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Investisseurs institutionnels et investissement en R&D:une étude comparative

Author

Listed:
  • Rim Zouari-Hadiji

    (FSEG Sfax, COFFIT)

  • Ghazi Zouari

    (Fseg Sfax, LEG-Fargo)

Abstract

(VF)Cet article étudie l’implication des investisseurs institutionnels, en tant qu’entité hétérogène, dans la gestion de l’entreprise. La connaissance de l’identité de ces institutions (les banques, les fonds de pension et les fonds communs de placement) peut s’avérer utile en raison de ses différentes influences sur le comportement des dirigeants en matière d’investissement en R&D. En procédant à une étude comparative entre les différents systèmes nationaux de gouvernance, nous cherchons à identifier le type d’institution qui permet de favoriser l’investissement en R&D. Pour ce faire, l’étude empirique se base sur un échantillon de 531 entreprises américaines, japonaises et françaises pour la période 2003-2007. Les résultats des analyses canoniques menées montrent que les investisseurs ont des effets différents sur l’investissement en R&D selon le contexte institutionnel.(VA)This article examines the involvement of institutional investors, as a heterogeneous entity in the management of the firm. Knowing the identity of these institutions (banks, pension funds and mutual funds) may be useful because of its different influences on the behavior of managers in R & D investment. In conducting a comparative study between different national systems of governance, we seek to identify the type of institution that can foster R & D investment. The empirical study is based on a sample of 531 U.S., Japanese and French firms for the period 2003-2007. The results of canonical analysis conducted show that investors have different effects on R & D investment according to the institutional context.

Suggested Citation

  • Rim Zouari-Hadiji & Ghazi Zouari, 2011. "Investisseurs institutionnels et investissement en R&D:une étude comparative," Working Papers CREGO 1110101, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1110101
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    References listed on IDEAS

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    More about this item

    Keywords

    Investissement en R&D; investisseurs institutionnels; banque; fonds de pension; fonds mutuels; R&D investment; institutional investors; banks; pension funds; mutual funds.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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