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
收藏
页码:3235 / 3259
页数:25
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