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Do Institutional Investors Influence R&D Investment Policy in Firms with High Information Asymmetry?
2014
International Business Research
This paper seeks to determine if institutional investors influence corporate research and development (R&D) investment policies by encouraging R&D investment in firms with high information asymmetry. The effect of changes in institutional investor levels to subsequent changes in R&D investment levels are examined using firm and year fixed effect regressions and difference-GMM regressions. Increased institutional ownership leads to increased R&D investment and this relationship is stronger in
doi:10.5539/ibr.v7n10p22
fatcat:dtbnlx7fu5a7nizetrtdnfep6q