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Investor Sentiment, Institutional Investors and Corporate Innovation Investment —Evidence with Different Ownership Structure from China

Year: 2020

Type: article

Abstract: This paper investigates the relation between investor sentiment and firm innovation investment in China, and explores the intermediary role of institutional investors. We find that the impact of investor sentiment on innovation investment is quite different between state-owned enterprises (SOEs) and private-owned enterprises (POEs). Investor sentiment promotes the innovation investment of POEs, while inhibits SOEs. We also find that institutional investors play a positive intermediary facilitating role in POEs, mainly contributing by supervisor independent institutional investors. We do not find any role for institutional investors in SOEs.

Source: Theoretical Economics Letters

DOI: 10.4236/tel.2020.105069

Authors: Haiyan Xue, Xindong Zhang

Institutions: Shanxi University, Shanxi Vocational University of Engineering Science and Technology

Language: English

Topic: Corporate Finance and Governance

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Industry, innovation and infrastructure

Open Access status: diamond

OpenAlex ID: W3096005142

FWCI: 0.465

Cites: 49

Cited by: 5

Related to: 10