股权异质性与企业创新产出——基于家族型封闭持有人和激进对冲基金的研究

IF 9.9 1区管理学 Q1 BUSINESS

Family Business Review Pub Date : 2023-05-02 DOI:10.1177/08944865231168918

Matthias Leute, Yannick Bammens, M. Carree, Jolien Huybrechts

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引用次数: 1

摘要

这项研究考察了两种有影响力但对立的股东类型——家族大股东和对冲基金——与企业创新产出之间的相互作用。使用标准普尔1500指数中列出的美国上市公司的面板数据，我们发现家族区块持有人以引用加权专利的形式对激进创新产出产生负面影响，而激进对冲基金的存在加剧了这种负面影响。我们的研究进一步深入了解了所有权异质性对受家族影响的企业创新产出选择的影响。

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Ownership Heterogeneity and Corporate Innovation Output: A Study on Family Blockholders and Activist Hedge Funds

This study examines the interplay between two influential yet opposing shareholder types—family blockholders and hedge funds—in relation to corporate innovation output. Using panel data on U.S. publicly traded firms listed in the S&P 1500, we find that family blockholders have a negative effect on radical innovation output in the form of citation-weighted patents and that this negative effect is intensified in the presence of activist hedge funds. Our study advances insight into the implications of ownership heterogeneity for innovation output choices in family-influenced firms.

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来源期刊

Family Business Review BUSINESS-

CiteScore

12.40

自引率

13.60%

发文量

期刊介绍： Family Business Review (FBR) has been a refereed journal since 1988, serving as the premier scholarly publication dedicated to the study of family-controlled enterprises. It delves into the dynamics of these businesses, encompassing a range of sizes from small to very large. FBR concentrates not only on the entrepreneurial founding generation but also on family enterprises in subsequent generations, including some of the world's oldest companies. The journal also publishes interdisciplinary research covering families of wealth, family foundations, and offices.