Heterogeneous institutional investor behaviour and corporate digital technology innovation

Shiguo Xu, Lianjie Zhou and Mengwei He

Finance Research Letters, 2025, vol. 79, issue C

Abstract: Continuous digital innovation is essential for firms to attain sustained growth in the highly competitive digital age. Based on A-share listed firms spanning 2013 to 2022, this study adopts a heterogeneous perspective to examine institutional investors' influence on corporate digital technology innovation. The findings indicate that stable institutional investors can effectively stimulate corporate digital technology innovation, mainly symbolic innovation. Further, this stimulating effect is brought by alleviating financing constraints, enhancing enterprises` internal control capability, and improving ESG performance. This paper provides valuable insight for executives to stimulate digital technology innovation in the digital era.

Keywords: Heterogeneous institutional investors; Digital technology innovation; ESG (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325005483

DOI: 10.1016/j.frl.2025.107285

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