We explore the relation between antitakeover provisions (i.e. managerial entrenchment) and firm performance in innovation. Empirical results indicate that an increase in antitakeover provisions is negatively related to number of patents and number of citations to patents. Thus managers who are...

This paper empirically investigates whether corporate governance practices implemented to align shareholders’ and managers’ interests affect the resources firms devote to R&D. Two databases – one on governance ratings and one on R&D investment – are merged to obtain a multi-country,...

This book will take the reader through a systematic examination of the factors involved in process innovation. It starts with the considerations to be initiated in the boardroom and at group management level and develops into a hands-on guide for middle management and professional engineers...

Well-functioning markets allocate assets to owners that improve firms' management and performance. We study the effects of ownership changes on coffee mills in Rwanda - an industry in which managing relationships with farmers and seasonal workers is important and that has seen many ownership...

The paper considers the acquisition of a high-tech start-up and analyzes how the allocation of innovation decision-making powers has an impact on the post-acquisition innovation activity of the target firm. These powers may be delegated to the key inventors of the acquired firm or centralized by...

I incorporate an insight of Friedrich Hayek—that competition allows a thousand flowers to bloom, and discovers the best among them—into a model of Schumpeterian innovation. Firms face uncertainty about the optimal direction of innovation, so more innovations implies a higher expected value...

This paper examines the impact of the conglomerate form on the scale and novelty of corporate Research and Development (R&D) activity. I exploit a quasi-experiment involving failed mergers to generate exogenous variation in acquisition outcomes of target firms. A difference-in-differences...

This paper uses a rich panel dataset of Spanish manufacturing firms (1990-2006) and a propensity score reweighting estimator to show that multinational firms acquire the most productive domestic firms, which, on acquisition, conduct more product and process innovation (simultaneously adopting...