Corporate Governance and Innovation
使用Tobin's q投资模型估计公司治理与创新活动水平的关系，发现简单OLS显示差治理减少创新，但控制序列相关、未观测效应或使用工具变量后，这一关系大幅减弱或消失。
Abstract We use Tobin’s q models of investments to estimate the relationship between corporate governance and the level of innovative activity. Simple ordinary least squares (OLS) models suggest that poor governance reduces innovative activity. However, OLS results are sensitive to controlling for serial correlation, unobserved effects, or using instrumental variables to control simultaneity. Controlling for these effects substantially reduces or eliminates the relationship between governance and innovative activity.