Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/149749 
Year of Publication: 
2017
Series/Report no.: 
ZEW Discussion Papers No. 17-005
Publisher: 
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim
Abstract: 
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.
Subjects: 
Institutional investor
Firm innovation
Patenting
Mutual funds
China
JEL: 
G20
G32
O31
O32
O33
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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