Earning Management, Institutional Investors and R&D Expenditure

被引：0
|
作者：
Fan Haifeng [1 ]
Hu Yuming
Li Zongzhang [1 ]
机构：
[1] S China Agr Univ, Econ & Management Sch, Guangzhou 510642, Guangdong, Peoples R China
来源：
PROCEEDINGS OF THE SIXTH INTERNATIONAL SYMPOSIUM ON CORPORATE GOVERNANCE | 2011年
关键词：
Institutional investor; Earnings management; R&D expenditure;
D O I：
暂无
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The impact of institutional investors on long-term investment like R&D investment has always been the focus of the theoretical circle. Based on manufacturing firms' R&D data during 2006-2009, we studied the effect of institutional investors' shareholding on company's R&D investment. Results show that shareholding of China's mutual funds and total institutional investors' shareholding are negatively correlated with the earning management behavior by cutting R&D expenditure, which verify that institutional investors can promote R&D investment and protect investor's interest, and is not myopic investors.
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页码：295 / 302
页数：8
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