https://scholars.lib.ntu.edu.tw/handle/123456789/414857
Title: | Do institutional investors still encourage patent-based innovation after the tech bubble period? | Authors: | Chang H.-Y. Liang W.-L. Wang 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. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414857 | ISSN: | 09275398 | DOI: | 10.1016/j.jempfin.2019.02.003 |
Appears in Collections: | 財務金融學系 |
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