Are the media drivers of R&D?

被引:1
作者
Pena-Martel, Devora [1 ]
Diaz-Diaz, Nieves L. [1 ]
Perez-Aleman, Jeronimo [1 ]
Martin, Domingo J. Santana - [1 ]
机构
[1] Univ Las Palmas Gran Canaria, Dept Finance & Accounting, Las Palmas Gran Canaria 35017, Spain
关键词
Media attention; Innovation; R&D investment; Dominantowners; CORPORATE GOVERNANCE; DEVELOPMENT INVESTMENT; OWNERSHIP STRUCTURE; EMERGING ECONOMIES; ULTIMATE OWNERSHIP; FIRM; CEO; INNOVATION; INFORMATION; REPUTATION;
D O I
10.1016/j.techsoc.2024.102665
中图分类号
D58 [社会生活与社会问题]; C913 [社会生活与社会问题];
学科分类号
摘要
Research exploring how extra-legal institutional aspects might impact corporate investment policy in innovation is still in its early stages. This lack of research is even greater when it comes to studying the role of media attention in corporate innovation. This study extends prior literature by investigating the relationship between media visibility and research and development (R&D) investment in a continental European context. Using a sample of Spanish listed firms in the 2008-2022 period, results indicate that media attention has a positive effect on corporate innovation. The results provide support for arguments that the media reduce agency conflicts, facilitate fundraising, and increase the reputational risk of internal agents as well as the pressure to meet stakeholder demands and the chances of obtaining external help to develop new ideas and projects. Moreover, we show that media attention encourages innovation in companies who are more isolated from stakeholder demands, who face greater agency conflicts, or who suffer from financial difficulties.
引用
收藏
页数:10
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