Corporate Governance, Market Structure, and Innovation

This book investigates the relationship between corporate governance, market structure and innovation. The editors observe that a number of radical mutations are occurring in industries that have played a crucial role in sustaining and fostering the pace of technological progress. Specifically, three classes of institutional discontinuities are discussed: privatisation processes, mergers and acquisitions and liberalisation of the market. The authors aim to show that the effects of such institutional discontinuities may seriously affect, in the short term, the market value of the firm, and in the medium/long term, the performance of the national system of innovation as a whole. The book outlines the theoretical background to the empirical analyses that are later developed and illustrated using original longitudinal data set from US and European markets. It goes on to present selected empirical evidence drawn from different industries, which provide the reader with an interesting insight into how major changes in corporate governance and in market structures have affected innovation activities in high tech sectors. Finally, the authors discuss the technology policy implications that are derived from the evidences illustrated.