Institutional investors and R&D investment: an international comparison

Abstract

This article examines the involvement of institutional investors, as a heterogeneous entity in the management of the firm. Knowing the identity of these institutions (banks, pension funds and mutual funds) may be useful because of its different influences on the behavior of managers in R&D investment. In conducting a comparative study between different national systems of governance, we seek to identify the type of institution that can foster R&D investment. The empirical study is based on a sample of 531 U.S., Japanese and French firms for the period 2003-2007. The results of canonical analysis conducted show that investors have different effects on R&D investment according to the institutional context.

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