Institutional framework, corporate ownership structure, and R&amp;D investment: an international analysis

López‐Iturriaga, Félix J.; López-Millán, Emilio J.

doi:10.1111/radm.12204

Cited by 19 publications

(6 citation statements)

References 122 publications

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“…The ratio of institutions to investors is a direct reflection of the strength of the influence of institutions on investor behavior. Referring to the literature, the ratio of institutional investors’ shareholding is specifically defined as the proportion of institutional investors’ shareholding in the company’s circulating share capital at the end of the year [ 55 , 56 ].…”

Section: Methodsmentioning

confidence: 99%

“…At present, these investors occupy the position of the top ten shareholders in most listed companies and have a significant influence on corporate strategic decisions [ 54 ]. The influence of institutional investors on enterprise innovation is both a focus of scholars in the early stage [ 55 ] and a controversial topic [ 56 ]. "Short-sightedness theory" holds that institutional investors have a strong motivation to seek short-term returns from stock investments [ 57 ].…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

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Will R&D make investors more tolerant? Analysis based on the performance forecast of Chinese listed companies

et al. 2023

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In the era of innovation dividends, whether investors, as the main participants in the capital market, can tolerate enterprise innovation activities is the key to whether the capital market can help enterprises innovate. This paper takes the listed companies of Shanghai and Shenzhen A-shares in China that disclosed quantitative performance forecasts from 2016 to 2021 as samples, obtains the market reaction of performance forecasts through the event study method and uses them as proxy variables of investors’ short-term performance expectations, and uses multiple regression analysis to explore the impact of corporate R&D on investors’ short-term performance expectations. The results are as follows: (1) corporate R&D investment significantly reduces investors’ short-term performance expectations (that is, investors have a significant tolerance effect on enterprises with higher R&D investment); (2) the increase in the shareholding ratio of institutional investors weakens the tolerance effect; and (3) with the implementation of China’s innovation-driven strategy, the tolerance effect of its capital market on enterprise R&D gradually increases, especially for high-tech companies, but has a low tolerance effect on state-owned companies’ R&D risk. The results show that investors in China’s capital market are not completely rational in their response to corporate R&D, and investors are willing to bear more short-term performance losses for high R&D investment, which is consistent with prospect theory.

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Section: Methodsmentioning

confidence: 99%

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

Will R&D make investors more tolerant? Analysis based on the performance forecast of Chinese listed companies

et al. 2023

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“…Rock characterization based on elastic responses that consider mineralogical composition and pore-filling fluids at the core, well, and field scales have been reported by rich literature on rock physics applied to earth models (Goodway and Pérez 2010, Meléndez and Schmitt 2013, Perez and Mafurt 2014, Nicolás-López and Valdiviezo-Mijangos 2016, Carcione and Avseth, 2015, Sayar and Torres-Verdín 2017, Holt and Westwood, 2016, Nicolás-López et al, 2019, and Nicolás-López et al, 2020. However, most of these reported applications are related to petroelastic models constructed from classical static Gassmann models or dynamic micromechanical models for lithology interpretation and reservoir delineation.…”

Section: Introductionmentioning

confidence: 99%

Seismic facies characterization using Rock Physics Templates and brittleness indices: Stybarrow field

López-Aguirre,

Domínguez-Cruz,

España-Pinto

et al. 2024

Geofis Int

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This paper proposes a method for identifying the lithological properties of the medium based on the joint analysis of the Lamé parameters, Young's Modulus, and Poisson's Ratio. Additionally, an analysis of brittleness was proposed to identify brittle/ductile intervals and areas of potential reservoirs. The petroelastic properties were analyzed at well and seismic scales using ternary rock physics templates. The ternary templates were built from a self-consistent micromechanical model. In addition, the analysis allows for preserving the conditions of the environment subsurface in the seismic and log information. A workflow for petroelastic lithology interpretation was coupled with a workflow of brittleness modeling. The results correlate well with conventional qualitative methodologies applied in previous studies. A brittleness analysis methodology was developed and tested to identify reservoirs associated with the Lower Cretaceous in the Stybarrow field in Australia; the results highlight the high brittleness zones attenuated by hydrocarbons ( ). The proposed seismic-based methodology is an improvement to conventional analysis trends for identifying lithologies and prospective hydrocarbon zones.

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“…For example, previous studies argue that ownership structures have different characteristics and influences on R&D investment in different cultures and institutional contexts (Lee and O'neill, 2003;Lee, 2005), such as Lee and O'neill (2003) find that ownership concentration have a positive impact on R&D investment in the United States and no significant influence in Japan. Based on the sample of the listed companies in 19 European countries, Lopez Iturriaga and López-Millán (2017) find that ownership concentration have a positive effect on R&D investment in the countries with poor legal protection of investors.…”

Section: Introductionmentioning

confidence: 99%

Equity Structure, Strategic Investment Psychology, and Performance in China’s Green Economy Context

et al. 2021

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This study empirically tests the impacts of equity structure on strategic investment psychology in green affairs in R&D vs. Marketing dimensions and company performance. Based on data from Chinese high-tech industry listed companies, the empirical results show that: (1) the largest shareholder’s shareholding ratio has a positive effect on marketing investment psychology and a negative impact on R&D investment psychology, (2) other large shareholders’ shareholding ratio are positive related to R&D investment psychology; (3) R&D investment psychology has a negative effect and marketing investment psychology has a positive influence on the current performance; (4) equity counterbalance is positive related to R&D investment psychology and has a negative effect on the current performance. This study contributes to the literature of corporate governance on sustainability issue by providing a new psychological perspective. The results also provide an important guidance for the corporate governance practice in green economies.

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Institutional framework, corporate ownership structure, and R&D investment: an international analysis

Cited by 19 publications

References 122 publications

Will R&D make investors more tolerant? Analysis based on the performance forecast of Chinese listed companies

Will R&D make investors more tolerant? Analysis based on the performance forecast of Chinese listed companies

Seismic facies characterization using Rock Physics Templates and brittleness indices: Stybarrow field

Equity Structure, Strategic Investment Psychology, and Performance in China’s Green Economy Context

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