Common institutional ownership and corporate innovation: Synergy of interests or grabs of interests

Junrui Li and Lei Liu

Finance Research Letters, 2023, vol. 52, issue C

Abstract: This study explores the impact of common institutional ownership on corporate innovation from two perspectives based on Chinese listed companies. The results show that common institutional ownership can exert information effect, resource effect and governance effect to significantly promote corporate innovation. Further research shows that the promotion effect is affected by institutional environment and corporate property rights, but not affected by delegated management. The study not only provides guidance for corporate governance, but also provides reference for formulation of policies related to foreign trade and capital market supervision.

Keywords: Common institutional ownership; Corporate innovation; Institutional environment; Corporate governance (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:52:y:2023:i:c:s1544612322006882

DOI: 10.1016/j.frl.2022.103512

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