The influence of activism by institutional investors on R&D

被引：350

作者：

David, P ^{[1
]}

Hitt, MA

Gimeno, J

机构：

[1] Univ Notre Dame, Notre Dame, IN 46556 USA

[2] Arizona State Univ, Tempe, AZ 85287 USA

[3] INSEAD, Fontainebleau, France

来源：

ACADEMY OF MANAGEMENT JOURNAL | 2001年 / 44卷 / 01期

关键词：

D O I：

10.5465/3069342

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Researchers have assumed that large ownership stakes held by institutional investors grant them power to influence R&D investments, We found that ownership alone was insufficient and that institutions resorted to activism to influence R&D investments. Institutional activism increased R&D inputs over both the short and long terms. The nature of the activism and the strategic context of the R&D investment moderated the relationship. Further, R&D inputs mediated the effect of activism on R&D outputs.

引用

页码：144 / 157

页数：14

共 47 条

[1] INNOVATION, MARKET-STRUCTURE, AND FIRM SIZE [J].