Institutional Investors Heterogeneity,CEO Tenure and Firm Breakthrough Innovation
Wan He1,2,Peng Qiuping3,Zhong Xi4
(1.Business School,Sun Yat-sen Unversity,Guangzhou 510000,China; 2.Huafa Industrial Share Co.,LTD.Zhuhai,Zhuhai 519030,China;3.School of Business Administration,South China University of Technology,Guangzhou 510640,China; 4.School of Management,Guangdong University of Technology,Guangzhou 510520,China)
[1]万赫,钟熙,彭秋萍. 控股股东股权质押对企业创新方向的影响——股权制衡与企业可视性的调节作用[J].科技进步与对策,2020,37(6):119-127. [2]冯军政,刘洋,金露. 企业社会网络对突破性创新的影响研究——创业导向的中介作用[J].研究与发展管理,2015,27(2):89-100. [3]CHO S Y,KIM S K. Horizon problem and firm innovation: the influence of CEO career horizon,exploitation and exploration on breakthrough innovations[J].Research Policy,2017,46(10):1801-1809. [4]钟昌标,黄远浙,刘伟. 新兴经济体海外研发对母公司创新影响的研究——基于渐进式创新和颠覆式创新视角[J].南开经济研究,2014,30(6):91-104. [5]刘华芳,杨建君. 大股东参与度、战略共识与企业突破式创新的实证研究[J].管理学报,2013,10(7):1034-1040. [6]许长新,杨李华. 异质性视角下机构投资者影响企业创新的路径[J].金融经济学研究,2018,33(6):69-80. [7]BUSHEE B J. The influence of institutional investors on myopic R&D investment behavior[J].Accounting Review,1998,73(3):305-333. [8]LPEZ ITURRIAGA F J,LPEZ-MILLN E J. Institutional framework,corporate ownership structure,and R&D investment: an international analysis[J].R&D Management,2017,47(1):141-157.[9]赵洪江,夏晖. 机构投资者持股与上市公司创新行为关系实证研究[J].中国软科学,2009,24(5):33-39.[10]张峰,刘曦苑,武立东,等. 产品创新还是服务转型:经济政策不确定性与制造业创新选择[J].中国工业经济,2019,36(7):101-118.[11]CHEN H L,HO H C,HSU W T. Does board social capital influence chief executive officers' investment decisions in research and development[J].R & D Management,2013,43(4):381-393.[12]张兆国,刘亚伟,杨清香. 管理者任期、晋升激励与研发投资研究[J].会计研究,2014,37(9):83-90.[13]孔东民,王江元. 机构投资者信息竞争与股价崩盘风险[J].南开管理评论,2016,19(5):127-138.[14]KIM H D,PARK K,SONG K R. Do long-term institutional investors foster corporate innovation[J].Accounting & Finance,2017,59(2):1163-1195.[15]温军,冯根福. 异质机构、企业性质与自主创新[J].经济研究,2012,58(3):54-65.[16]邓路,刘瑞琪,江萍. 公司超额银行借款会导致过度投资吗[J].金融研究,2017,38(10):119-133.[17]张文红. 外部关系能否帮助企业从突破式创新中获利[J].科学学与科学技术管理,2016,37(7):126-134.[18]王睿智,冯永春,许晖. 声誉资源和关系资源对突破式创新影响关系[J].管理科学,2017,30(5):87-101.[19]HAMBRICK D C.Upper echelons theory: an update[J].Academy of Management Review,2007,32(2):334-343.[20]钟熙,宋铁波,陈伟宏,等. CEO任期、高管团队特征与战略变革[J].外国经济与管理,2019,40(6):3-16.[21]MCCLELLAND P L,LIANG X,BARKER V L. CEO commitment to the status quo: replication and extension using content analysis.[J].Journal of Management,2010,36(5):1251-1277.[22]WENG D H,LIN Z. Beyond CEO tenure: the effect of CEO newness on strategic changes[J].Journal of Management,2014,40(7):2009-2032.[23]CUCCULELLI,MARCO.Firm age and the probability of product innovation:do CEO tenure and product tenure matter[J].Journal of Evolutionary Economics,2018,28(1):153-179.[24]ZHOU K Z,LI C B. How knowledge affects radical innovation: knowledge base,market knowledge acquisition,and internal knowledge sharing[J].Strategic Management Journal,2012,33(9):1090-1102.[25]ANTIA M,PANTZALIS C,PARK J C. CEO decision horizon and firm performance: an empirical investigation[J].Journal of Corporate Finance,2010,16(3):288-301.[26]钟熙,宋铁波,陈伟宏,等. 分析师期望落差会促进战略变革吗——来自中国制造业上市公司的经验证据[J].管理评论,2020,32(2):266-277.[27]MATTA E,BEAMISH P W. The accentuated CEO career horizon problem: evidence from international acquisitions.[J].Strategic Management Journal,2008,29(7):683-700.[28]HAYWARD M L A,RINDOVA V P,POLLOCK T G. Believing one's own press: the causes and consequences of CEO celebrity[J].Strategic Management Journal,2004,25(7):637-653.[29]OH W,CHANG Y K,CHENG Z. When CEO career horizon problems matter for corporate social responsibility: the moderating roles of industry-level discretion and blockholder ownership[J]Journal of Business Ethics,2016,133(2):279-291.[30]成力为,邹双. 风险投资进入时间、技术偏好对创新绩效影响——基于创业板制造业企业的PSM检验[J].科研管理,2019,40(7):215-223.[31]ELYASIANI E,JIA J J,MAO C X. Institutional ownership stability and the cost of debt[J].Journal of Financial Markets,2010,13(4):475-500.[32]洪敏,张涛,王广凯. 异质机构投资者与企业技术创新——基于不同期限机构投资者的实证检验[J].中国科技论坛,2018,265(5):63-76.