Delegation, Ownership Concentration and R&D Spending: Evidence From Italy

Jakub Kastl, David Martimort, Salvatore Piccolo

Research output: Contribution to journalArticlepeer-review

19 Scopus citations


We use data from the Italian manufacturing industry to document a positive correlation between delegation and R&D. This result is robust to controlling for the determinants of R&D such as human capital, capital intensity and sectoral or regional effects. We further investigate the determinants of delegation and find that ownership concentration is significantly related to delegation. Among large firms with a dispersed ownership structure, larger ownership concentration implies less delegation, whereas the opposite emerges with more concentrated ownership. Differences between the Northern and Southern regions in terms of firms' propensity to delegate decisions and engage in R&D also emerge.

Original languageEnglish (US)
Pages (from-to)84-107
Number of pages24
JournalJournal of Industrial Economics
Issue number1
StatePublished - Mar 2013
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Accounting
  • General Business, Management and Accounting
  • Economics and Econometrics


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