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Are institutional investors myopic? A time‐series study of four technology‐driven industries
Abstract
This paper examines the popular myth that managers in high‐technology industries are altering their critical R&D investments in response to the short‐term profit pressures of large institutional stockholders. The study entails an empirical examination of the relationship between R&D spending and institutional ownership over a 10‐year period for 129 firms based in four research‐intensive industries. Contrary to the view that institutional investors are having a damaging affect on R&D spending, after controlling for intervening effects the results suggest that higher levels of institutional ownership may be associated with greater R&D expenditures. A number of possible explanations for this finding are developed.
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Cited by
Women Directors on Corporate Boards: From Tokenism to Critical Mass
Torchia, M., Calabrò, A., & Huse, M. (2011) · Journal of Business Ethics · doi:10.1007/s10551-011-0815-z · Cited by 1,492
Blockholder Trading, Market Efficiency, and Managerial Myopia
EDMANS, A. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01508.x · Cited by 1,258
Johnson, R. A., & Greening, D. W. (1999) · Academy of Management Journal · doi:10.5465/256977 · Cited by 1,229
Control and Collaboration: Paradoxes of Governance
Sundaramurthy, C., & Lewis, M. (2003) · The Academy of Management Review · doi:10.2307/30040729 · Cited by 1,112
THE MARKET FOR CORPORATE CONTROL AND FIRM INNOVATION.
HITT, M. A., HOSKISSON, R. E., JOHNSON, R. A., & MOESEL, D. D. (1996) · Academy of Management Journal · doi:10.2307/256993 · Cited by 1,112
Metadata
- Authors
- Hansen, G. S., & Hill, C. W. L.
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 1991-01
- Volume
- 12
- Issue
- 1
- Pages
- 1-16
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- OpenAlex
- W2145814791
- Cited by
- 507
- References
- 30
- FWCI
- 46.97
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
