نوآوری های شرکت ها و دیدارهای شرکت های سرمایه گذار نهادی
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نوآوری های شرکت ها و دیدارهای شرکت های سرمایه گذار نهادی

عنوان فارسی مقاله: دیدارهای شرکت های سرمایه گذار نهادی و نوآوری های شرکت ها
عنوان انگلیسی مقاله: Institutional investors’ corporate site visits and corporate innovation
مجله/کنفرانس: مجله امور مالی شرکت - Journal of Corporate Finance
رشته های تحصیلی مرتبط: مدیریت، اقتصاد
گرایش های تحصیلی مرتبط: مدیریت کسب و کار، اقتصاد مالی
کلمات کلیدی فارسی: بازدید از محل شرکت؛ نوآوری سازمانی؛ محیط اطلاعاتی؛ علاقه شغلی؛ زندگی آرام
کلمات کلیدی انگلیسی: Corporate site visits، Corporate innovation، Information environment، Career concern، Quiet life
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus - Master Journal List - JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.jcorpfin.2017.09.019
دانشگاه: School of Accountancy - Central University of Finance and Economics - China
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2018
ایمپکت فاکتور: 2/414 در سال 2017
شاخص H_index: 77 در سال 2019
شاخص SJR: 1/461 در سال 2017
شناسه ISSN: 0929-1199
شاخص Quartile (چارک): Q1 در سال 2017
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 65
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
کد محصول: E10686
فهرست انگلیسی مطالب

Abstract


1- Introduction


2- Institutional background, literature review and hypothesis development


3- Sample, data, and methodology


4- Empirical results and discussion


5- Further analysis


6- Conclusions


References

نمونه متن انگلیسی مقاله

Abstract


This study investigates whether and how institutional investors' site visits affect corporate innovation. Using all Chinese firms listed in the Shenzhen Stock Exchange from 2009 to 2013, we find that institutional investors' site visits significantly enhance corporate innovation and this effect is more pronounced for firms with a lower-quality information environment and poor corporate governance. We further find that the governance effect of site visits on innovation is consistent with career concerns rather than the quiet life hypothesis. We perform two stage-least square analysis to address possible endogeneity concerns and several robustness checks including using alternative measures of site visits and corporate innovation, alternative model specifications, and controlling for firm fixed effects. We also find that the effects of institutions' site visits are substitutes for the effects of institutional shareholding.


Introduction


Corporate innovation is an important contributor to a firm’s comparative advantage (Porter, 1992) as well as a key engine of a country’s economic growth (Solow, 1957). Therefore, investigating what influences corporate innovation is important in understanding a firm’s prospects. Institutional investors are playing increasingly important roles in financial markets (Chen et al., 2007; An and Zhang, 2013). Prior literature finds that institutional investors can promote corporate innovation by reducing agency costs or in other ways, since they have an information advantage (Bushee, 1998; Wahal and McConnell, 2000; Eng and Shackell, 2001; Aghion et al., 2013). However, the research investigates only the effect of institutional ownership and neglects the impact of institutional investors’ information acquisition process on corporate innovation. In this paper, we focus on one key type of information acquisition activity of institutional investors, that is, corporate site visits, one of the most prevalent and important types of information acquisition activities of institutional investors (Brown et al., 2015; Cheng et al., 2015, 2016). As argued by Holmstrom (1989), innovation is a long, idiosyncratic, and unpredictable process that involves a very high probability of failure. Due to information asymmetry, corporate innovation often faces serious financing constraints (Hsu et al., 2014; Cornaggia et al., 2015) and agency conflicts arising from managers’ career concerns and their preference for the quiet life always discourage corporate innovation (Aghion et al., 2013; Atanassov, 2013; Bernstein, 2015). Cheng et al., (2015, 2016) find that institutional investors’ corporate site visits can facilitate their information acquisition by observing firms’ operations and engaging in face-to-face discussions with managers and other employees, which can effectively reduce a firm’s information asymmetry.

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