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

被引：0

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

页数：10

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