Does Stock Liquidity Enhance or Impede Firm Innovation?

被引：1050

作者：

Fang, Vivian W. ^{[1
]}

Tian, Xuan ^{[2
,3
]}

Tice, Sheri ^{[4
]}

机构：

[1] Univ Minnesota, Carlson Sch Management, Minneapolis, MN 55455 USA

[2] Indiana Univ, Kelley Sch Business, Bloomington, IN 47405 USA

[3] Tsinghua Univ, PBC Sch Finance, Beijing, Peoples R China

[4] Tulane Univ, AB Freeman Sch Business, New Orleans, LA 70118 USA

来源：

JOURNAL OF FINANCE | 2014年 / 69卷 / 05期

关键词：

INSTITUTIONAL INVESTORS; MARKET LIQUIDITY; INVESTMENT; INCENTIVES; GOVERNANCE; COSTS; SENSITIVITIES; TAKEOVERS; EARNINGS; EXIT;

D O I：

10.1111/jofi.12187

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We aim to tackle the longstanding debate on whether stock liquidity enhances or impedes firm innovation. This topic is of interest because innovation is crucial for firm- and national-level competitiveness and stock liquidity can be altered by financial market regulations. Using a difference-in-differences approach that relies on the exogenous variation in liquidity generated by regulatory changes, we find that an increase in liquidity causes a reduction in future innovation. We identify two possible mechanisms through which liquidity impedes innovation: increased exposure to hostile takeovers and higher presence of institutional investors who do not actively gather information or monitor.

引用

页码：2085 / 2125

页数：41