Do Antitakeover Provisions Spur Corporate Innovation? A Regression Discontinuity Analysis
利用股东提案投票产生的局部外生变异，采用断点回归方法发现反收购条款对企业创新有正向因果效应，且该效应在信息不对称程度高、产品市场竞争激烈的企业中更显著。
We study the effect of antitakeover provisions (ATPs) on innovation. To establish causality, we use a regression discontinuity approach that relies on locally exogenous variation generated by shareholder proposal votes. We find a positive, causal effect of ATPs on innovation. This positive effect is more pronounced in firms that are subject to a larger degree of information asymmetry and operate in more competitive product markets. The evidence suggests that ATPs help nurture innovation by insulating managers from short-term pressures arising from equity markets. Finally, the number of ATPs contributes positively to firm value for firms involved in intensive innovation activities.