Are institutional investors myopic? A time-series study of four technology-driven industries
This paper examines the popular myth that managers in high-technology industries are altering their critical R&D investments in response to the short-term profit pressures of large institutional stockholders The study entails an empirical examination of the relationship between R&D spending...
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| Veröffentlicht in: | Strategic management journal 1991-01, Vol.12 (1), p.1-16 |
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| container_title | Strategic management journal |
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| creator | Hansen, Gary S. Hill, Charles W. L. |
| description | This paper examines the popular myth that managers in high-technology industries are altering their critical R&D investments in response to the short-term profit pressures of large institutional stockholders The study entails an empirical examination of the relationship between R&D spending and institutional ownership over a 10-year period for 129 firms based in four research-intensive industries Contrary to the view that institutional investors are having a damaging affect on R&D spending, after controlling for intervening effects the results suggest that higher levels of institutional ownership may be associated with greater R&D expenditures. A number of possible explanations for this finding are developed. |
| doi_str_mv | 10.1002/smj.4250120102 |
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L.</creatorcontrib><title>Are institutional investors myopic? A time-series study of four technology-driven industries</title><title>Strategic management journal</title><addtitle>Strat. Mgmt. J</addtitle><description>This paper examines the popular myth that managers in high-technology industries are altering their critical R&D investments in response to the short-term profit pressures of large institutional stockholders The study entails an empirical examination of the relationship between R&D spending and institutional ownership over a 10-year period for 129 firms based in four research-intensive industries Contrary to the view that institutional investors are having a damaging affect on R&D spending, after controlling for intervening effects the results suggest that higher levels of institutional ownership may be associated with greater R&D expenditures. A number of possible explanations for this finding are developed.</description><subject>Aerospace industry</subject><subject>Applied sciences</subject><subject>Business structures</subject><subject>Cash</subject><subject>Comparative studies</subject><subject>Computer industry</subject><subject>Effects</subject><subject>Efficient markets</subject><subject>Exact sciences and technology</subject><subject>Expenditures</subject><subject>Financial investments</subject><subject>High technology</subject><subject>Industrial market</subject><subject>Institutional investments</subject><subject>Inventory control, production control. Distribution</subject><subject>Investors</subject><subject>Market share</subject><subject>Operational research and scientific management</subject><subject>Operational research. 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L.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Are institutional investors myopic? A time-series study of four technology-driven industries</atitle><jtitle>Strategic management journal</jtitle><addtitle>Strat. Mgmt. J</addtitle><date>1991-01</date><risdate>1991</risdate><volume>12</volume><issue>1</issue><spage>1</spage><epage>16</epage><pages>1-16</pages><issn>0143-2095</issn><eissn>1097-0266</eissn><coden>SMAJD8</coden><abstract>This paper examines the popular myth that managers in high-technology industries are altering their critical R&D investments in response to the short-term profit pressures of large institutional stockholders The study entails an empirical examination of the relationship between R&D spending and institutional ownership over a 10-year period for 129 firms based in four research-intensive industries Contrary to the view that institutional investors are having a damaging affect on R&D spending, after controlling for intervening effects the results suggest that higher levels of institutional ownership may be associated with greater R&D expenditures. A number of possible explanations for this finding are developed.</abstract><cop>Chichester</cop><pub>John Wiley & Sons, Ltd</pub><doi>10.1002/smj.4250120102</doi><tpages>16</tpages></addata></record> |
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| identifier | ISSN: 0143-2095 |
| ispartof | Strategic management journal, 1991-01, Vol.12 (1), p.1-16 |
| issn | 0143-2095 1097-0266 |
| language | eng |
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| source | Periodicals Index Online; Jstor Complete Legacy |
| subjects | Aerospace industry Applied sciences Business structures Cash Comparative studies Computer industry Effects Efficient markets Exact sciences and technology Expenditures Financial investments High technology Industrial market Institutional investments Inventory control, production control. Distribution Investors Market share Operational research and scientific management Operational research. Management science R&D Regression analysis Research & development Research & development expenditures Shareholders Theory Theory of efficient markets |
| title | Are institutional investors myopic? A time-series study of four technology-driven industries |
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