荣昭、西南财经大学博士生武小凯和Centre for European Economic Research (ZEW)的Philipp Boeing博士合作的论文“The Effect of Institutional Ownership on Firm Innovation: Evidence from Chinese Listed Firms”已经被国际期刊Research Policy正式接受发表。
摘要：Monitoring by institutional investors can act as an important mechanism to promote firm innovation. By investigating Chinese listed firms’ patenting between 2002 and 2011, we find that the presence of institutional investors enhances firm innovation. Consistent with the monitoring view, we further find that: (1) the effect of institutional investors on firm patenting mainly comes from mutual funds; (2) the effect is more pronounced when market competition is more intense; (3) the effect exists among private- and minor state-owned enterprises, but not among major state-owned enterprises. The above findings are robust when innovation quality is examined.