Innovation and institutional ownership revisited: An empirical investigation with count data models
نویسندگان
چکیده
By discriminating between a lazy manager and a career concerns hypothesis, Aghi-on et al. (The American Economic Review 2013, 103(1), 277-304) try to disentanglethe link between innovation and institutional ownership. Citation-weighted patentcounts are used as a proxy for innovation, which motivates the use of count data mo-dels. While a replication in a narrow sense confirms their empirical results which aremainly based on Poisson models, an analysis that extends the model framework bycount data hurdle models does not yield the same findings. However, a remarkablystable positive correlation of citation-weighted patents and institutional ownershipacross all model specifications can be shown. ISSN 1993-4378 (Print)ISSN 1993-6885 (Online)
منابع مشابه
The Impact of Corporate Social Responsibility and Influential Institutional Ownership the Firm Valuel
This study examines the relationship between corporate social responsibility and Influential Institutional Ownership on the value of companies admitted to the Tehran Stock Exchange during the period of 2011-2017. By screening, 152 sample companies were identified. To test the hypothesis of the research, linear regression has been used based on panel data. The findings of this research show tha...
متن کاملTax Avoidance and Institutional Ownership: Active vs. Passive Ownership
Income tax is one of the most important costs of companies and it is usually considered as a cost that should not be paid. One of the most noticeable and influential factors in tax avoidance is corporate ownership structure. With an emphasis on institutional ownership and its types in this paper, it is attempted to measure the effect of this ownership and its types on corporate tax avoidance. F...
متن کاملInnovation and Institutional Ownership
Does greater equity ownership by institutional investors improve or inhibit innovation incentives? We present a model of career concerns where institutional ownership increases the incentives managers have to innovate through reducing informational asymmetries. We then utilize an original panel of US firms containing information on ownership, governance, managerial characteristics and innovatio...
متن کاملForeign Portfolio Investment and Corporate Innovation
We investigate whether foreign institutional ownership impacts corporate innovation. Using firm-level data from 30 countries in 2001-2010, we find that higher foreign institutional ownership is associated with more investment in R&D and patents. Using the exogenous increase in foreign institutional holdings that follows a firm’s addition to the Morgan Stanley Capital International World Index, ...
متن کاملFree Cash Flow, Institutional Ownership and Long-Term Performance
Performance appraisal is a process which help shareholders make informed and optimal investment decisions. In recent decades, a long stream of research has devoted particular attention to the importance and impact of financial decisions on firm performance and firm value. The present study thus is primarily concerned with investigating the association between free cash flow and institutional ow...
متن کامل