Corporate governance and R&D investment: the role of debt financing

Abstract This paper examines the role of debt financing in the relationship between corporate governance and research and development (R&D) investment using a sample of publicly traded U.S. pharmaceutical firms from 2009 to 2018. The results show a positive and significant association between co...

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Published inIndustrial and corporate change Vol. 31; no. 3; pp. 628 - 653
Main Authors Muhammad, Hussain, Migliori, Stefania, Mohsni, Sana
Format Journal Article
LanguageEnglish
Published UK Oxford University Press 01.06.2022
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Abstract Abstract This paper examines the role of debt financing in the relationship between corporate governance and research and development (R&D) investment using a sample of publicly traded U.S. pharmaceutical firms from 2009 to 2018. The results show a positive and significant association between corporate governance mechanisms (such as board size, board independence, board gender diversity, and ownership concentration) and R&D investment and a negative and significant association between debt financing and R&D investment. In addition, we show that debt financing plays a moderating role and a partial mediating role in the relationship between corporate governance mechanisms and R&D investment. Specifically, debt financing attenuates the negative effect of board size on R&D investment and accentuates the positive effect of ownership concentration on R&D investment. Our study helps to shed light on a close and complex relationship existing between the firm’s choices of corporate governance, debt financing, and R&D investments, which the previous literature has so far examined in a partial and fragmented way. To ensure effective R&D investment, firms need to consider the effect of debt financing on corporate governance decisions.
AbstractList Abstract This paper examines the role of debt financing in the relationship between corporate governance and research and development (R&D) investment using a sample of publicly traded U.S. pharmaceutical firms from 2009 to 2018. The results show a positive and significant association between corporate governance mechanisms (such as board size, board independence, board gender diversity, and ownership concentration) and R&D investment and a negative and significant association between debt financing and R&D investment. In addition, we show that debt financing plays a moderating role and a partial mediating role in the relationship between corporate governance mechanisms and R&D investment. Specifically, debt financing attenuates the negative effect of board size on R&D investment and accentuates the positive effect of ownership concentration on R&D investment. Our study helps to shed light on a close and complex relationship existing between the firm’s choices of corporate governance, debt financing, and R&D investments, which the previous literature has so far examined in a partial and fragmented way. To ensure effective R&D investment, firms need to consider the effect of debt financing on corporate governance decisions.
Author Migliori, Stefania
Mohsni, Sana
Muhammad, Hussain
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  givenname: Stefania
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  fullname: Migliori, Stefania
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  givenname: Sana
  surname: Mohsni
  fullname: Mohsni, Sana
  email: sana.mohsni@carleton.ca
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Snippet Abstract This paper examines the role of debt financing in the relationship between corporate governance and research and development (R&D) investment using a...
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Title Corporate governance and R&D investment: the role of debt financing
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