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Jurnal

Journal of Financial Economics

Keyword

Corporate governance; Board composition; Innovation; Exploration and exploitation

Pengarang

  1. Benjamin Balsmeier
  2. Lee Fleming
  3. Gustavo Manso

    Subject

    1. ECONOMIC
    2. FINANCIAL

      [Abstrak]

      Much
      research has suggested that independent boards of directors are more
      effective in reducing agency costs and improving firm governance. How
      they influence innovation is less clear. Relying on regulatory changes,
      we show that firms that transition to independent boards focus on more
      crowded and familiar areas of technology. They patent and claim more and
      receive more total future citations to their patents. However, the
      citation increase comes mainly from incremental patents in the middle of
      the citation distribution; the numbers of uncited and highly cited
      patents—arguably associated with riskier innovation strategies—do not
      change significantly.


      Periode

      Vol 123, Nomor 3, Tahun 2017

      [Berkas]

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