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This study examines the relationship between ownership structures in large European companies and their innovative activity in terms of R&D spending. The analysis is performed on a sample of 324 large innovative companies over 8 years. Contrary to the view that institutional investors can have a negative influence on R&D spending, we report a positive impact of these investors. Our study also tests the impact of “impatient” institutional investors and provides evidence of their negative influence on R&D spending.
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Brossard et al. (2013) studied this question.
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