Institutional Investor, Economic Policy Uncertainty, and Innovation Investment: Evidence from China

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dc.contributor.author Dou, Zhenjiang
dc.contributor.author Wei, Lei
dc.contributor.author Wang, Jingyi
dc.contributor.other Ekonomická fakulta cs
dc.date.accessioned 2021-03-16T10:51:24Z
dc.date.available 2021-03-16T10:51:24Z
dc.identifier.issn 1212-3609
dc.identifier.uri https://dspace.tul.cz/handle/15240/159926
dc.description.abstract As a participator in corporate investment decision-making, the institutional investor is directly related to the corporate innovation investment. However, the economic policy uncertainty is aggravated by problems, such as economic slump and trade friction. Thus, institutional investors are not optimistic about the prospects of innovation investment. To explore the influence of institutional investors on corporate innovation investment from the perspective of economic policy uncertainty, using the 2010–2018 panel data in China and the fixed effect model, the influences of institutional investors on innovation investment and the moderating effects of the economic policy uncertainty were analyzed. Results show that institutional investors facilitate corporate innovation investment. Moreover, the increasing economic policy uncertainties repress the promoting effect of institutional investors on innovation investment. Furthermore, the institutional investors boost the corporate innovation investment by improving the internal control and relieving the financing constraints. For private companies, new and high-tech companies, the promoting effect of institutional investors on the corporate innovation investment is inhibited by the economic policy uncertainty to a small extent. For the listed companies located in areas with a high level of investor protection and intellectual property protection, the economic policy uncertainty has a minimal influence on the institutional investors and corporate innovation investment. The conclusions obtained from this study provide empirical evidence for giving full play to the role played by institutional investors in corporate innovative development. The conclusions also reveal, from the macroscopic level, that the consistency and stability of governmental economic policies have important effects on corporate development. en
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dc.language.iso en
dc.publisher Technická Univerzita v Liberci cs
dc.publisher Technical university of Liberec, Czech Republic en
dc.relation.ispartof Ekonomie a Management cs
dc.relation.ispartof Economics and Management en
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dc.rights CC BY-NC
dc.subject economic policy uncertainty en
dc.subject institutional investor en
dc.subject innovation investment en
dc.subject.classification D21
dc.subject.classification G34
dc.subject.classification M21
dc.title Institutional Investor, Economic Policy Uncertainty, and Innovation Investment: Evidence from China en
dc.type Article en
dc.publisher.abbreviation TUL
dc.relation.isrefereed true
dc.identifier.doi 10.15240/tul/001/2021-1-001
dc.identifier.eissn 2336-5604
local.relation.volume 24
local.relation.issue 1
local.relation.abbreviation E+M cs
local.relation.abbreviation E&M en
local.faculty Faculty of Economics
local.citation.spage 4
local.citation.epage 20
local.access open
local.fulltext yes
local.filename EM_1_2021_1


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