Ownership Heterogeneity and Corporate Innovation Output: A Study on Family Blockholders and Activist Hedge Funds-Reference-Cited by-同舟云学术

Ownership Heterogeneity and Corporate Innovation Output: A Study on Family Blockholders and Activist Hedge Funds

Published:2023-05-02 Issue:2 Volume:36 Page:254-280
ISSN:0894-4865
Container-title:Family Business Review
language:en
Short-container-title:Family Business Review

Author:

Leute Matthias¹,Bammens Yannick²^ORCID,Carree Martin¹,Huybrechts Jolien¹^ORCID

Affiliation:

1. Maastricht University, Maastricht, The Netherlands

2. Hasselt University, Diepenbeek, Belgium

Abstract

This study examines the interplay between two influential yet opposing shareholder types—family blockholders and hedge funds—in relation to corporate innovation output. Using panel data on U.S. publicly traded firms listed in the S&P 1500, we find that family blockholders have a negative effect on radical innovation output in the form of citation-weighted patents and that this negative effect is intensified in the presence of activist hedge funds. Our study advances insight into the implications of ownership heterogeneity for innovation output choices in family-influenced firms.

Publisher

SAGE Publications

Subject

Finance,Business, Management and Accounting (miscellaneous)

Link

http://journals.sagepub.com/doi/pdf/10.1177/08944865231168918

Reference122 articles.

1. Bankruptcy Codes and Innovation

2. Innovation and Institutional Ownership

3. Teams in Pursuit of Radical Innovation: A Goal Orientation Perspective

4. Executive Incentive Schemes in Initial Public Offerings: The Effects of Multiple-Agency Conflicts and Corporate Governance

5. Power, Performance, and Succession in the Large Corporation

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