|Title:||Do institutional investors still encourage patent-based innovation after the tech bubble period?||Authors:||Chang H.-Y.
|Keywords:||Innovation;Institutional ownership;Patent;Patent cost||Issue Date:||2019||Journal Volume:||51||Start page/Pages:||149-164||Source:||Journal of Empirical Finance||Abstract:||
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. ? 2019 Elsevier B.V.
|Appears in Collections:||財務金融學系|
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