Board structure, R&D intensity and firm value relationship: Evidence from the Anglo-Saxon technology sector

Research output: Contribution to journalArticlepeer-review

Abstract

Drawing on resource dependence theory, we examined the role of board structure in shaping firms’ research and development (R&D) intensity and market value within the technology sector in Anglo-Saxon countries. From 2655 firm observations across Australia, Canada, New Zealand, the UK, and the US for the 2002–2021 period, we found that R&D intensity increased firm market value. Additionally, larger and more gender-diverse boards can create synergy in generating value from R&D investments. Counterintuitively, despite its growing importance after the Sarbanes–Oxley Act of 2002, board independence failed to yield a synergy between R&D intensity and firm value. Given the research context, we can infer that excessive board independence may limit managers’ ability to think freely and take risks, which are essential for innovation.

Original languageEnglish (US)
Article number103331
JournalResearch in International Business and Finance
Volume84
DOIs
StatePublished - Apr 2026

All Science Journal Classification (ASJC) codes

  • Business, Management and Accounting (miscellaneous)
  • Finance

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