Abstract
This paper analyses how the composition and ownership structure of boards of directors affect firms' R&D investments. Most research on the impact of the board focuses on corporate performance in an Anglo-American context. This study explores the influence of the board on R&D investments in the Spanish corporate governance system, which is different from the British and US systems. Data from 86 Spanish quoted companies in technology industries show that board composition influences R&D investments. Further, our results indicate that ownership structure can moderate the relation between board composition and R&D investments. This study states opposing hypotheses, based on arguments from agency and stewardship theories. We use these theories to analyse the influence of the board on R&D investments as a key factor for success in highly competitive technology industries.
Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
