Delegation, Ownership Concentration and R&D Spending: Evidence From Italy
利用意大利制造业数据，发现授权与研发支出正相关，且所有权集中度显著影响授权决策，不同地区存在差异。
We use data from the Italian manufacturing industry to document a positive correlation between delegation and R & D . This result is robust to controlling for the determinants of R & D such as human capital, capital intensity and sectoral or regional effects. We further investigate the determinants of delegation and find that ownership concentration is significantly related to delegation. Among large firms with a dispersed ownership structure, larger ownership concentration implies less delegation, whereas the opposite emerges with more concentrated ownership. Differences between the Northern and Southern regions in terms of firms' propensity to delegate decisions and engage in R & D also emerge.