INSTITUTIONAL INVESTORS AND FIRM INNOVATION: A TEST OF COMPETING HYPOTHESES
检验了机构投资者对企业创新的三种竞争性假说，发现机构投资者并未助长短期行为，反而可能促使企业增加创新。
There is much debate about the effect of institutional investors on firm innovation. This paper tests three competing hypotheses by including differences among institutions in their ability to influence firms. Results using an outcome-based measure of innovation indicate that institutions do not foster short-term orientation; instead they may influence firms to increase innovation.