Corporate Governance and Innovation

被引：138
|
作者：
O'Connor, Matthew [1 ]
Rafferty, Matthew [1 ]
机构：
[1] Quinnipiac Univ, Sch Business, Hamden, CT 06518 USA
来源：
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2012年 / 47卷 / 02期
关键词：
PANEL-DATA; MANAGERIAL;
D O I：
10.1017/S002210901200004X
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We use Tobin's q models of investments to estimate the relationship between corporate governance and the level of innovative activity. Simple ordinary least squares (OLS) models suggest that poor governance reduces innovative activity. However, OLS results are sensitive to controlling for serial correlation, unobserved effects, or using instrumental variables to control simultaneity. Controlling for these effects substantially reduces or eliminates the relationship between governance and innovative activity.
引用
收藏
页码：397 / 413
页数：17
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