The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Innovation and Institutional Ownership
Abstract
We find that greater institutional ownership is associated with more innovation. To explore the mechanism, we contrast the “lazy manager” hypothesis with a model where institutional owners increase innovation incentives through reducing career risks. The evidence favors career concerns. First, we find complementarity between institutional ownership and product market competition, whereas the lazy manager hypothesis predicts substitution. Second, CEOs are less likely to be fired in the face of profit downturns when institutional ownership is higher. Finally, using instrumental variables, policy changes, and disaggregating by type of institutional owner, we argue that the effect of institutions on innovation is causal. (JEL G23, G32, L25, M10, O31, O34)
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Cites
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
Enjoying the Quiet Life? Corporate Governance and Managerial Preferences
Bertrand, M., & Mullainathan, S. (2003) · Journal of Political Economy · doi:10.1086/376950 · Cited by 3,777
Cited by
Does Stock Liquidity Enhance or Impede Firm Innovation?
FANG, V. W., TIAN, X., & TICE, S. (2014) · The Journal of Finance · doi:10.1111/jofi.12187 · Cited by 1,339
Financing Innovation: Evidence from R&D Grants
Howell, S. T. (2017) · American Economic Review · doi:10.1257/aer.20150808 · Cited by 1,138
Does banking competition affect innovation?
Cornaggia, J., Mao, Y., Tian, X., & Wolfe, B. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.09.001 · Cited by 1,051
Passive investors, not passive owners
Appel, I. R., Gormley, T. A., & Keim, D. B. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.03.003 · Cited by 965
Do financing constraints matter for R&D?
Brown, J. R., Martinsson, G., & Petersen, B. C. (2012) · European Economic Review · doi:10.1016/j.euroecorev.2012.07.007 · Cited by 811
Metadata
- Authors
- Aghion, P., Van Reenen, J., & Zingales, L.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2013-02-01
- Volume
- 103
- Issue
- 1
- Pages
- 277-304
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3147421935
- Cited by
- 1,938
- References
- 2
- FWCI
- 216.12
- Type
- journal article
- Language
- en
- Open access
- closed
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- Aghion, P., Van Reenen, J., & Zingales, L. (2013). Innovation and Institutional Ownership. American Economic Review. https://doi.org/10.1257/aer.103.1.277
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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.
