文章基本信息

标题：Democracy and corporate R&D investment
本地全文：下载
作者：Quoc Trung Tran
期刊名称：Borsa Istanbul Review
印刷版ISSN：2214-8450
出版年度：2022
卷号：22
期号：3
页码：465-476
语种：English
出版社：Elsevier B.V.
摘要：This paper investigates how a democratic environment affects corporate R&D investment around the world. Using a sample of 114,318 observations from 34 countries over the period 2002–2016, we find that democracy is negatively related to R&D expenditure and positively associated with R&D investment efficiency. These findings imply that a democratic environment helps firms improve their corporate governance and thus reduces their overinvestment in R&D projects. In addition, the effects of democracy on both corporate investment in R&D and investment efficiency are stronger when shareholders have strong legal protections. These effects are also stronger at large and highly leveraged firms.