Institutional investors and firm innovation: A test of competing hypotheses

• 成果类型: Article
• 署名作者: Kochhar, R; David, P
• 署名单位: Texas A&M University System; Texas A&M University College Station
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/(SICI)1097-0266(199601)17:1<73::AID-SMJ795>3.0.CO;2-N
• 发表日期: 1996
• 页码: 73-84
• 关键词: institutional investors; INNOVATION; corporate governance

摘要

There is much debate about the effect of institutional investors on firm innovation. This paper tests three competing hypotheses by including differences among institutions in their ability to influence firms. Results using an outcome-based measure of innovation indicate that institutions do not foster short-term orientation; instead they may influence firms to increase innovation.