The influence of activism by institutional investors on R&D

• 成果类型: Article
• 署名作者: David, P; Hitt, MA; Gimeno, J
• 署名单位: University of Notre Dame; Arizona State University; Arizona State University-Tempe; INSEAD Business School
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/3069342
• 发表日期: 2001
• 页码: 144-157
• 关键词: CORPORATE GOVERNANCE; DEVELOPMENT EXPENDITURES; Ownership structure; time-series; INNOVATION; MARKET; IMPACT; BOARD

摘要

Researchers have assumed that large ownership stakes held by institutional investors grant them power to influence R&D investments, We found that ownership alone was insufficient and that institutions resorted to activism to influence R&D investments. Institutional activism increased R&D inputs over both the short and long terms. The nature of the activism and the strategic context of the R&D investment moderated the relationship. Further, R&D inputs mediated the effect of activism on R&D outputs.