bevictor伟德官网國民經濟學論壇系列講座

講座題目：InstitutionalOwnership and Firm Patenting 

主講人： 榮昭 

講座時間：2015年04月28日13:30-15:30 

講座地點：沙河校區3号樓122 

主講人簡介： 

榮昭，美國佛羅裡達國際大學經濟學博士，現任教于西南财經大學經濟與管理研究院。研究方向包括：企業創新、公司金融、中國經濟。近年來，在ChinaAgricultural Economic Review、Journal of Accounting andFinance、ChinaEconomic Review、金融研究、經濟學季刊等SSCI期刊和中文核心期刊發表多篇學術論文，研究成果獲得“2014年管理學年會最佳論文”等學術榮譽。 

内容簡介： 

Managers may be concernedabout their career, thus invest less than the optimal level in risky projects,such as innovation. The presence of institutional investors may alleviate theircareer concern, thereby enhancing firm innovation. By investigating China'shigh-tech listed firms during 2001-2007, we find that the presence ofinstitutional investors did enhance firm patenting. Consistent with the careerconcern hypothesis, we find that the effect of institutional investors on firmpatenting was stronger when the product market competition was more intense. Wealso find that managers were less likely to be fired in firms with higherinstitutional ownership when bad performance occurred. Moreover, the abovefindings only existed among non-SOEs but not among SOEs, in which top managerswere also government officials. 

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2015年04月24日