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| Title: | 長期型機構投資人及企業創新之關聯性-以美國上市公司為例
The Relationship between Long-term Institutional Investors and Corporate Innovation: Evidence from US Listed Companies |
| Authors: | 鄭至均
Cheng, Chih-Chun |
| Contributors: | 張祐慈
鄭至均
Cheng, Chih-Chun |
| Keywords: | 企業創新
長期型機構投資人
短視行為
公司治理
Corporate innovation
Long-term institutional investors
Myopic behavior of management
Corporate governance |
| Date: | 2023 |
| Issue Date: | 2023-08-02 13:24:09 (UTC+8) |
| Abstract: | 創新一直是企業成長關鍵的一環，若企業缺乏創新，在市場快速更迭且競爭激烈的時代，可能會就此失去市場地位。然而企業創新程度高低卻會受諸多因素影響，如企業規模、企業文化、經營狀況、財務狀況、管理階層的行為、機構投資人持股高低等等。隨公司治理議題日益重要，加上機構投資人在資本市場中扮演重要角色，OECD也在2015年公司治理原則中的六大基礎中新增了「機構投資人、證券市場及其他中介機關」，而根據優勢投資人(superior investor)觀點，長期型機構投資人更在乎企業長期績效。因此本研究將探討長期型機構投資人對於企業創新的影響，並研究長期型機構投資人是否能削減企業管理階層的短視行為。
研究結果發現，長期型機構投資人對於企業創新有正向的影響，且對於大型企業影響更為明顯；然對於企業管理階層的短視行為並無顯著改善。另外本研究針對「長期型機構投資人是否能削減企業管理階層的短視行為」在額外測試中將樣本依據該年度企業獲利結果及其管理階層可能操弄盈餘可能性高低分為三組子樣本並做研究，得出結果，長期型機構投資人對於企業管理階層的短視行為仍無顯著改善。
Innovation has always been a crucial aspect of business growth. In an era of rapid market changes and intense competition, companies that lack innovation may risk losing their market position. However, the degree of innovation in a company can be influenced by various factors such as company size, corporate culture, operational and financial conditions, behaviors of management, institutional investor ownership, and more. With the increasing importance of corporate governance issues and the significant role played by institutional investors in the capital market, the OECD added " Institutional investors, stock exchanges and other intermediaries" as one of the six principles in its 2015 Corporate Governance Principles. From the perspective of superior investor, long-term institutional investors are more concerned with a company`s long-term performance. Therefore, this study aims to explore the impact of long-term institutional investors on corporate innovation and investigate whether they can mitigate the myopic behavior of management.
The findings of this study reveal that long-term institutional investors have a positive impact on corporate innovation, with a more pronounced effect observed in large companies. However, they do not significantly improve the myopic behavior of management. Additionally, this study conducts additional tests on whether long-term institutional investors can reduce the myopic behavior of management by dividing the sample into three sub-samples based on the company`s annual profitability and the likelihood of management manipulating earnings. The results indicate that long-term institutional investors still do not significantly improve the myopic behavior of management. |
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| Description: | 碩士
國立政治大學
會計學系
110353013 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110353013 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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