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Democracy and corporate R D investment

Borsa Istanbul Review, 2022-05, Vol.22 (3), p.465-476 [Peer Reviewed Journal]

ISSN: 2214-8450

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  • Title:
    Democracy and corporate R D investment
  • Author: Quoc Trung Tran
  • Subjects: G32 ; G34
  • Is Part Of: Borsa Istanbul Review, 2022-05, Vol.22 (3), p.465-476
  • Description: This paper investigates how a democratic environment affects corporate R&D investment around the world. Using a sample of 114,318 observations from 34 countries over the period 2002–2016, we find that democracy is negatively related to R&D expenditure and positively associated with R&D investment efficiency. These findings imply that a democratic environment helps firms improve their corporate governance and thus reduces their overinvestment in R&D projects. In addition, the effects of democracy on both corporate investment in R&D and investment efficiency are stronger when shareholders have strong legal protections. These effects are also stronger at large and highly leveraged firms.
  • Publisher: Elsevier
  • Language: English
  • Identifier: ISSN: 2214-8450
  • Source: ROAD: Directory of Open Access Scholarly Resources
    DOAJ Directory of Open Access Journals
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