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Innovation and Institutional Ownership Revisited: An Empirical Investigation with Count Data Models

Susanne Berger (), Herbert Stocker () and Achim Zeileis ()

Working Papers from Faculty of Economics and Statistics, University of Innsbruck

Abstract: By discriminating between a lazy manager and a career concerns hypothesis, Aghion et al. (The American Economic Review 2013, 103(1), 277-304) try to disentangle the link between innovation and institutional ownership. Citation-weighted patent counts are used as a proxy for innovation, which motivates the use of count data models. While a replication in a narrow sense confirms their empirical results which are mainly based on Poisson models, an analysis that extends the model framework by count data hurdle models does not yield the same findings. However, a remarkably stable positive correlation of citation-weighted patents and institutional ownership across all model specifications can be shown.

Keywords: innovation; institutional ownership; count data; hurdle model; replication (search for similar items in EconPapers)
JEL-codes: C25 G32 O31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dcm and nep-ino
Date: 2014-09
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Journal Article: Innovation and institutional ownership revisited: an empirical investigation with count data models (2017) Downloads
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