Transactional-institutional fit: Corporate governance of R&D investment in different institutional contexts
| Autor: | Jean McGuire, Barclay E. James |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
Marketing
Finance Transaction cost business.industry Bond media_common.quotation_subject Corporate governance 05 social sciences Equity (finance) Financial system Transactional leadership Loan Debt 0502 economics and business Economics Management research 050211 marketing business 050203 business & management media_common |
| Zdroj: | Journal of Business Research. 69:3478-3486 |
| ISSN: | 0148-2963 |
| DOI: | 10.1016/j.jbusres.2016.01.038 |
| Popis: | Management research has a rich history devoted to understanding how different types of equity holders facilitate effective governance of investment in research and development (R&D). But scant research exists on understanding how different types of debt effectively govern R&D investment and virtually no research exists on this topic across institutional contexts. Yet, similar types of transactions differ across institutional contexts. This study develops and tests a transactional-institutional fit view of debt governance of R&D investment, grounded in transaction cost economics, which examines the alignment or fit between bank loan debt, bond debt, and R&D investment in bank-based and market-based countries. Analyses of 7943 firms across 12 countries from 1997–2010 support the key proposition: in bank-based (market-based) countries, higher levels of bank loan debt coupled with higher levels of R&D investment increase (decrease) firm performance. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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