标题: | Do institutional investors still encourage patent-based innovation after the tech bubble period? |
作者: | Chang, Hsiu-yun Liang, Woan-lih Wang, Yanzhi 资讯管理与财务金融系 注:原资管所+财金所 Department of Information Management and Finance |
关键字: | Institutional ownership;Innovation;Patent;Patent cost |
公开日期: | 1-三月-2019 |
摘要: | This paper reexamines the effect of institutional ownership on corporate patent-based innovation. Using an updated sample, we confirm that higher institutional ownership leads to more innovations, including more citations received by patents of a firm, and higher patent generality and originality. However, we find that the impact of institutional ownership on patent-based innovation greatly decreases after the tech bubble bursts and this lower support is driven by both transient and non-transient institutional investors. We do not find that institutional investors intentionally lower their support of patent-based innovation for improving this less efficient innovation. Our results support the contention that the exorbitant litigation cost of patents lowers the incentives for institutional investors to invest in patent-based innovation after 2000. |
URI: | http://dx.doi.org/10.1016/j.jempfin.2019.02.003 http://hdl.handle.net/11536/151632 |
ISSN: | 0927-5398 |
DOI: | 10.1016/j.jempfin.2019.02.003 |
期刊: | JOURNAL OF EMPIRICAL FINANCE |
Volume: | 51 |
起始页: | 149 |
结束页: | 164 |
显示于类别: | Articles |