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- W2094544211 abstract "This paper seeks to determine if institutional investors influence corporate research and development (R&D) investment policies. Specifically, this study tests whether institutional investors encourage R&D investment in firms with higher firm stock liquidity. Firm and year fixed effect regressions examining the effect of changes in institutional investor levels to subsequent changes in R&D investment levels are used. For robustness, difference-GMM regressions and regressions for different time periods are ran on the same relationship. I find that increased institutional ownership leads to increases in R&D investment, especially in firms with higher firm stock liquidity. Results support the assertion that the presence of institutional shareholders encourages management to invest in R&D for long-term benefits in lieu of short-term profits. Institutions have become the foremost power in U.S. stock ownership. The results in this paper indicate that institutional investors can deter management from investing in R&D at a sub-optimal level, thus benefiting all shareholders." @default.
- W2094544211 created "2016-06-24" @default.
- W2094544211 creator A5048994741 @default.
- W2094544211 date "2014-09-25" @default.
- W2094544211 modified "2023-09-26" @default.
- W2094544211 title "Institutional Investors, R&D Policy and Firm Stock Liquidity" @default.
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- W2094544211 doi "https://doi.org/10.5539/ijef.v6n10p26" @default.
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