IS FIRM INNOVATION ASSOCIATED WITH CORPORATE GOVERNANCE?

被引:10
作者
Iyengar, Raghavan J. [1 ]
Sundararajan, Malavika [2 ]
机构
[1] North Carolina Cent Univ, Sch Business, 324 Willis Commerce Bldg,1801 Fayetteville St, Durham, NC 27707 USA
[2] Anisfield Sch Business, Ramapo Coll New Jersey, 505 Ramapo Valley Rd, Mahwah, NJ 07430 USA
关键词
Innovation; corporate governance; CEO TENURE; INDUSTRY CONCENTRATION; MANAGERIAL INCENTIVES; PERFORMANCE; BOARD; SIZE; OWNERSHIP; GROWTH; AGE; COMPENSATION;
D O I
10.1142/S1363919620500279
中图分类号
C93 [管理学];
学科分类号
12 ; 1201 ; 1202 ; 120202 ;
摘要
U.S. Corporations spend millions of dollars on innovating new technologies. This despite the fact that such capital expenditure outlay runs the risk of possible failure and loss of investments. This paper investigates what factors drive a corporation to innovate. In addition to firm-specific factors, we examine board governance and industry concentration. This study examines the association of firm, governance and industry characteristics that may influence a firm to innovate. Results from logit regression seem to suggest that firm size, capital expenditure growth, and industry concentration are more likely to influence firm's innovation efforts. Estimates also indicate that younger CEOs are more prone to innovation than older CEOs. These findings stand up to greater scrutiny when we perform a battery of robustness checks.
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页数:24
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