Essays on ownership and innovation

• Autores: Fernando Jorge Alves dos Santos
• Directores de la Tesis: Andrea Fosfuri (dir. tes.), Neus Palomeras Vilches (codir. tes.)
• Lectura: En la Universidad Carlos III de Madrid ( España ) en 2018
• Idioma: español
• Tribunal Calificador de la Tesis: Marco Giarratana (presid.), Ester Martínez Ros (secret.), Andrés Barge Gil (voc.)
• Programa de doctorado: Programa de Doctorado en Empresa y Finanzas / Business and Finance por la Universidad Carlos III de Madrid
• Materias:
  • Ciencias económicas
    • Economía sectorial
• Enlaces
  • Tesis en acceso abierto en: e-Archivo
• Resumen

  • We investigate three distinct ‘bridges’ between companies’ ownership characteristics and innovation.

    In the first chapter, we take an exploratory empirical approach to investigate the effect of going public on the risk-reward characteristics of the innovation portfolio. We argue that an IPO is a life-changing event that encompasses many changes that concur to impact the risk-reward characteristics of the innovation portfolio. However, we expect that an IPO is a more severe event for companies that were originated as new and independent entities, and remain independent till the IPO event – emerging growth companies – than it is for other companies – non-emerging growth companies. We find that going public does not affect the risk-reward characteristics of non- emerging companies. For emerging growth companies we find that the risk-reward characteristics of the innovation portfolio are: positively impacted by going public; and, negatively impacted by the percentage of shares offered at the IPO.

    In the second chapter, we investigate pharmaceuticals’ decision between acquiring and allying with a biotechnological, after recombinant DNA. The discovery of R- DNA represented an R&D competence-destroying event for incumbent pharmaceutical companies. As a response to that, organizational deals – namely, strategic alliances and mergers and acquisitions – have been extensively used as external sources of knowledge. We examine a potential determinant of pharmaceuticals’ decision between these two alternatives: the width of applicability of the internal knowledge of the biotechnological company. We find compelling evidence that it has a positive effect on the likelihood that the pharmaceutical company acquires (or merges with) that biotechnological company.

    In the third chapter, we examine the impact of SOX Section 404 on long-term investment of small innovative companies. We hypothesise that R&D intensity increases the impact of SOX 404 on long-term investment. Making use of a quasi- natural experiment, our results suggest that the impact of SOX Section 404 on companies’ long-term investment is uneven, favouring R&D intensive companies. This may call for a re-centring of policy discussion around the distribution of the net benefit of coercive financial disclosure programs versus the overall economic impact of those programs.