{"title":"董事会改革与创新","authors":"Muhammad Farooq Ahmad, Oskar Kowalewski","doi":"10.2139/ssrn.3850121","DOIUrl":null,"url":null,"abstract":"We study the effect of board reforms on firms' research and development investments utilizing a sample of 40 countries. Using a difference-in-differences analysis, we find that firms' invest more in research and development following corporate governance reforms. Of these, two reforms - having an independent audit committee and board independence - have a greater impact on innovation. Additionally, we show that reforms have the largest impact on research and development investment in hi-tech industries and the health sector.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Board Reforms and Innovation\",\"authors\":\"Muhammad Farooq Ahmad, Oskar Kowalewski\",\"doi\":\"10.2139/ssrn.3850121\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study the effect of board reforms on firms' research and development investments utilizing a sample of 40 countries. Using a difference-in-differences analysis, we find that firms' invest more in research and development following corporate governance reforms. Of these, two reforms - having an independent audit committee and board independence - have a greater impact on innovation. Additionally, we show that reforms have the largest impact on research and development investment in hi-tech industries and the health sector.\",\"PeriodicalId\":233958,\"journal\":{\"name\":\"European Finance eJournal\",\"volume\":\"6 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-05-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"European Finance eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3850121\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Finance eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3850121","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
We study the effect of board reforms on firms' research and development investments utilizing a sample of 40 countries. Using a difference-in-differences analysis, we find that firms' invest more in research and development following corporate governance reforms. Of these, two reforms - having an independent audit committee and board independence - have a greater impact on innovation. Additionally, we show that reforms have the largest impact on research and development investment in hi-tech industries and the health sector.
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