Institutional investors' shareholding, corporate governance, and corporate innovation investment

被引：1
作者：
Zhang, Huaqing [1 ,2 ]
Zhang, Xiangjian [3 ]
Tan, Haoyu [4 ]
Tu, Yongqian [4 ]
机构：
[1] Huanggang Normal Univ, Sch Polit & Law, Huanggang 438000, Hubei, Peoples R China
[2] Wuhan Univ Technol, Sch Marxism, Wuhan 430070, Hubei, Peoples R China
[3] Shanghai Univ Finance & Econ, Inst Finance & Econ, Shanghai 200433, Peoples R China
[4] Renmin Univ China, Sch Lab & Human Resources, Beijing 100872, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 96卷
基金：
中国国家自然科学基金;
关键词：
Institutional investor shareholding; Corporate innovation investment; Corporate governance;
D O I：
10.1016/j.iref.2024.103643
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The objective of this study is to investigate the influence of institutional investors' shareholding on corporate innovation investment, as well as to assess how this influence varies across different settings. By employing theoretical analyses and empirical tests, we discover a significant impact of institutional investor shareholding on corporate innovation investment. Moreover, we evaluate the magnitude of this impact in relation to ownership structure, analyst attention, the degree of intellectual property protection, and industry classification. Furthermore, our findings indicate that corporate governance plays a beneficial role in moderating the relationship between institutional investors' shareholding and companies' investment in innovation.
引用
收藏
页数：10
相关论文
共 24 条
  • [1] International review of financial analysis: A retrospective evaluation between 1992 and 2020
    Baker, H. Kent
    Kumar, Satish
    Goyal, Kirti
    Sharma, Anuj
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2021, 78
  • [2] How Transformational Leadership Affects Firm Innovation Performance - A Perspective Based on Environmental Dynamism and Business Model Innovation
    Dong, Bo
    [J]. JOURNAL OF CHINESE HUMAN RESOURCES MANAGEMENT, 2023, 14 (02): : 38 - 50
  • [3] Institutional investment horizons, corporate governance, and credit ratings: International evidence
    Driss, Hamdi
    Drobetz, Wolfgang
    El Ghoul, Sadok
    Guedhami, Omrane
    [J]. JOURNAL OF CORPORATE FINANCE, 2021, 67
  • [4] Financial inclusion and economic growth: The role of governance in selected MENA countries
    Emara, Noha
    El Said, Ayah
    [J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2021, 75 : 34 - 54
  • [5] Institutional investor networks and firm innovation: Evidence from China
    Fan, Yaoyao
    Ly, Kim Cuong
    Jiang, Yuxiang
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2023, 89
  • [6] The effect of institutional ownership and ownership dispersion on eco-innovation
    Garcia-Sanchez, Isabel-Maria
    Aibar-Guzman, Cristina
    Aibar-Guzman, Beatriz
    [J]. TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE, 2020, 158
  • [7] Retail investor attention and corporate innovation in the big data era
    Hao, Jing
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2023, 86
  • [8] Financial development, energy consumption and China's economic growth: New evidence from provincial panel data
    Hao, Yu
    Wang, Ling-Ou
    Lee, Chien-Chiang
    [J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2020, 69 : 1132 - 1151
  • [9] Information Accessibility and Corporate Innovation
    Kong, Dongmin
    Lin, Chen
    Wei, Lai
    Zhang, Jian
    [J]. MANAGEMENT SCIENCE, 2022, 68 (11) : 7837 - +
  • [10] Effects of foreign investors on energy firms' innovation: Evidence from a natural experiment in China
    Kong, Dongmin
    Zhu, Ling
    Yang, Zhiqing
    [J]. ENERGY ECONOMICS, 2020, 92
123