Are institutional investors myopic? A time‐series study of four technology‐driven industries
研究了高科技行业管理者是否因机构投资者的短期盈利压力而削减研发投入，基于129家公司在10年间的数据发现，机构持股比例越高，研发支出反而可能越大。
Abstract This paper examines the popular myth that managers in high‐technology industries are altering their critical R&D investments in response to the short‐term profit pressures of large institutional stockholders. The study entails an empirical examination of the relationship between R&D spending and institutional ownership over a 10‐year period for 129 firms based in four research‐intensive industries. Contrary to the view that institutional investors are having a damaging affect on R&D spending, after controlling for intervening effects the results suggest that higher levels of institutional ownership may be associated with greater R&D expenditures. A number of possible explanations for this finding are developed.