Does R&D investment affect export intensity? The moderating effect of ownership

The present work aims to highlight the relationship between R&D investment and firms' internationalisation degree and to investigate whether family ownership and state ownership exert a moderating role on the abovementioned relationship. Based on a sample of 106 Italian listed firms during the period 2010-2013, this study finds that R&D investment has a positive impact on the ratio of sales in foreign countries to total sales. Furthermore, family ownership positively influences the relationship between R&D investment and firms' internationalisation degree because of patient capital and family owners' altruism. Conversely, the findings show that state ownership negatively affects the relationship under examination because state-owned enterprises (SOEs) operate in domestic protected markets and are characterised by severe agency conflicts and low competitiveness.