Ownership And Innovation
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Ownership And Innovation
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Author : Marcello Puca
language : en
Publisher:
Release Date : 2017
Ownership And Innovation written by Marcello Puca 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.
Both theoretical and empirical studies provide mixed predictions when looking at the impact of corporate ownership on innovation. Contributing to this discussion, this paper conducts a causality test of the relation between the ownership concentration of firms and their innovation, measured by patents and patent citations. Using a sample that contains annual data of about 150 companies over the 1990-2010 period, we address potential endogeneity concerns using the introduction of the Swiss takeover law as an instrumental variable. In line with the “hold-up” view, we find higher ownership concentration leading to more firm innovation.
Common Ownership And Innovation Efficiency
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Author : Xue Li
language : en
Publisher:
Release Date : 2021
Common Ownership And Innovation Efficiency written by Xue Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
The Relationship Between A Firm S Ownership Structure Governance And Innovation
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Author : Erica J. Wagner
language : en
Publisher:
Release Date : 2018
The Relationship Between A Firm S Ownership Structure Governance And Innovation written by Erica J. Wagner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Electronic books categories.
Firm innovation is key for many companies to continuously thrive in the marketplace. Unfortunately, there are drawbacks to making innovative investments because of the upfront costs and riskiness of future returns. This creates conflicts because managers are under pressure to meet short-term earnings forecasts. A managers' short-term focus on a firm's business strategy may not be in the best interests of the shareholders' long-term vision of a firm. For this reason, a strong corporate governance system can trigger an increased level of monitoring of the decision-making of managers so that it's aligned with shareholders' goals. Often, a firm's long-term strategy focuses on firm innovation. A major influencer of a firm's innovative strategy is its ownership structure. This research specifically focuses on the impact of ownership concentration, institutional ownership, activist investors, large passive investors, and Board of Director composition on firm innovation. Key components of a firm's organizational structure, such as ownership concentration and Board member composition, are analyzed to explain the variance iv of innovation when other variables are controlled. Based on a sample of technology firms, the findings show that publicly-traded information technology firms' level of passive investors and percentage of independent Board members are significant relative to firm innovation. There are also important findings from the unsupported variables, which are the firm's ownership concentration of shareholders, activist investors, and institutional investors. Finally, inferences are drawn from these results as to whether a firm's ownership structure and governance affect a firm's long-term strategy.
Ownership Structure And Innovation
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Author : PhD Chen (CFA, Victor Zitian)
language : en
Publisher:
Release Date : 2015
Ownership Structure And Innovation written by PhD Chen (CFA, Victor Zitian) 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.
Considerable attention has been focused on the ways in which emerging market firms can obtain and mobilize the knowledge and resources required for innovation. Innovation is a particular challenge in emerging markets because of inadequate external institutions. In this study, we focus on the importance of ownership structure, and in particular on ownership type diversity and ownership concentration. Using transaction cost and agency theories embedded in an emerging market context, we argue that ownership structure provides an important mechanism by which firms can assemble and direct the resources necessary for innovation in the context of inadequate external institutions. Specifically, we hypothesize that ownership type diversity improves innovation performance and that increasing ownership concentration has the same effect, but only up to a point. Using a self-tailed panel data of 487 and 475 Chinese listed companies during 2004-2005 and 2005-2006 respectively, we find supportive empirical evidence for our hypotheses. Our findings also suggest ownership type diversity has a more significant statistical effect on innovation performance than does ownership concentration, although most of the extant literature focuses on the latter.
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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.
The Impact Of University Patent Ownership On Innovation And Commercialization
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Author : Jun Wang
language : en
Publisher:
Release Date : 2023
The Impact Of University Patent Ownership On Innovation And Commercialization written by Jun Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This paper contributes to the literature on innovation policies and institutional theory on conditions for effective institutional changes. The "three rights" reform of 26 universities and the mixed ownership reform of Southwest Jiaotong University are important explorations made by China in recent years to promote innovations and the commercialization of patents in universities. The two reforms have adopted different models in the allocation of university patent ownership. The former completely allocated the patent ownership to universities, while the latter allocated 70% of the patent ownership to the inventors. Based on Chinese patent data and university statistical data, we empirically test the effects of these two university-patent ownership allocation models on innovations and the commercialization of patents. We find that the institutional environment caused unexpected effects in both reform models. The "three rights" reform has a significant impact on patent-licensing in 26 universities. The mixed ownership reform has significantly increased the number of patent transfers and patent applications of Southwest Jiaotong University, yet has tilted R&D toward experimental research with relatively low creativity. The findings yield broader implications for organization and innovation.
The Effect Of Institutional Ownership On Firm Innovation
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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 And Institutional Ownership
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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.
Collusion With Public And Private Ownership And Innovation
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Author : Arnoud W. A. Boot
language : en
Publisher:
Release Date : 2019
Collusion With Public And Private Ownership And Innovation written by Arnoud W. A. Boot 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.
Head-to-head competition hurts profitability, and firms can benefit from avoiding it. Our model argues that strict transparency requirements help public firms soften competition and studies how that affects innovation aimed at displacing rivals. We show that intermediately attractive innovation thrives best in private firms, as opportunities to soften competition on existing technologies undermine public firms' commitment to innovation. However, being public dominates if innovating is either unattractive or highly attractive. In the latter case, public firms try to displace rivals by innovating but avoid competition when lacking a technological edge. Our predictions explain conflicting evidence regarding innovation in public firms.
Structures Leading To Innovation
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Author : I-Jung Lee
language : de
Publisher:
Release Date : 2014
Structures Leading To Innovation written by I-Jung Lee 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.