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Is more always better? Investor-firm interactions, market competition and innovation performance of firms

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  • Ma, Xuejiao
  • Ma, Xiaojun
  • Fei, Wei
  • Jiang, Qichuan
  • Qin, Wen

Abstract

With the rapid development of the Internet, the way of investors communicating to firms has evolved from the traditional offline approach to the online mode. Based on the number and quality of investor-firm interactions on the online interactive platforms constructed by China, this study investigates the impact of investor-firm interactions on innovation performance of firms of A-share listed firms over the period of 2010–2020. Our findings support an inverted U-shaped relationship between investor-firm interactions and firms' innovation performance. We further delve into the moderating role of market competition. Results reveal that industrial competition amplifies this inverted U-shaped relationship, while a firm's market power weakens it. Our empirical insights provide valuable insights for policymakers seeking to refine the voice of individual investors and for managers considering incorporating online interactions into their innovation strategies.

Suggested Citation

  • Ma, Xuejiao & Ma, Xiaojun & Fei, Wei & Jiang, Qichuan & Qin, Wen, 2025. "Is more always better? Investor-firm interactions, market competition and innovation performance of firms," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    • Handle: RePEc:eee:tefoso:v:210:y:2025:i:c:s0040162524006541
    DOI: 10.1016/j.techfore.2024.123856
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