Cultural distance, foreign ownership, and corporate innovation in China

Hao Liu, Hao Zhang and Jyun-Ying Fu

Applied Economics Letters, 2023, vol. 30, issue 19, 2854-2861

Abstract: This study examines the impact of heterogeneous foreign institutional investors on innovation in Chinese listed firms from 2009 to 2020. Empirical results indicate that foreign institutional investors from regions with high cultural distance are associated with a significant increase in corporate innovation of Chinese firms. Moreover, the results remain robust to alternative cultural distance measures and methods that address endogeneity. This research provides novel evidence regarding the role of foreign institutional investors in China.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:30:y:2023:i:19:p:2854-2861

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DOI: 10.1080/13504851.2022.2110211

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