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

Rong, Zhao ; Wu, Xiaokai ; Boeing, Philipp

dp17005.pdf - Published

Download (852kB)

URN: urn:nbn:de:bsz:180-madoc-419765
Document Type: Working paper
Year of publication: 2017
The title of a journal, publication series: ZEW Discussion Papers
Volume: 17-005
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G20 , G32 , O31 , O32 , O33,
Keywords (English): Institutional investor , Firm innovation , Patenting , Mutual funds , China
Abstract: 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.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.

Metadata export


+ Search Authors in

+ Download Statistics

Downloads per month over past year

View more statistics

You have found an error? Please let us know about your desired correction here: E-Mail

Actions (login required)

Show item Show item