Earticle

초록

영어

This paper examines the impact of institutional investor’s investment horizons on corporate innovation. We conjecture that the presence of long-term institutional investors mitigates managerial myopia since long-term oriented institutions have more incentives to monitor with informational advantages, and that this will lead firms to engage in more innovative corporate activities. Using data on patents and citations of the U.S. firms over the period of 1980 -2003, we find that long-term institutional ownership is positively related to the number of patents, citations, and citations per patent. Our findings suggest that firms’ innovative activities increase with the greater presence of long-term institutional investors.

목차

Abstract
 1. Introduction
 2. Literature Review and Hypothesis Development
 3. Data and Research Design
  3.1. Sample Construction
  3.2. Measuring Innovation
  3.3. Measuring Institutional Investor’s Investment Horizons
  3.4. Other Explanatory Variables
  3.5. Descriptive Statistics
 4. Empirical Findings
  4.1. Univariate Tests
  4.2. Multivariate Analysis
  4.3. Analysis for Endogeneity
 5. Conclusion
 References
 Appendix

키워드

저자

• Hyun-Dong Kim [ Korea Advanced Institute of Science and Technology (KAIST) ]
• Kwangwoo Park [ Korea Advanced Institute of Science and Technology (KAIST) ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330