Exit as governance: do blockholders affect corporate innovation in large US firms?

Forskningsoutput: TidskriftsbidragArtikel i vetenskaplig tidskrift

Abstract

Using a sample of large US firms, this study shows that blockholders in combination with liquidity can contribute positively to innovation (R&D investments). We contribute to the literature on managerial myopia that has focused mainly on large owners and their type (short-term/long-term). Our results are in line with recent theoretical studies arguing that blockholders in combination with market liquidity can mitigate managerial myopia, as suggested by the exit model of governance. The results indicate that blockholders can be efficient in resolving agency problems and that they can enhance long-term prosperity, even when the individual blockholder investment horizon may not be long.

Detaljer

Författare
Enheter & grupper
Externa organisationer
  • Hanken School of Economics
Forskningsområden

Ämnesklassifikation (UKÄ) – OBLIGATORISK

  • Nationalekonomi

Nyckelord

Originalspråkengelska
Sidor (från-till)1703-1725
Antal sidor23
TidskriftAccounting and Finance
Volym60
Utgåva nummer2
Tidigt onlinedatum2019 jul 9
StatusPublished - 2020 jun
PublikationskategoriForskning
Peer review utfördJa