Corporate Governance, Market Structure And Innovation

Description: This book investigates the relationship between corporate governance, market structure and innovation. The editors observe that a number of radical mutations are occurring in industries that have played a crucial role in sustaining and fostering the pace of technological progress. Specifically, three classes of institutional discontinuities are discussed: privatisation processes, mergers and acquisitions and liberalisation of the market. The authors aim to show that the effects of such institutional discontinuities may seriously affect, in the short term, the market value of the firm, and in the medium/long term, the performance of the national system of innovation as a whole. The book outlines the theoretical background to the empirical analyses that are later developed and illustrated using original longitudinal data set from US and European markets. It goes on to present selected empirical evidence drawn from different industries, which provide the reader with an interesting insight into how major changes in corporate governance and in market structures have affected innovation activities in high tech sectors. Finally, the authors discuss the technology policy implications that are derived from the evidences illustrated.

Review: `. . . an invaluable book that should be read by anyone who seeks to understand the current state of corporate governance. . . an extraordinary source of invaluable insights and a spark for creativity, even the more widely read corporate enthusiasts are sure to find something new.' -- L. Striukova, Research Policy `This excellent collection of theoretical and empirical papers provides novel insights on the relationship between corporate governance, market structure and innovation. By studying the effects of privatisation on M&As and corporate restructuring, and the impact of these effects on innovation and future growth, the book sheds light on the dynamic implications of these institutional changes - implications which embody crucial lessons for both managers and policymakers.' -- Mariana Mazzucato, London Business School and Open University, UK

Contents: Contents: Preface Part I: Market Structure, Corporate Governance and Innovation 1. Corporate Governance and Innovation 2. Market Structure and the Balance of R&D Investments 3. Mergers and Acquisitions and Innovation Strategies Part II: Privatization, Liberalization and R&D Activities 4. Privatization's Effects on R&D Investments 5. Liberalization and the Balance of R&D Activities: An Empirical Analysis 6. The Effects of M&As on the Innovation Performance of Acquired Companies 7. The Organization of R&D Activities within Privatized Companies Part III: The Economic Value of R&D Activities 8. A Meta-Analytic Study of the Relationship between R&D Investments and Corporate Value 9. R&D and Market Value: The Case of Privatized Companies 10. R&D Financing and Stock Markets Part IV: Conclusions 11. Conclusions and Policy Implications Bibliography Index



Author Biography: Edited by Mario Calderini, Politecnico di Milano, Paola Garrone, Professor of Economics, Politecnico di Milano and Maurizio Sobrero, Professor of Management, Universita di Bologna, Italy