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- Title
Antitakeover Protection and R&D Expenditure.
- Authors
Jain, Ravi; Wasan, Sonia
- Abstract
Existing literature offers conflicting viewpoints and inconclusive evidence on the role of antitakeover protection on R&D expenditure. We add to the existing pool of literature by once again examining the association between antitakeover protection and R&D for a sample of 3,865 firm-year observations over the period 1990-2002 and found a negative association between the adoption of antitakeover measures and R&D expenditure. The results of our study suggest that managers tend to avoid long-term slow-yielding investments when shielded from takeover threats. While we did not make a conclusive argument on the association between antitakeover protection and R&D, we found results of our study robust to employing different constructs of both R&D expenditure and antitakeover measures, as well as to alternate model specifications and estimation methods.
- Subjects
ANTITAKEOVER strategies; RESEARCH &; development; LITERATURE reviews; ESTIMATION theory; INVESTMENTS; INDUSTRIAL management
- Publication
Journal of Business & Economic Studies, 2012, Vol 18, Issue 1, p96
- ISSN
1063-343X
- Publication type
Article