How Do Foreign Institutional Investors Enhance Firm Innovation?
研究了2000-2010年间26个非美国经济体的企业数据，发现外国机构持股对企业创新有正向因果效应，并通过积极监督、为管理者提供创新失败保险和促进知识溢出三种机制发挥作用。
We examine the effect of foreign institutional investors on firm innovation. Using firm-level data across 26 non-U.S. economies between 2000 and 2010, we show that foreign institutional ownership has a positive, causal effect on firm innovation. We further explore three possible underlying mechanisms through which foreign institutions affect firm innovation: Foreign institutions act as active monitors, provide insurance for firm managers against innovation failures, and promote knowledge spillovers from high-innovation economies. Our article sheds new light on the real effects of foreign institutions on firm innovation.