Independent boards and innovation

被引：548

作者：

Balsmeier, Benjamin ^{[1
]}

Fleming, Lee ^{[2
,3
,4
]}

Manso, Gustavo ^{[4
]}

机构：

[1] Swiss Fed Inst Technol, KOF Swiss Econ Inst, Leonhardstr 21, CH-8092 Zurich, Switzerland

[2] Univ Calif Berkeley, Fung Inst Engn Leadership, 2451 Ridge Rd, Berkeley, CA 94709 USA

[3] Univ Calif Berkeley, Haas Sch Business, 2451 Ridge Rd, Berkeley, CA 94709 USA

[4] Univ Calif Berkeley, Haas Sch Business, 545 Student Serv Bldg 1900, Berkeley, CA 94720 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2017年 / 123卷 / 03期

基金：

美国国家科学基金会;

关键词：

Corporate governance; Board composition; Innovation; Exploration and exploitation; CORPORATE GOVERNANCE; INCENTIVE CONTRACTS; DIRECTORS EVIDENCE; OWNERSHIP; FIRMS;

D O I：

10.1016/j.jfineco.2016.12.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Much research has suggested that independent boards of directors are more effective in reducing agency costs and improving firm governance. How they influence innovation is less clear. Relying on regulatory changes, we show that firms that transition to independent boards focus on more crowded and familiar areas of technology. They patent and claim more and receive more total future citations to their patents. However, the citation increase comes mainly from incremental patents in the middle of the citation distribution; the numbers of uncited and highly cited patents arguably associated with riskier innovation strategies do not change significantly. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：536 / 557

页数：22

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