The present work aims to highlight the relationship between R&D investment and firms internationalization degree and to investigate whether family ownership and state ownership exert a moderating role on the abovementioned relationship. Based on a sample of 106 Italian listed firms during the period 2010-2013, this study finds that R&D investment has a positive impact on the ratio of sales in foreign countries to total sales. Furthermore, family ownership positively influences the relationship between R&D investment and firms internationalization degree because of patient capital and family owners' altruism. Conversely, the findings show that state ownership negatively affects the relationship under examination because state-owned enterprises operate in domestic protected markets and are characterized by severe agency conflicts and low competitiveness.
Does R&D investment affect export intensity? The moderating effect of ownership
Ossorio Mario
2018
Abstract
The present work aims to highlight the relationship between R&D investment and firms internationalization degree and to investigate whether family ownership and state ownership exert a moderating role on the abovementioned relationship. Based on a sample of 106 Italian listed firms during the period 2010-2013, this study finds that R&D investment has a positive impact on the ratio of sales in foreign countries to total sales. Furthermore, family ownership positively influences the relationship between R&D investment and firms internationalization degree because of patient capital and family owners' altruism. Conversely, the findings show that state ownership negatively affects the relationship under examination because state-owned enterprises operate in domestic protected markets and are characterized by severe agency conflicts and low competitiveness.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
