Although the relationship between firm R&D and performance has been analysed in previous literature from different viewpoints, few studies have analysed how the board of directors, one of the main governing bodies with responsibility at strategic level, may affect this relationship. In particular, previous works have studied some characteristics related to the monitoring role of the board. However, it is also likely that access to external information and resources crucial for firms that want to innovate and improve their performance might be facilitated through the links held by interlocking directors (who also serve as directors in other firms). This paper aims to shed light on this topic by providing the first research focusing on how a board’s provision of knowledge and advice proxied by the percentage of interlocking directors may moderate the firm R&D-performance classical relationship. Using a sample of 106 Spanish listed companies in the period 2008–2019, GMM analyses show that R&D investments have a positive effect on firm value, but a larger number of interlocking directors may diminish this positive effect. Our results suggest that firms should be cautious about increasing the proportion of interlocking directors. A larger number of such directors may affect the flow of information within the board and, consequently, positive interactions between the board, firm innovation and performance. In addition, we recommend that policy makers should reinforce incentives to increase firm innovation as it seems to increase firm value and, when drafting corporate governance codes, should reflect in more detail on the role played by interlocking directors.

尽管以往文献从不同角度分析了企业研发与绩效之间的关系，但很少有研究分析董事会作为战略层面责任的主要治理机构之一如何影响这种关系。特别是，以前的工作研究了与董事会监督作用相关的一些特征。然而，对于想要创新和提高业绩的公司来说，通过连锁董事（也在其他公司担任董事）所持有的联系，也可能有助于获得至关重要的外部信息和资源。本文旨在通过提供第一个研究来阐明这一主题，重点关注董事会提供的知识和建议（以连锁董事的比例为代表）如何调节公司研发与绩效的经典关系。GMM 以 2008 年至 2019 年期间 106 家西班牙上市公司为样本，分析表明，研发投资对公司价值有积极影响，但较多的连锁董事可能会削弱这种积极影响。我们的研究结果表明，公司应该谨慎对待增加连锁董事的比例。此类董事数量较多可能会影响董事会内部的信息流动，从而影响董事会、公司创新和绩效之间的积极互动。此外，