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Firm age, ultimate ownership, and R&D investments

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  • Fan, Shuangrui
  • Wang, Cong

Abstract

Firms’ innovation activities change over time, yet little is known about how R&D investments, as a critical input to innovation, change with firm age. Moreover, previous studies have documented that ownership, as a fundamental component of corporate governance, influences R&D investments. However, no prior study has ever investigated whether types of ownership affect the age–R&D relationship. Examining R&D investments according to firm age and ultimate ownership casts light on the dynamics of innovation. Based on a sample of publicly listed R&D performing manufacturing firms in China during 2007–2014, this study reveals that R&D investments differ according to firm age. The relationship between firm age and R&D investments is bell-shaped in general. The type of ultimate ownership moderates the age–R&D relationship, as the relationship is more dramatic among SOEs. The findings of this study contribute to ongoing literature on corporate governance and innovation from an emerging economy context.

Suggested Citation

  • Fan, Shuangrui & Wang, Cong, 2021. "Firm age, ultimate ownership, and R&D investments," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 1245-1264.
    • Handle: RePEc:eee:reveco:v:76:y:2021:i:c:p:1245-1264
    DOI: 10.1016/j.iref.2019.11.012
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    More about this item

    Keywords

    Firm age; Ultimate ownership; State owner; R&D investments; China;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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