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EnglishIn this article we analyse how board characteristics influence firm innovation. Firm innovation refers to basic innovation and entrepreneurial activities internal to a firm, such as the firm emphasis on new product development, innovation technology, and RandD investments. Drawing on agency theory, we developed hypotheses on specific board structural characteristics - i.e., board size, outsider ratio, directors’ shareholdings, and CEO duality - and firm innovation. We tested our model on a sample of 301 large manufacturing Italian companies. We find support for our argument that – contrary to predictions of agency theory on CEO ownership - directors’ shareholdings negatively influence firm propensity to innovate. Our results also suggest that board size may play a role in shaping firm propensity toward innovation.
Boards of Directors and Firm Innovation: an Empirical Analysis on Large Italian Companies / Zona, Fabio; A., Minichilli; A., Zattoni. - STAMPA. - (2009), pp. 495-504.
| Titolo: | Boards of Directors and Firm Innovation: an Empirical Analysis on Large Italian Companies |
| Autori: | Zona, Fabio; A., Minichilli; A., Zattoni |
| Autori Unitn: | |
| Titolo del volume contenente il saggio: | The Value Creating Board. Corporate Governance and Organizational Behaviour |
| Luogo di edizione: | London; New York |
| Casa editrice: | Routledge |
| Anno di pubblicazione: | 2009 |
| ISBN: | 9780415437424 |
| Handle: | http://hdl.handle.net/11572/120259 |
| Citazione: | Boards of Directors and Firm Innovation: an Empirical Analysis on Large Italian Companies / Zona, Fabio; A., Minichilli; A., Zattoni. - STAMPA. - (2009), pp. 495-504. |
| Appare nelle tipologie: | 02.1 Saggio su volume miscellaneo o Capitolo di libro (Essay or Book Chapter) |
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|---|---|---|---|---|
| Zona_Zattoni_Minichilli_2009inHuse.pdf | Versione editoriale (Publisher’s layout) | Tutti i diritti riservati (All rights reserved) | Administrator |
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