哪些类型的债券持有人阻碍了企业的创新活动?

Innovation & Organizational Behavior eJournal Pub Date : 2013-10-03 DOI:10.2139/ssrn.2353791

I. Hasan, J. O’Brien, Pengfei Ye

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引用次数: 20

摘要

本研究调查了机构债券大股东(即持有公司未偿债券超过5%的债券基金)是否阻碍了公司的创新活动，如果他们阻碍了，通过哪些渠道。我们发现，长期债券大股东不会阻碍企业开展创新活动。然而，短期债券大股东显著减少了公司在研发创新方面的投资;投资期限;华尔街步道

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What Types of Bondholders Impede Corporate Innovative Activities?

This study investigates whether institutional bond blockholders (i.e., bond funds that hold more than 5% of a firm's outstanding bonds) impede firm innovative activities, and if they do, through which channels. We find that long-term bond blockholders do not discourage firms from conducting innovative activities. Short-term bond blockholders, however, significantly reduce both firm investments in RD Innovation; Investment Horizon; Wall Street Walk

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Innovation & Organizational Behavior eJournal

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