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Edited by Kosmas X. Smyrnios, Panikkos Z. Poutziouris and Sanjay Goel
Chapter 29: A study of innovation activities and the role played by ownership structure in Spanish industrial companies
The ownership structure of firms has been considered as one of the factors determining the level of investment in R & D (Baysinger et al., 1991; Lee and O’Neil, 2003; Chen, 2009). In the field of family business this study has been conducted from different perspectives: family businesses have been identified as sources of technological innovation and economic development (Astrachan, 2003; Astrachan et al., 2003; Zahra, 2005), while other authors have analyzed the dynamics of evolution of ownership and its type in its effect on investment in R & D activities (Lee and O’Neil, 2003; Tribo et al., 2007). Moreover, the relationships between firms’ characteristics, innovation behavior and business performance have been studied by many authors. In fact, one of the first references in economic literature related to econometric analysis of R & D activities is Griliches’s R & D capital stock model (Griliches, 1979). This model stresses that R & D activities enhance innovations and these foster firm performance. Griliches’s model includes the typical productive factors and, additionally, it incorporates another one named ‘technological capital’, depending on R & D firms’ expenditure, universities’ R & D and technological centers’ activities. This production function has been used in several later studies (Griliches and Mairesse, 1983; Acs et al., 1992; Audretsch, 1998; Porter and Stern, 1999).
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