Developing a new risk management-human governance (RMHG) framework on firm efficiency
This study finds a nonlinear relationship between ownership concentration and R&D investments. Specifically, ownership concentration is positively related to R&D investments at a low level of ownership concentration; the relationship becomes negative when ownership concentration is at a high...
| Main Authors: | , , , |
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| Format: | Research Report |
| Language: | English |
| Published: |
2019
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| Subjects: | |
| Online Access: | http://umpir.ump.edu.my/id/eprint/36319/ http://umpir.ump.edu.my/id/eprint/36319/1/Developing%20a%20new%20risk%20management-human%20governance%20%28RMHG%29%20framework%20on%20firm%20efficiency.wm.pdf |
| Summary: | This study finds a nonlinear relationship between ownership concentration and R&D investments. Specifically, ownership concentration is positively related to R&D investments at a low level of ownership concentration; the relationship becomes negative when ownership concentration is at a high level. However, the impact of ownership concentration on R&D investments is lessened in family-controlled firms; that is, family control moderates the relationship between ownership concentration and R&D investments. Overall, this study suggests that the ownership concentration’s nonlinear impact on R&D investments differs between family-controlled firms and non-family-controlled firms. |
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