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Accueil du site > Membres > Chercheurs et Enseignants-Chercheurs > Fiches > LHUILLERY Stéphane > ARTICLES > 2011, The impact of corporate governance practices on R&D efforts : a look at shareholders’ rights, cross-listing and control pyramid. Industrial and Corporate Change, 20(5). 1475-1513.

2011, The impact of corporate governance practices on R&D efforts : a look at shareholders’ rights, cross-listing and control pyramid. Industrial and Corporate Change, 20(5). 1475-1513.

The article considers the impact of multiple shareholder-oriented governance practices on R&D decisions. Based on a sample of 5528 firms belonging to 110 large French listed business groups, our results substantiate the idea that shareholder-oriented governance practices and a lower position in a control pyramid are better for R&D investment. The introduction of any additional shareholder oriented practice is found to result in more R&D. We show, however, that this
Anglo-Americanization of the French corporate governance system is only partial. We provide evidence of the co-existence of an old French system of corporate governance with a hybrid model of corporate governance. The lack of concrete results on complementarity among shareholder-oriented governance practices casts doubt on the stability of this hybrid model in the French context.

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