Do long-term institutional investors foster corporate innovation?

Cited 1 time in webofscience Cited 0 time in scopus
  • Hit : 71
  • Download : 0
This article examines the effect of institutional investors' investment horizons on firms' innovation activities. We conjecture that the presence of long-term institutional investors mitigates managerial myopia, prompting firms to generate greater corporate innovation outputs. Using data on patents and patent citations for US firms, we find that institutions' investment horizons are positively related to the number of patents and patent citations. We also document that long-term (short-term) institutional ownership is positively (negatively) related to the innovation outputs. This article makes an additional contribution to the corporate innovation literature by addressing the positive role of long-term institutional investors.
Publisher
WILEY
Issue Date
2019-06
Language
English
Article Type
Article
Citation

ACCOUNTING AND FINANCE, v.59, no.2, pp.1163 - 1195

ISSN
0810-5391
DOI
10.1111/acfi.12284
URI
http://hdl.handle.net/10203/263256
Appears in Collection
MT-Journal Papers(저널논문)
Files in This Item
There are no files associated with this item.
This item is cited by other documents in WoS
⊙ Detail Information in WoSⓡ Click to see webofscience_button
⊙ Cited 1 items in WoS Click to see citing articles in records_button

qr_code

  • mendeley

    citeulike


rss_1.0 rss_2.0 atom_1.0