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Innovation is the key source of growth and sustainability of a nation as it determines the competitive performance of country as well as firms. The innovation activities carried out by the corporate sector in India are the outcome of strategic investment decisions made by top management. Directors play pivotal role in innovation with the greatest power to select Research & Development project and evaluate its effectiveness, which is crucial for efficient utilization of resources. However, the uncertainty in the expected results of Research & Development activities makes the attitude of manager towards risk an important determinant in corporate innovation. The board may deviate towards short-term investments to reduce risks associated with long-term Research & Development investments; thus, their decisions need to be monitored through corporate governance oversight mechanisms. The chapter examines the role of corporate governance in enhancing the level of Research & Development activities in firms, and it was found that the role of independent director is pivotal in the decision-making of firm, especially through their active participation in board meetings.
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- Corporate Governance and Innovation
J. P. Sharma
- Springer Singapore
- Chapter 5
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