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The Moderating Effect of Holding Shareholders on Corporate Performance in Institute Spin-Offs from the Perspective of Institutional Logics

Author

Listed:
  • Liang Wang
  • Shuang Ge
  • Peipei Yang

Abstract

Based on the panel data of 577 spin-offs of the Chinese Academy of Sciences (CAS) from 2008 to 2017, this paper explores the moderating effect of the different types of holding shareholders on business performance and innovation performance in institute spin-offs from the perspective of institutional logics. The findings indicate that investment in research and development (R&D) has a significant positive impact on the business performance and innovation performance of the institute spin-offs. Corporate legal representative holding shareholders positively moderate the relationship between R&D investment and business performance. Due to the conflict of incentive mechanism, research institute legal representative holding shareholders negatively moderate the relationship between R&D investment and both areas of performance. Scientist natural person holding shareholders positively moderate the relationship between R&D investment and both areas of performance. The research conclusions of this paper enrich the research on institute spin-offs and expand the research on the role of holding shareholders in business operation.

Suggested Citation

  • Liang Wang & Shuang Ge & Peipei Yang, 2021. "The Moderating Effect of Holding Shareholders on Corporate Performance in Institute Spin-Offs from the Perspective of Institutional Logics," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 11(11), pages 908-922.
    • Handle: RePEc:asi:aeafrj:v:11:y:2021:i:11:p:908-922:id:4366
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