The moderating effects of the board of directors on the relationship between R&D investment and firm performance

Abstract

This research examines how the board of directors affects the relationship between Research and Development (R&D) investment and firm performance. The study, conducted on a sample of French companies listed on Euronext Paris, shows that the relationship between R&D investment and firm performance is significantly positive. However, this relationship varies significantly with the characteristics of the board of directors. Specifically, the results show that board independence, chief executive officer and chairman duality and the number of board meetings have a positive effect on the R&D investment-firm performance relationship, whereas board size affects this relationship negatively.

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