Ugur, Mehmet ORCID: 0000-0003-3891-3641 and Hashem, Nawar (2012) Market concentration, corporate governance and innovation: partial and combined effects in US-listed firms. Journal of Governance and Regulation, 1 (3/2). p. 199. ISSN 2220-9352 (Print), 2306-6784 (Online)

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Abstract

Mehmet Ugur and Nawar Hashem aim to contribute to the debate by investigating both partial and combined effects of corporate governance and market concentration on
innovation. Utilising a dataset for 1,400 non-financial US-listed companies and two-way cluster-robust estimation methodology, they report several findings. First, the relationship between market concentration and innovation is non-linear. Secondly, the relationship has a U-shape in the case of input measure of innovation (research and development - R&D – expenditures); but it has an inverted-U shape when net book-value of brands and patents is used as output measure of innovation. Third, corporate governance indicators such as antitakeover defences and insider control tend to have a negative partial effect on R&D
expenditures but a positive partial effect on net book-value of brands and patents. Finally, when interacted with market concentration, anti-takeover defences and insider control act as complements to market concentration.

Item Type:	Article
Uncontrolled Keywords:	innovation, competition, corporate governance, two-way cluster-robust estimation
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Faculty / School / Research Centre / Research Group:	Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) > Greenwich Political Economy Research Centre (GPERC)
Related URLs:	Publisher Publisher
Last Modified:	04 Aug 2021 16:32
URI:	http://gala.gre.ac.uk/id/eprint/8840

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