Innovation And Institutional Ownership
DOWNLOAD
Download Innovation And Institutional Ownership PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Innovation And Institutional Ownership book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Innovation And Institutional Ownership
DOWNLOAD
Author : Philippe Aghion
language : en
Publisher:
Release Date : 2009
Innovation And Institutional Ownership written by Philippe Aghion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Industrial management categories.
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional owners increase managerial incentives to innovate by reducing the career risk of risky projects. The data supports the career concerns model. First, whereas the lazy manager hypothesis predicts a substitution effect between institutional ownership and product market competition (and managerial entrenchment generally), the career-concern model allows for complementarity. Empirically, we reject substitution effects. Second, CEOs are less likely to be fired in the face of profit downturns when institutional ownership is higher. Finally, using instrumental variables, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to be due to endogenous selection.
Innovation And Institutional Ownership
DOWNLOAD
Author : Philippe Aghion
language : en
Publisher:
Release Date : 2014
Innovation And Institutional Ownership written by Philippe Aghion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional owners increase managerial incentives to innovate by reducing the career risk of risky projects. The data supports the career concerns model. First, whereas the lazy manager hypothesis predicts a substitution effect between institutional ownership and product market competition (and managerial entrenchment generally), the career-concern model allows for complementarity. Empirically, we reject substitution effects. Second, CEOs are less likely to be fired in the face of profit downturns when institutional ownership is higher. Finally, using instrumental variables, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to be due to endogenous selection.
Innovation And Institutional Ownership Revisited
DOWNLOAD
Author : Susanne Berger
language : en
Publisher:
Release Date : 2014
Innovation And Institutional Ownership Revisited written by Susanne Berger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Institutional Investors Ownership Stability And Firms Innovation
DOWNLOAD
Author : Hamid Sakaki
language : en
Publisher:
Release Date : 2019
Institutional Investors Ownership Stability And Firms Innovation written by Hamid Sakaki and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
We examine the relationship between various measures of institutional ownership and investee firms' level of innovation as measured by the number of patents and patent citations. We find a direct association between the stability in the equity ownership of institutional investors and their investee firms' level of innovation. Our main finding would serve to reassure managers that they benefit from the support of long-term-oriented institutional investors who adopt a "buy and hold" investment philosophy as opposed to a "trading" philosophy. We also examine the association between the proportion of a firm's equity held by institutional investors and its innovation and find that it relies on the type of the investor. For instance, while there exists a positive association between mutual funds and firm innovation yet, the association is only positive for funds that actively manage their portfolios different from their benchmark index. Next, pressure-sensitive institutional investors' shareholdings are positively correlated with firm innovation; however, it is not necessarily the case for all the pressure-insensitive investors.
The Effect Of Institutional Ownership On Firm Innovation
DOWNLOAD
Author : Zhao Rong
language : en
Publisher:
Release Date : 2017
The Effect Of Institutional Ownership On Firm Innovation written by Zhao Rong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Innovation Institutional Ownership And Financial Constraints
DOWNLOAD
Author : Jan Philip Schain
language : en
Publisher:
Release Date : 2016
Innovation Institutional Ownership And Financial Constraints written by Jan Philip Schain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Firm Innovation And Institutional Investment
DOWNLOAD
Author : Nida Abdioglu
language : en
Publisher:
Release Date : 2013
Firm Innovation And Institutional Investment written by Nida Abdioglu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper investigates the effect of the Sarbanes-Oxley Act (SOX) on the relation between institutional ownership (IO) and firm innovation. We find that US firms investing in innovation attract more institutional capital post-SOX. Prior literature identifies two SOX effects on the average US firm that could drive this relation, that is, a decreased level of information asymmetry (direct effect) and the consequent increased market liquidity (indirect effect). Our findings overwhelmingly support the direct effect. In particular, we find that the positive relation between IO and innovation post-SOX is mainly driven by passive and dedicated institutional investors. These investors benefit greatly from a reduction in the firm's information asymmetry but receive little gain from improvements in market liquidity, given their long-term trading horizon. Our results are robust to different model specifications, including difference-in-differences tests, which alleviate concerns about the impact of confounding effects to our conclusions. Taken together, our findings indicate an important policy effect of SOX, namely, the strengthening of institutional investor support for firm innovation.
DOWNLOAD
Author :
language : en
Publisher:
Release Date : 1923
written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1923 with categories.
Relationships Between Institutional Ownership Capital Structure And Research And Development Investment
DOWNLOAD
Author : Hsueh-En Hsu
language : en
Publisher:
Release Date : 2016
Relationships Between Institutional Ownership Capital Structure And Research And Development Investment written by Hsueh-En Hsu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Research and development (R&D) is vital for an information technology (IT) firm's innovation. This study investigates the relationship among institutional ownership, capital structure, and research and development investment for 336 listed information technology firms from 2006 to 2009. Empirical evidence shows that there is no significant relationship between institutional ownership and research and development investment. The finding suggests that institutional investors may not influence management decision making on research and development investment. This study also finds that capital structure has a negative relationship with research and development investment. The result indicates that information technology firms may use less debt when the investment outcome is uncertain.
Ownership And Governance Of Enterprises
DOWNLOAD
Author : Laixiang Sun
language : en
Publisher: Springer
Release Date : 2003-10-16
Ownership And Governance Of Enterprises written by Laixiang Sun and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-10-16 with Business & Economics categories.
Conventional wisdom recommends the superiority of private ownership of enterprises. The reality confronts it with a rich diversity in ownership and governance structures. This volume examines five types of unorthodox ownership and governance form emerging in the industrial sector across major economies. It analyzes two cases to demonstrate that there are alternative ways to harden budget constraints of state-owned enterprises. It investigates the driving forces behind these evolving dynamics and explores policy implications for developing and transition economies.