Common institutional ownership and R&D manipulation

IF 12.9 1区管理学 Q1 BUSINESS

Technological Forecasting and Social Change Pub Date : 2025-05-02 DOI:10.1016/j.techfore.2025.124167

Shihao Wang , Keyun Wang , Mengting Guo , Umer Sahil Maqsood , Xuezhao Chen

引用次数: 0

Abstract

We investigate the correlation between common institutional ownership and R&D manipulation by analyzing A-share listed companies in China from 2008 to 2021. Our findings indicate that common institutional ownership significantly reduces R&D manipulation through effective monitoring and governance. Further examinations of investor characteristics reveal that our findings are more pronounced in samples whose common owners are long-term investors or state-owned firms. Finally, we discover that common institutional ownership significantly improves the R&D input and total factor productivity. Overall, our research demonstrates that common institutional ownership has a beneficial impact in reducing misconduct such as R&D manipulation.

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共同的机构所有权和研发操纵

本文通过对2008 - 2021年中国a股上市公司的分析，探讨了共同机构持股与研发操纵之间的相关性。我们的研究结果表明，通过有效的监督和治理，共同的机构所有权显著减少了研发操纵。对投资者特征的进一步研究表明，我们的发现在共同所有者是长期投资者或国有企业的样本中更为明显。最后，我们发现共同所有制显著提高了研发投入和全要素生产率。总体而言，我们的研究表明，共同的机构所有权对减少研发操纵等不当行为有有益的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Technological Forecasting and Social Change Multiple-

CiteScore

21.30

自引率

10.80%

发文量

813

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