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Article Dans Une Revue International Review of Financial Analysis Année : 2023

Board reforms and innovation

Résumé

We study the effect of board reforms on firms' research and development (R&D) investments utilizing a sample of 41 countries. Using a difference-in-differences analysis, we find that firms invest more in R&D following corporate governance reforms. Of these, two legal reforms — having an independent audit committee and board independence — have a greater impact on R&D investment. Additionally, we show that board reforms have a more pronounced effect on R&D investment in hi-tech industries and the health sector.
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Dates et versions

hal-04159126 , version 1 (11-07-2023)

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Muhammad Farooq Ahmad, Saqib Aziz, Michael Dowling, Oskar Kowalewski. Board reforms and innovation. International Review of Financial Analysis, 2023, 88, pp.102707. ⟨10.1016/j.irfa.2023.102707⟩. ⟨hal-04159126⟩
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