau of Economic Research, Cambridge, MA.
- Allen, F. (1993), “Strategic management and financial markets”, Strategic Management Journal, Vol. 14 No. 1, pp. 11-22.
- Amason, A.C. and Sapienza, H.J. (1997), “The effects of top management team size and interaction norms on cognitive and affective conflict”, Journal of Management, Vol. 23 No. 4, pp. 495-516.
- Amsden, A.H. (1992), Asia’s Next Giant: South Korea and Late Industrialization, Oxford University Press, New York, NY.
- Anderson, R.C. and Reeb, D.M. (2003), “Founding-family ownership and firm performance: evidence from the S&P 500”, The Journal of Finance, Vol. 58 No. 3, pp. 1301-1328.
- Anderson, R.C., Duru, A. and Reeb, D.M. (2012), “Investment policy in family controlled firms”, Journal of Banking & Finance, Vol. 36 No. 6, pp. 1744-1758.
- Antoncic, B. and Hisrich, D. (2003), “Privatization, corporate entrepreneurship and performance: testing normative model”, Journal of Developmental Entrepreneurship, Vol. 8 No. 3, pp. 197-218.
- Balsmeier, B., Buchwald, A. and Stiebale, J. (2014), “Outside directors on the board and innovative firm performance”, Research Policy, Vol. 43 No. 10, pp. 1800-1815.
- Bantel, K.A. and Jackson, S.E. (1989), “Top management and innovations in banking: does the composition of the top team make a difference?”, Strategic Management Journal, Vol. 10 No. S1, pp. 107-124.
- Barker, V.L. and Mueller, G.C. (2002), “CEO characteristics and firm R&D spending”, Management Science, Vol. 48 No. 6, pp. 782-801.
- Barroso, C., Villegas, M.M. and Pérez‐Calero, L. (2011), “Board influence on a firm’s internationalization”, Corporate Governance: An International Review, Vol. 19 No. 4, pp. 351-367.
- Battaggion, M.R. and Tajoli, L. (2000), “Ownership structure, innovation process and competitive performance: the case of Italy”, Working Paper No. 120, CESPRI, Milan.
- Baysinger, B. and Hoskisson, R.E. (1989), “Diversification strategy and R&D intensity in multiproduct firms”, Academy of Management Journal, Vol. 32 No. 2, pp. 310-332.
- Baysinger, B.D., Kosnik, R.D. and Turk, T.A. (1991), “Effects of board and ownership structure on corporate R&D strategy”, Academy of Management Journal, Vol. 34 No. 1, pp. 205-214.
- Beatty, R.P. and Zajac, E.J. (1994), “Managerial incentives, monitoring, and risk bearing: a study of executive compensation, ownership, and board structure in initial public offering”, Administrative Science Quarterly, Vol. 39 No. 2, pp. 313-335.
- Belloc, F. (2012), “Corporate governance and innovation: a survey”, Journal of Economic Surveys, Vol. 26 No. 5, pp. 835-864.
- Black, B.S. (1992), “Agents watching agents: the promise of institutional investor voice”, UCLA Law Review, Vol. 39, pp. 811-893.
- Block, J.H. (2012), “R&D investments in family and founder firms: an agency perspective”, Journal of Business Venturing, Vol. 27 No. 2, pp. 248-265.
- Blumentritt, T., Mathews, T. and Marchisio, G. (2013), “Game theory and family business succession: an introduction”, Family Business Review, Vol. 26 No. 1, pp. 51-67.
- Borch, O.J. and Huse, M. (1993), “Informal strategic networks and the board of directors”, Entrepreneurship Theory and Practice, Vol. 18 No. 1, pp. 23-36.
- Boyd, B.K. (1994), “Board control and CEO compensation”, Strategic Management Journal, Vol. 15 No. 5, pp. 335-344.
- Brenes, E.R., Madrigal, K. and Requena, B. (2011), “Corporate governance and family business performance”, Journal of Business Research, Vol. 64 No. 3, pp. 280-285.
- Brunninge, O., Nordqvist, M. and Wiklund, J. (2007), “Corporate governance and strategic change in SMEs: the effects of ownership, board composition and top management teams”, Small Business Economics, Vol. 29 No. 3, pp. 295-308.
- Carney, M. (2005), “Corporate governance and competitive advantage in family-controlled firms”, Entrepreneurship Theory and Practice, Vol. 29 No. 3, pp. 249-265.
- Chang, S.J. (1995), “International expansion strategy of Japanese firms: capability building through sequential entry”, Academy of Management Journal, Vol. 38 No. 2, pp. 383-407.
- Chang, S.C., Wu, W.Y. and Wong, Y.J. (2010), “Family control and stock market reactions to innovation announcements”, British Journal of Management, Vol. 21 No. 1, pp. 152-170.
- Chang, S.J., Chung, C.N. and Mahmood, I.P. (2006), “When and how does business group affiliation promote firm innovation? A tale of two emerging economies”, Organization Science, Vol. 17 No. 5, pp. 637-656.
- Chen, H.-L. (2012), “Board characteristics and R&D investment: evidence from Taiwan’s electronics industry”, Advances in Management & Applied Economics, Vol. 2 No. 4, pp. 161-170.
- Chen, H.L. and Hsu, W.T. (2009), “Family ownership, board independence, and R&D investment”, Family Business Review, Vol. 22 No. 4, pp. 347-362.
- Chen, V.Z., Li, J., Shapiro, D.M. and Zhang, X. (2014), “Ownership structure and innovation: an emerging market perspective”, Asia Pacific Journal of Management, Vol. 31 No. 1, pp. 1-24.
- Chiang, H.T. and He, L.J. (2010), “Board supervision capability and information transparency”, Corporate Governance: An International Review, Vol. 18 No. 1, pp. 18-31.
- Chiang, S.L., Chen, L.S. and Chen, S. (2011), “Does corporate governance matter to technical, commercial and economic success?”, African Journal of Business Management, Vol. 5 No. 6, pp. 2203-2210.
- Cho, M.H. (1998), “Ownership structure, investment, and the corporate value: an empirical analysis”, Journal of Financial Economics, Vol. 47 No. 1, pp. 103-121.
- Cho, S. (1992), “Agency costs, management stockholding, and research and development expenditures”, Seoul Journal of Economics, Vol. 5 No. 2, pp. 127-152.
- Choi, S.B., Lee, S.H. and Williams, C. (2011), “Ownership and firm innovation in a transition economy: evidence from China”, Research Policy, Vol. 40 No. 3, pp. 441-452.
- Choi, S.B., Park, B.I. and Hong, P. (2012), “Does ownership structure matter for firm technological innovation performance? The case of Korean firms”, Corporate Governance: An International Review, Vol. 20 No. 3, pp. 267-288.
- Choi, Y.R., Zahra, S.A., Yoshikawa, T. and Han, B.H. (2015), “Family ownership and R&D investment: the role of growth opportunities and business group membership”, Journal of Business Research, Vol. 68 No. 5, pp. 1053-1061.
- Chrisman, J.J. and Patel, P.C. (2012), “Variations in R&D investments of family and nonfamily firms: behavioral agency and myopic loss aversion perspectives”, Academy of Management Journal, Vol. 55 No. 4, pp. 976-997.
- CNMV (2016), “Informe de Gobierno Corporativo de las entidades emisoras de valores admitidos a negociación en mercados secundarios oficiales Ejercicio 2016”, available at: www.cnmv.es/DocPortal/Publicaciones/Informes/IAGC_2016.pdf
- Cohen, W.M. and Levinthal, D.A. (1990), “Absorptive capacity: a new perspective on learning and innovation”, Administrative Science Quarterly, Vol. 35 No. 1, pp. 128-152.
- Crossland, C. and Hambrick, D.C. (2007), “How national systems differ in their constraints on corporate executives: a study of CEO effects in three countries”, Strategic Management Journal, Vol. 28 No. 8, pp. 767-789.
- Czarnitzki, D. and Kraft, K. (2009), “Capital control, debt financing and innovative activity”, Journal of Economic Behavior & Organization, Vol. 71 No. 2, pp. 372-383.
- Dalziel, T., Gentry, R.J. and Bowerman, M. (2011), “An integrated agency–resource dependence view of the influence of directors’ human and relational capital on firms’ R&D spending”, Journal of Management Studies, Vol. 48 No. 6, pp. 1217-1242.
- David, P., Hitt, M.A. and Gimeno, J. (2001), “The influence of activism by institutional investors on R&D”, Academy of Management Journal, Vol. 44 No. 1, pp. 144-157.
- De Villiers, C., Naiker, V. and van Staden, C.J. (2011), “The effect of board characteristics on firm environmental performance”, Journal of Management, Vol. 37 No. 6, pp. 1636-1663.
- Denis, D.J., Denis, D.K. and Sarin, A. (1997), “Agency problems, equity ownership, and corporate diversification”, The Journal of Finance, Vol. 52 No. 1, pp. 135-160.
- Denison, D.R. and Mishra, A.K. (1995), “Toward a theory of organizational culture and effectiveness”, Organization Science, Vol. 6 No. 2, pp. 204-223.
- Dewenter, K.L. and Malatesta, P.H. (2001), “State-owned and privately owned firms: an empirical analysis of profitability, leverage, and labor intensity”, American Economic Review, Vol. 91 No. 1, pp. 320-334.
- Di Vito, J., Laurin, C. and Bozec, Y. (2008), “Corporate ownership structure and innovation in Canada”, Actes du 29ème congrès de l’Association Francophone de Comptabilité, Cergy.
- Driver, C. and Guedes, M.J.C. (2012), “Research and development, cash flow, agency and governance: UK large companies”, Research Policy, Vol. 41 No. 9, pp. 1565-1577.
- Escribá‐Esteve, A., Sánchez‐Peinado, L. and Sánchez‐Peinado, E. (2009), “The influence of top management teams in the strategic orientation and performance of small and medium‐sized enterprises”, British Journal of Management, Vol. 20 No. 4, pp. 581-597.
- Fama, E.F. and Jensen, M.C. (1983), “Separation of ownership and control”, Journal of Law and Economics, Vol. 26 No. 2, pp. 301-325.
- Forbes, D.P. and Milliken, F.J. (1999), “Cognition and corporate governance: understanding boards of directors as strategic decision-making groups”, Academy of Management Review, Vol. 24 No. 3, pp. 489-505.
- Francis, J. and Smith, A. (1995), “Agency costs and innovation some empirical evidence”, Journal of Accounting and Economics, Vol. 19 No. 2, pp. 383-409.
- Fried, V.H., Bruton, G.D. and Hisrich, R.D. (1998), “Strategy and the board of directors in venture capital-backed firms”, Journal of Business Venturing, Vol. 13 No. 6, pp. 493-503.
- Gabrielsson, J. and Winlund, H. (2000), “Boards of directors in small and medium-sized industrial firms: examining the effects of the board’s working style on board task performance”, Entrepreneurship & Regional Development, Vol. 12 No. 4, pp. 311-330.
- George, G., Wiklund, J. and Zahra, S.A. (2005), “Ownership and the internationalization of small firms”, Journal of Management, Vol. 31 No. 2, pp. 210-233.
- Gompers, P., Kovner, A., Lerner, J. and Scharfstein, D. (2008), “Venture capital investment cycles: the impact of public markets”, Journal of Financial Economics, Vol. 87 No. 1, pp. 1-23.
- Goodstein, J. and Boeker, W. (1991), “Turbulence at the top: a new perspective on governance structure changes and strategic change”, Academy of Management Journal, Vol. 34 No. 2, pp. 306-330.
- Goodstein, J., Gautam, K. and Boeker, W. (1994), “The effects of board size and diversity on strategic change”, Strategic Management Journal, Vol. 15 No. 3, pp. 241-250.
- Graves, S.B. (1988), “Institutional ownership and corporate R&D in the computer industry”, Academy of Management Journal, Vol. 31 No. 2, pp. 417-428.
- Graves, S.B. and Waddock, S.A. (1990), “Institutional ownership and control: implications for long-term corporate strategy”, Academy of Management Executive, Vol. 4 No. 1, pp. 75-83.
- Grinblatt, M. and Titman, S. (1998), Financial Markets and Corporate Strategy, McGraw-Hill Series in Finance, Insurance, and Real Es, Boston.
- Haggard, S. (1994), “Business, politics and policy in Northeast and Southeast Asia”, in Rowen, H.S. (Ed.), Behind East Asian Growth: The Political and Social Foundations of Prosperity, Psychology Press, Londres, pp. 78-104.
- Hall, B.H. and Oriani, R. (2006), “Does the market value R&D investment by European firms? evidence from a panel of manufacturing firms in France, Germany, and Italy”, International Journal of Industrial Organization, Vol. 24 No. 5, pp. 971-993.
- Hambrick, D.C. and D’Aveni, R.A. (1992), “Top team deterioration as part of the downward spiral of large corporate bankruptcies”, Management Science, Vol. 38 No. 10, pp. 1445-1466.
- Hambrick, D.C. and Finkelstein, S. (1987), “Managerial discretion: a bridge between polar views of organizational outcomes”, Research in Organizational Behavior, Vol. 9 No. 4, pp. 369-406.
- Hansen, G.S. and Hill, C.W. (1991), “Are institutional investors myopic? A time-series study of four technology-driven industries”, Strategic Management Journal, Vol. 12 No. 1, pp. 1-16.
- Hayes, R.H. and Abernathy, W.J. (1980), “Managing our way to economic decline”, Harvard Business Review, Vol. 58 No. 4, pp. 67-77.
- Haynes, K.T. and Hillman, A. (2010), “The effect of board capital and CEO power on strategic change”, Strategic Management Journal, Vol. 31 No. 11, pp. 1145-1163.
- Hess, K., Gunasekarage, A. and Hovey, M. (2010), “State-dominant and non-state-dominant ownership concentration and firm performance: evidence from China”, International Journal of Managerial Finance, Vol. 6 No. 4, pp. 264-289.
- Hernández et al. (2010), La verdad, que igual deberíamos añadir algo, no crees? Porque sino no está actualizado y sobre todo porque basta que sean conocidas y de España... ya me dices.
- Hill, C.W. and Snell, S.A. (1988), “External control, corporate strategy, and firm performance”, Strategic Management Journal, Vol. 9 No. 6, pp. 577-590.
- Hill, C.W., Hitt, M.A. and Hoskisson, R.E. (1988), “Declining US competitiveness: reflections on a crisis”, The Academy of Management Executive, Vol. 2 No. 1, pp. 51-60.
- Hitt, M.A., Hoskisson, R.E., Johnson, R.A. and Moesel, D.D. (1996), “The market for corporate control and firm innovation”, Academy of Management Journal, Vol. 39 No. 5, pp. 1084-1119.
- Holmstrom, B. (1989), “Agency costs and innovation”, Journal of Economic Behavior & Organization, Vol. 12 No. 3, pp. 305-327.
- Hoskisson, R.E., Hill, C.W. and Kim, H. (1993), “The multidivisional structure: organizational fossil or source of value?”, Journal of Management, Vol. 19 No. 2, pp. 269-298.
- Hoskisson, R.E., Hitt, M.A., Johnson, R.A. and Grossman, W. (2002), “Conflicting voices: the effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies”, Academy of Management Journal, Vol. 45 No. 4, pp. 697-716.
- Hung, H. (1998), “A typology of the theories of the roles of governing boards”, Corporate Governance, An International Review, Vol. 6 No. 2, pp. 101-111.
- Jackling, B. and Johl, S. (2009), “Board structure and firm performance: evidence from India’s top companies”, Corporate Governance: An International Review, Vol. 17 No. 4, pp. 492-509.
- Jaffe, A.B. (1986), “Technological opportunity and spillovers of R&D: evidence from firm´s patents, profits and market value”, American Economic Review, Vol. 76 No. 5, pp. 984-1001.
- Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3 No. 4, pp. 305-360.
- Johannisson, B. and Huse, M. (2000), “Recruiting outside board members in the small family business: an ideological challenge”, Entrepreneurship & Regional Development, Vol. 12 No. 4, pp. 353-378.
- Johanson, J. and Vahlne, J.E. (1977), “The internationalization process of the firm: a model of knowledge development and increasing foreign market commitments”, Journal of International Business Studies, Vol. 8 No. 1, pp. 23-32.
- Kim, N. and Kim, E. (2015), “Board capital and exploration: from a resource provisional perspective”, Management Decision, Vol. 53 No. 9, pp. 2156-2174.
- Kim, H., Kim, H. and Lee, P.M. (2008), “Ownership structure and the relationship between financial slack and R&D investments: evidence from Korean firms”, Organization Science, Vol. 19 No. 3, pp. 404-418.
- Kochhar, R. and David, P. (1996), “Institutional investors and firm innovation: a test of competing hypotheses”, Strategic Management Journal, Vol. 17 No. 1, pp. 73-84.
- Kole, S.R. and Mulherin, J.H. (1997), “The government as a shareholder: a case from the United States”, The Journal of Law and Economics, Vol. 40 No. 1, pp. 1-22.
- Kor, Y.Y. (2006), “Direct and interaction effects of top management team and board compositions on R&D investment strategy”, Strategic Management Journal, Vol. 27 No. 11, pp. 1081-1099.
- Kosnik, R.D. (1987), “Greenmail: a study of board performance in corporate governance”, Administrative Science Quarterly, Vol. 32 No. 2, pp. 163-185.
- Kosnik, R.D. (1990), “Effects of board demography and directors’ incentives on corporate greenmail decisions”, Academy of Management Journal, Vol. 33 No. 1, pp. 129-150.
- Kostyuk, A. (2005), “Business innovations and structure of corporate ownership in Ukraine”, Corporate Governance: The International Journal of Business In Society, Vol. 5 No. 5, pp. 19-29.
- Kroszner, R.S. and Strahan, P.E. (2001), “Bankers on boards: monitoring, conflicts of interest, and lender liability”, Journal of Financial Economics, Vol. 62 No. 3, pp. 415-452.
- La Porta, R., Djankov, S., López de Silanes, F. and Shleifer, A. (2008), “The law and economics of self dealing”, Journal of Financial Economics, Vol. 88 No. 3, pp. 430-465.
- La Porta, R., Lopez de Silanes, F. and Shleifer, A. (2006), “What works in securities laws?”, The Journal of Finance, Vol. 61 No. 1, pp. 1-32.
- La Porta, R., Lopez-De-Silanes, F., Shleifer, A. and Vishny, R. (1998), “Law and finance”, Journal of Political Economy, Vol. 106 No. 6, pp. 1113-1135.
- La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2000), “Investor protection and corporate governance”, Journal of Financial Economics, Vol. 58 No. 1, pp. 3-27.
- Lacetera, N. (2001), “Corporate governance and the governance of innovation: the case of pharmaceutical industry”, Journal of Management and Governance, Vol. 5 No. 1, pp. 29-59.
- Latham, S.F. and Braun, M. (2009), “Managerial risk, innovation, and organizational decline”, Journal of Management, Vol. 35 No. 2, pp. 258-281.
- Lee, P.M. (2005), “A comparison of ownership structures and innovations of US and Japanese firms”, Managerial and Decision Economics, Vol. 26 No. 1, pp. 39-50.
- Lee, S. (2012), “Financial determinants of corporate R&D investment in Korea”, Asian Economic Journal, Vol. 26 No. 2, pp. 119-135.
- Lee, P.M. and O’Neill, H.M. (2003), “Ownership structures and R&D investments of US and Japanese firms: agency and stewardship perspectives”, Academy of Management Journal, Vol. 46 No. 2, pp. 212-225.
- Lhuillery, S. (2011), “The impact of corporate governance practices on R&D efforts: a look at shareholders’ rights, cross-listing, and control pyramid”, Industrial and Corporate Change, Vol. 20 No. 5, pp. 1475-1513.
- Lin, C., Lin, P., Song, F.M. and Li, C. (2011), “Managerial incentives, CEO characteristics and corporate innovation in China’s private sector”, Journal of Comparative Economics, Vol. 39 No. 2, pp. 176-190.
- Loescher, S.M. (1984), “Bureaucratic measurement, shuttling stock shares, and shortened time horizons: implications for economic growth”, Quarterly Review of Economics and Business, Vol. 24 No. 4, pp. 8-23.
- Lorsch, J. and Young, J. (1990), “Pawns or potentates: the reality of America’s corporate boards”, The Executive, Vol. 4 No. 4, pp. 85-87.
- Love, J.H., Ashcroft, B. and Dunlop, S. (1996), “Corporate structure, ownership and the likelihood of innovation”, Applied Economics, Vol. 28 No. 6, pp. 737-746.
- Miozzo, M. and Dewick, P. (2002), “Building competitive advantage: innovation and corporate governance in European construction”, Research Policy, Vol. 31 No. 6, pp. 989-1008.
- Mizruchi, M.S. (1983), “Who controls whom? An examination of the relation between management and boards of directors in large American corporations”, Academy of Management Review, Vol. 8 No. 3, pp. 426-435.
- Munari, F., Oriani, R. and Sobrero, M. (2010), “The effects of owner identity and external governance systems on R&D investments: a study of Western European firms”, Research Policy, Vol. 39 No. 8, pp. 1093-1104.
- OECD (2005), Proposed Guide Lines for Collecting and Interpreting Technological Innovation Data: Oslo Manual, OECD Publications Service, Paris.
- Ortega-Argilés, R. and Moreno, R. (2009), “Evidence on the role of ownership structure on firm’s innovative performance”, Investigaciones Regionales, Vol. 15, pp. 231-250.
- Ortega-Argilés, R., Moreno, R. and Caralt, J.S. (2005), “Ownership structure and innovation: Is there a real link?”, The Annals of Regional Science, Vol. 39 No. 4, pp. 637-662.
- Ortega-Argilés, R., Moreno, R. and Suriñach, J. (2006), “La aplicación de los mecanismos de control de los problemas de agencia. Un análisis de las empresas manufactureras españolas”, ICE Revista de Economía, Vol. 829, pp. 235-251.
- Peng, M.W. (2004), “Outside directors and firm performance during institutional transitions”, Strategic Management Journal, Vol. 25 No. 5, pp. 453-471.
- Petersen, M.A. and Rajan, R.G. (1994), “The benefits of lending relationships: evidence from small business data”, The Journal of Finance, Vol. 49 No. 1, pp. 3-37.
- Petra, S.T. and Dorata, N.T. (2008), “Corporate governance and chief executive officer compensation”, Corporate Governance: The International Journal of Business in Society, Vol. 8 No. 2, pp. 141-152.
- Pfeffer, J. and Salancik, G.R. (2003), The External Control of Organizations: A Resource Dependence Perspective, Stanford University Press, Redwood City, CA.
- Porter, M.E. (1992), “Capital disadvantage: America’s failing capital investment system”, Harvard Business Review, Vol. 70 No. 5, pp. 65-82.
- Rajan, R. (1992), “Insiders and outsiders: the choice between informed and arm’s length debt”, The Journal of Finance, Vol. 47 No. 4, pp. 1367-1400.
- Rosenstein, S. and Wyatt, J.G. (1990), “Outside directors, board independence, and shareholder wealth”, Journal of Financial Economics, Vol. 26 No. 2, pp. 175-191.
- Ruigrok, W., Peck, S.I. and Keller, H. (2006), “Board Characteristics and involvement in strategic decision making: evidence from Swiss companies”, Journal of Management Studies, Vol. 43 No. 5, pp. 1201-1226.
- Sacristán, M. and Cabeza, L. (2008), “Participaciones industriales de la banca española: contexto, evolución and situación actual”, Ekonomiaz: Revista Vasca de Economía, Vol. 68, pp. 156-181.
- Sahin, K., Basfirinci, C.S. and Ozsalih, A. (2011), “The impact of board composition on corporate financial and social responsibility performance: evidence from public-listed companies in Turkey”, African Journal of Business Management, Vol. 5 No. 7, pp. 2959-2978.
- Salas, V. (2002), “El gobierno de la empresa: presentación”, Ekonomiaz: Revista Vasca de Economía, Vol. 50, pp. 10-27.
- Schumpeter, J.A. (1934), The Theory of Economic Development, Harvard University Press, Cambridge, MA.
- Schumpeter, J.A. (1942), Capitalism, Socialism, and Democracy, Harper & Brothers, Londres.
- Shapiro, D., Tang, Y., Wang, M. and Zhang, W. (2015), “The effects of corporate governance on innovation in Chinese firms”, Journal of Chinese Economic and Business Studies, Vol. 13 No. 4, pp. 311-335.
- Sherman, H., Beldona, S. and Joshi, M. (1998), “Institutional investor heterogeneity: implications for strategic decisions”, Corporate Governance: An International Review, Vol. 6 No. 3, pp. 166-173.
- Shleifer, A. and Vishny, R.W. (1997), “A survey of corporate governance”, The Journal of Finance, Vol. 52 No. 2, pp. 737-783.
- Su, Y., Xu, D. and Phan, P.H. (2007), “Principal–principal conflict in the governance of the Chinese public corporation”, Management and Organization Review, Vol. 4 No. 1, pp. 17-38.
- Sun, Q., Tong, J. and Tong, W.H. (2002), “How does government ownership affect firm performance? Evidence from China’s privatization experience”, Journal of Business Finance & Accounting, Vol. 29 Nos 1/2, pp. 1-27.
- Tribo, J.A., Berrone, P. and Surroca, J. (2007), “Do the type and number of blockholders influence R&D investments? New evidence from Spain”, Corporate Governance: An International Review, Vol. 15 No. 5, pp. 828-842.
- Tsao, S.M. and Chen, G.Z. (2012), “The impact of internationalization on performance and innovation: the moderating effects of ownership concentration”, Asia Pacific Journal of Management, Vol. 29 No. 3, pp. 617-642.
- Tsao, S.M., Lin, C.H. and Chen, V.Y. (2015), “Family ownership as a moderator between R&D investments and CEO compensation”, Journal of Business Research, Vol. 68 No. 3, pp. 599-606.
- Tylecote, A. and Visintin, F. (2007), Corporate Governance, Finance and the Technological Advantage of Nations, Routledge, Nueva York, NY.
- Vafeas, N. (1999), “Board meeting frequency and firm performance”, Journal of Financial Economics, Vol. 53 No. 1, pp. 113-142.
- Vickers, J. and Yarrow, G. (1991), “Economic perspectives on privatization”, The Journal of Economic Perspectives, Vol. 5 No. 2, pp. 111-132.
- Wally, S. and Baum, J.R. (1994), “Personal and structural determinants of the pace of strategic decision making”, Academy of Management Journal, Vol. 37 No. 4, pp. 932-956.
- Walsh, J.P. (1989), “Doing a deal: negotiations and their impact upon target company top management turnover”, Strategic Management Journal, Vol. 10 No. 4, pp. 307-322.
- Webb, E. (2004), “An examination of socially responsible firms’ board structure”, Journal of Management and Governance, Vol. 8 No. 3, pp. 255-277.
- Westphal, J.D. (1999), “Collaboration in the boardroom: behavioral and performance consequences of CEO-board social ties”, Academy of Management Journal, Vol. 42 No. 1, pp. 7-24.
- Wincent, J., Anokhin, S. and Örtqvist, D. (2010), “Does network board capital matter? A study of innovative performance in strategic SME networks”, Journal of Business Research, Vol. 63 No. 3, pp. 265-275.
- Wu, H.L. (2008), “How do board–CEO relationships influence the performance of new product introduction? Moving from single to interdependent explanations”, Corporate Governance: An International Review, Vol. 16 No. 2, pp. 77-89.
- Xiao, S. and Zhao, S. (2012), “Financial development, government ownership of banks and firm innovation”, Journal of International Money and Finance, Vol. 31 No. 4, pp. 880-906.
- Yermack, D. (1996), “Higher market valuation of companies with a small board of directors”, Journal of Financial Economics, Vol. 40 No. 2, pp. 185-211.
- Yoo, T. and Sung, T. (2015), “How outside directors facilitate corporate R&D investment? evidence from large Korean firms”, Journal of Business Research, Vol. 68 No. 6, pp. 1251-1260.
- Young, M.N., Peng, M.W., Ahlstrom, D., Bruton, G.D. and Jiang, Y. (2008), “Corporate governance in emerging economies: a review of the principal–principal perspective”, Journal of Management Studies, Vol. 45 No. 1, pp. 196-220.
- Zeng, T. and Lin, H.C. (2011), “Ownership structure and R&D spending: evidence from China’s listed firms”, Chinese Management Studies, Vol. 5 No. 1, pp. 82-93.
- Zhang, L. (2012), “Board demographic diversity, independence, and corporate social performance”, Corporate Governance: The International Journal of Business in Society, Vol. 12 No. 5, pp. 686-700.
- Zhang, Q., Chen, L. and Feng, T. (2014), “Mediation or moderation? The Role of R&D investment in the relationship between corporate governance and firm performance: Empirical evidence from the Chinese IT industry”, Corporate Governance: An International Review, Vol. 22 No. 6, pp. 501-517.