Record Details

Replication data for: Exploration, Competition, Institutional Ownership

Harvard Dataverse (Africa Rice Center, Bioversity International, CCAFS, CIAT, IFPRI, IRRI and WorldFish)

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Field Value
 
Title Replication data for: Exploration, Competition, Institutional Ownership
 
Identifier https://doi.org/10.7910/DVN/2LYXDX
 
Creator Righi, Cesare
Watson, Jeremy
Zunino, Diego
 
Publisher Harvard Dataverse
 
Description The predominance of Institutional ownership among major firms raises concerns about their innovative outcomes. In this paper we show that greater institutional ownership is not only positively associated to higher levels of innovative output, but is also positively associated with the number of patents that receive a very high number of future citations, i.e. those in the top decile of the citation distribution. This gives partial support to the idea that the type of innovation pursued by firms with higher institutional ownership is of explorative type. These results hold also when a log-linear two-stage least squares regression is used to identify causal effect. Moreover, we found that the interaction of institutional ownership with competition has an inverted-U shaped effect on innovation. In this way, both the “career concern” and the “lazy manager” theories are justified and intertwined
 
Subject innovation
 
Date 2013