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


Rong, Zhao ; Wu, Xiaokai ; Boeing, Philipp


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URL: https://ub-madoc.bib.uni-mannheim.de/41976
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 > Zentrum für Europ. Wirtschaftsforschung (ZEW)
MADOC publication series: Veröffentlichungen des ZEW (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.




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