Financial slack, institutional shareholding and enterprise innovation investment: evidence from China

被引：20

作者：

Zhang, Ke ^{[1
]}

Wang, Jenny Jing ^{[2
]}

Sun, Yanqi ^{[3
]}

Hossain, Sarowar ^{[4
]}

机构：

[1] Hoseo Univ, Sch Business Adm, Cheonan Si, Chungcheongnam, South Korea

[2] Univ Wollongong, Sch Accounting Econ & Finance, Wollongong, NSW, Australia

[3] Univ Waikato, Waikato Management Sch, Hamilton, New Zealand

[4] UNSW Sydney, Sch Accounting, UNSW Business Sch, Sydney, NSW, Australia

来源：

ACCOUNTING AND FINANCE | 2021年 / 61卷 / 02期

关键词：

Financial slack; Institutional investor; Innovation investment; China; RESEARCH-AND-DEVELOPMENT; CAPITAL STRUCTURE; ORGANIZATIONAL SLACK; OWNERSHIP STRUCTURE; CASH HOLDINGS; INVESTORS; DETERMINANTS; PERFORMANCE; PRODUCTIVITY; DISCLOSURE;

D O I：

10.1111/acfi.12700

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines how institutional shareholding affects the relationship between financial slack and corporate investment in innovation for Chinese A-share listed companies. We find that financial slack significantly increases corporate innovation investment. Pressure-resistant institutions do not moderate the relation but pressure-sensitive institutions do moderate the relation negatively. We further find that financial slack affects beneficially results because of the employment of slack resources after an exogenous negative shock like COVID-19/Global Financial Crisis. Our findings contribute to the literature on the cross-sectional variation on the relationship between companies' strategies and accounting choices in China.

引用

页码：3235 / 3259

页数：25

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