What determines firms’ R&D intensity in business groups with cross-ownership structures?
研究了交叉持股的企业集团中，集团控股股东的利益如何影响附属企业的研发决策，发现控制权与现金流权差异越小或控股股东现金流权越高，研发强度越大。
This paper examines the impact of group-controlling shareholders’ interests on the R&D decision of group-affiliated firms in business groups with cross-ownership structures, especially with regard to the impact of control-ownership disparities or cash-flow rights. We show that R&D intensity across group-affiliated firms, in business groups with cross-ownership structures, is higher when control-ownership disparities are low or when group-controlling shareholders have higher cash-flow rights. Particularly in publicly listed firms, we find that the cash-flow rights of group-controlling shareholders are one of the most important determinants of the R&D intensity for group-affiliated firms.