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The effect of institutional ownership on firm innovation: Evidence from Chinese listed firms

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  • Rong, Zhao
  • Wu, Xiaokai
  • Boeing, Philipp

Abstract

Monitoring by institutional investors can act as an important mechanism to promote firm innovation. By investigating the patenting behavior of Chinese listed firms between 2002 and 2011, we find that the presence of institutional investors enhances firm innovation. Consistent with this monitoring view, we further find that (1) the effect of institutional investors on firm patenting mainly comes from mutual funds; (2) the effect is more pronounced when product market competition is more intense; (3) the effect exists among private- and minority state-owned enterprises, but not among majority state-owned enterprises. The above findings remain robust when innovation quality is examined.

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  • Rong, Zhao & Wu, Xiaokai & Boeing, Philipp, 2017. "The effect of institutional ownership on firm innovation: Evidence from Chinese listed firms," Research Policy, Elsevier, vol. 46(9), pages 1533-1551.
    • Handle: RePEc:eee:respol:v:46:y:2017:i:9:p:1533-1551
    DOI: 10.1016/j.respol.2017.05.013
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    More about this item

    Keywords

    Institutional investor; Firm innovation; Patenting; Mutual funds; China;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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