Governance structure, technical change, and industry competition

Guerini M, Harting P, Napoletano M (2020) Universität Bielefeld Working Papers in Economics and Management; 07-2020.
Bielefeld: Bielefeld University, Department of Business Administration and Economics.

Diskussionspapier | Veröffentlicht | Englisch
 
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Guerini, Mattia; Harting, PhilippUniBi ; Napoletano, Mauro
Abstract / Bemerkung
We develop a model to study the impact of corporate governance on firm investment decisions and industry competition. In the model, governance structure affects the distribution of shares among short- and long-term oriented investors, the robustness of the management regarding possible stockholder interference, and the managerial remuneration scheme. A bargaining process between firm’s stakeholders determines the optimal allocation of financial resources between real investments in R&D and financial investments in shares buybacks. We characterize the relation between corporate governance and firm’s optimal investment strategy and we study how different governance structures shape technical progress and the degree of competition over the industrial life cycle. Numerical simulations of a calibrated set-up of the model show that pooling together industries characterized by heterogeneous governance structures generate the well-documented inverted-U shaped relation between competition and innovation.
Stichworte
governance structure; industry dynamics; competition; technical change
Erscheinungsjahr
2020
Band
07-2020
Seite(n)
32
ISSN
2196-2723
Page URI
https://pub.uni-bielefeld.de/record/2949405

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Guerini M, Harting P, Napoletano M. Governance structure, technical change, and industry competition. Universität Bielefeld Working Papers in Economics and Management. Vol 07-2020. Bielefeld: Bielefeld University, Department of Business Administration and Economics; 2020.
Guerini, M., Harting, P., & Napoletano, M. (2020). Governance structure, technical change, and industry competition (Universität Bielefeld Working Papers in Economics and Management, 07-2020). Bielefeld: Bielefeld University, Department of Business Administration and Economics. doi:10.4119/unibi/2949405
Guerini, M., Harting, P., and Napoletano, M. (2020). Governance structure, technical change, and industry competition. Universität Bielefeld Working Papers in Economics and Management, 07-2020, Bielefeld: Bielefeld University, Department of Business Administration and Economics.
Guerini, M., Harting, P., & Napoletano, M., 2020. Governance structure, technical change, and industry competition, Universität Bielefeld Working Papers in Economics and Management, no.07-2020, Bielefeld: Bielefeld University, Department of Business Administration and Economics.
M. Guerini, P. Harting, and M. Napoletano, Governance structure, technical change, and industry competition, Universität Bielefeld Working Papers in Economics and Management, vol. 07-2020, Bielefeld: Bielefeld University, Department of Business Administration and Economics, 2020.
Guerini, M., Harting, P., Napoletano, M.: Governance structure, technical change, and industry competition. Universität Bielefeld Working Papers in Economics and Management, 07-2020. Bielefeld University, Department of Business Administration and Economics, Bielefeld (2020).
Guerini, Mattia, Harting, Philipp, and Napoletano, Mauro. Governance structure, technical change, and industry competition. Bielefeld: Bielefeld University, Department of Business Administration and Economics, 2020. Universität Bielefeld Working Papers in Economics and Management. 07-2020.
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2020-12-14T08:12:11Z
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Guerini M, Harting P, Napoletano M (2021)
Bielefeld University.

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