Monitoring by institutional investors can act as an important mechanism to promote firm innovation.
By investigating Chinese listed firms’ patenting between 2002 and 2011, we find that the presence of institutional investors enhances firm innovation.
Consistent with the 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 market ompetition is more intense ; (3) the effect exists among private - and minor state - owned enterprises, but not among major state - owned enterprises. The above findings are robust when innovation quality is
examined.
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