Transactional-institutional fit: Corporate governance of R&D investment in different institutional contexts

被引:24
作者
James, Barclay E. [1 ]
McGuire, Jean B. [2 ]
机构
[1] Univ San Francisco Quito, USFQ Business Sch, Campus Cumbaya, Quito 170901, Ecuador
[2] Louisiana State Univ, Rucks Dept Management, 2709 Business Educ Complex, Baton Rouge, LA 70803 USA
关键词
Corporate governance; Institutional context; R&D investment; Transaction cost economics; Bank-based system; Market-based system; CAPITAL STRUCTURE; RELATIONSHIP BANKING; FINANCIAL-SYSTEM; LENDING RELATIONSHIPS; OWNERSHIP STRUCTURE; FIRM INNOVATION; PUBLIC DEBT; CHOICE; DETERMINANTS; PERFORMANCE;
D O I
10.1016/j.jbusres.2016.01.038
中图分类号
F [经济];
学科分类号
02 ;
摘要
Management research has a rich historydevoted to understanding how different types of equity holders facilitate effective governance of investment in research and development (R&D). But scant research exists on understanding how different types of debt effectively govern R&D investment and virtually no research exists on this topic across institutional contexts. Yet, similar types of transactions differ across institutional contexts. This study develops and tests a transactional-institutional fit view of debt governance of R&D investment, grounded in transaction cost economics, which examines the alignment or fit between bank loan debt, bond debt, and R&D investment in bank-based and market-based countries. Analyses of 7943 firms across 12 countries from 19972010 support the key proposition: in bank-based (market-based) countries, higher levels of bank loan debt coupled with higher levels of R&D investment increase (decrease) firm performance. (C) 2016 Elsevier Inc. All rights reserved.
引用
收藏
页码:3478 / 3486
页数:9
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