Innovation Institutional Ownership And Financial Constraints

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Innovation Institutional Ownership And Financial Constraints

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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.

Ownership And Governance Of Enterprises

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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.

Innovation And Institutional Ownership Revisited

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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.

Portfolio Preferences Of Foreign Institutional Investors

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Author : Reena Aggarwal
language : en
Publisher: World Bank Publications
Release Date : 2003

Portfolio Preferences Of Foreign Institutional Investors written by Reena Aggarwal and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Foreign exchange categories.

Count Data Models

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Author : Rainer Winkelmann
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-11-11

Count Data Models written by Rainer Winkelmann and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-11 with Business & Economics categories.

This book presents statistical methods for the analysis of events. The primary focus is on single equation cross section models. The book addresses both the methodology and the practice of the subject and it provides both a synthesis of a diverse body of literature that hitherto was available largely in pieces, as well as a contribution to the progress of the methodology, establishing several new results and introducing new models. Starting from the standard Poisson regression model as a benchmark, the causes, symptoms and consequences of misspecification are worked out. Both parametric and semi-parametric alternatives are discussed. While semi-parametric models allow for robust interference, parametric models can identify features of the underlying data generation process.

Two Essays On Corporate Innovation

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Author : Hua-Hsin Tsai
language : en
Publisher:
Release Date : 2020

Two Essays On Corporate Innovation written by Hua-Hsin Tsai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.

In the first chapter, I examine the relationship between institutional investors' distraction and innovation. Institutional investor distraction means that these institutional investors get distracted when they perceive either positive or negative information from other stocks in their portfolio. Prior studies suggest institutional holdings provide stable funding for firm managers and thus allow them to pursue long term innovation (stability hypothesis). However, the level of institutional holdings is also a proxy for the level of attention given by these institutions (attention hypothesis). I address this debate by utilizing the investor distraction measure of Kempf, Manconi, and Spalt (2017) and find that institutional investors' distraction reduces firm patent filings, citations, and quality, supporting the attention hypothesis. The effect is concentrated in firms owned by institutions providing beneficial monitoring but limited attention: passive institutions, independent institutions, and institutions with a low ownership concentration in the firm. The test shows that investor distraction impacts innovation via the monitoring channel or the information channel. In my second essay, I investigate the relationship between a firm's external financing needs and the extent of technology spillovers that the firm experiences. Reliance on external funds is captured by the firm's level of external financial dependence (EFD) firm. My empirical results indicate that firms with higher technology spillover have lower external financial dependence.

The Bright Side Of Cash Holdings

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Author : Zhen Wang
language : en
Publisher:
Release Date : 2016

The Bright Side Of Cash Holdings written by Zhen Wang 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.

We find that firms with higher cash-to-assets ratios obtain more patents and patent citations for a given amount of research and development expenditures. We propose that large cash reserves increase managerial incentives to innovate by reducing the risk to their career from undertaking innovative projects. To establish causality, we employ two quasi-natural experiments to identify exogenous stimulation of innovation. Difference-in-differences estimations support the causal impact of cash holdings on innovation efficiency. Further analysis reveals that the effect of cash holdings on innovation is stronger for firms with tighter financial constraints, lower institutional ownership, or poorer managerial compensation incentives.

Corporate Governance Strengthening Latin American Corporate Governance The Role Of Institutional Investors

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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2011-07-01

Corporate Governance Strengthening Latin American Corporate Governance The Role Of Institutional Investors written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-01 with categories.

This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.

Corporate Governance And Green Innovation

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Author : Mario Daniele Amore
language : en
Publisher:
Release Date : 2015

Corporate Governance And Green Innovation written by Mario Daniele Amore and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.

We study the relationship between corporate governance and firms' environmental innovation. Exploiting changes in antitakeover legislation in the US, we show that worse governed firms generate fewer green patents relative to all their innovations. This negative effect is greater for firms with a smaller share of institutional ownership, with a smaller stock of green patents, and with more binding financial constraints. Investigating regulatory and industry variations, we also find more pronounced effects for firms operating in states with lower pollution abatement costs, and in sectors less dependent on energy inputs. Overall, our results suggest that ineffective corporate governance may constitute a major obstacle to environmental efficiency.

Esg And Responsible Institutional Investing Around The World A Critical Review

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Author : Pedro Matos
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2020-05-29

Esg And Responsible Institutional Investing Around The World A Critical Review written by Pedro Matos and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.

This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.