Corporate governance and innovation: does firm age matter?
研究了公司治理对不同年龄企业创新的影响，发现公司治理会减少所有企业的研发投入，尤其对年轻企业的专利申请策略有显著负面影响，支持公司治理生命周期观点。
This article investigates the relationship between corporate governance (CG) and innovation for firms of different ages. We blend data drawn from the ISS RiskMetrics and the Bureau van Dijk Orbis databases to perform micro-econometric analyses on a sample of 2200 listed firms. We show that CG may decrease research and development for all firms and that, more importantly, it has a significant and negative effect on the patenting strategy of the younger firms. Our results are consistent with the CG life cycle view, according to which young companies tend to privilege short-termism and value preservation rather than long-term risky innovation strategies. What shown and discussed in this contribution supports the proposition that firm age matters in how CG may alter innovation.