地方共同基金的实际效应:来自企业创新的证据

IF 1.8 4区 经济学 Q2 BUSINESS, FINANCE
Hyoseok (David) Hwang
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引用次数: 1

摘要

本文考察了共同基金与公司之间的接近是否可以解释公司创新。我发现地方共同基金倾向于增加公司的研发支出和生产率。拥有更多本地所有权的公司会产生更多的专利,专利的影响也更大。对于信息质量较低和公司治理较差的公司,这种正相关关系更为明显。此外,拥有更多创新公司的本地基金的表现优于那些拥有较少创新公司的基金。最后,本地所有权较高的公司不太可能解雇从事创新的首席执行官,这激励了首席执行官进行风险投资。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The real effects of local mutual funds: Evidence from corporate innovation

This paper investigates whether the proximity between mutual funds and firms could explain corporate innovation. I find that local mutual funds tend to increase firms' R&D expenditures and productivity. Firms with greater local ownership produce more patents and patents with bigger impact. The positive relations are more pronounced for firms with low information quality and poor corporate governance. Further, local funds with more innovative firms outperform the ones with less innovative firms. Finally, firms with higher local ownership are less likely to fire CEOs who engage in innovation, which incentivizes CEOs for risky investments.

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来源期刊
International Review of Finance
International Review of Finance BUSINESS, FINANCE-
CiteScore
3.30
自引率
5.90%
发文量
28
期刊介绍: The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.
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