Corporate Governance and Innovation: Theory and Evidence


We develop a theory to show how external and internal corporate governance mechanisms a¤ect innovation. We show that there is a U-shaped relation between innovation and external takeover pressure, which arises from the interaction between expected takeover premia and private bene…ts of control. We show strong empirical support for the predicted relation… (More)


Figures and Tables

Sorry, we couldn't extract any figures or tables for this paper.

Slides referencing similar topics