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oai:gredos.usal.es:10366/1497392025-04-30T19:51:58Zcom_10366_4201com_10366_4200com_10366_3946com_10366_3823col_10366_4202

Pindado García, Julio Queiroz, Valdoceu de De la Torre, Chabela 2022-05-16T08:52:02Z 2022-05-16T08:52:02Z 2015 Pindado, Julio., Queiroz, Valdoceu de., de la Torre, Chabela. (2015). How do country-level governance characteristics impact the relationship between R&D and firm value?. R&D Management 45(5), 515-526. doi.org/10.1111/radm.12115 0033-6807 http://hdl.handle.net/10366/149739 10.1111/radm.12115 [EN] This article addresses the question of how country-level governance characteristics moderate the market valuation of research and development (R&D). Using a valuation model and panel data from companies in the European Union, United States, and Japan, we find that effective corporate governance allows the market to better assess a firm's R&D investments. This finding is the conjunction with the effect of the legal system, the financial system, and mechanisms of control. First, as effectiveness of investor protection increases, the market valuation of R&D projects also increases. Second, more developed financial systems do a better job assessing R&D. Third, effective control mechanisms reinforce the positive effect of R&D on a firm's market value. In sum, our findings shed light on how policymakers can increase the benefits from firms' R&D spending and thus foster economic growth and social welfare using these country-level governance characteristics. eng Attribution-NonCommercial-NoDerivatives 4.0 Internacional http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess Market valuation Foster economic growth Social welfare I+D Financial system 5307.13 Teoría de la Inversión 5307.08 Teoría del Crecimiento Económico 5307.19 Teoría del Bienestar How do country-level governance characteristics impact the relationship between R&D and firm value? info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://doi.org/10.1111/radm.12115 R&D Management 45 5 515 526