偉德國際1946bv官網管理與經濟學院助理教授、特別副研究員尹西明指導并作為第一作者，工商管理（技術創(chuàng)新與數字創(chuàng)新管理方向）專業(yè)研究生蘇雅欣作為第二作者，清華大學經濟偉德國際1946bv官網陳勁教授作為第三作者，加拿大UBC商學院Victor Cui教授作為第四作者的“Friend or Foe? Institutional Investors and Firm R&D: The Moderating Effect of Female Executives”，以及尹西明老師作為指導并作為第一作者，碩士生蘇雅欣作為第二作者的“Institutional Investorsand Corporate Innovation: Executive Pay and Competition as Key Contingencies”兩篇學術論文近日被管理學領域國際頂級會議、第82屆美國管理學會（AOM, Academy Of Management）年會錄用。兩篇頂會論文系管理與經濟學院明理創(chuàng)新研究團隊在科技金融與創(chuàng)新發(fā)展方向的階段性研究成果。
美國管理學會（AOM）成立于1936年，致力于管理科學知識傳播，目前在全球擁有19000多名會員，遍布120多個國家，是世界上最大、歷史最悠久的權威學術組織。其出版的Academy of Management Journal (AMJ)、Academy of Management Review (AMR) 和Journal of Organizational Behavior等多個期刊也是國際公認的管理學領域權威期刊。年會是管理學會的核心活動，每年將會有來自世界各地近萬名學者參加會議，影響深遠。美國管理學會年會（Annual Conference of Academy of Management）是國際高水平管理學會議之一。
官網鏈接：https://aom.org/events/annual-meeting/annual-meeting-theme
圖 論文被AOM 2022錄取成果摘要
Paper 1: Friend or Foe? Institutional Investors and Firm R&D: The Moderating Effect of FemaleExecutives
Abstract: Innovation financing is crucial to the firm’s technological advancement and sustainable development, yet how does institutional investors affect firm innovation behaviors, and the contingent impact of top management team (TMT) diversity on this relationship, are still on debating. Drawing from literature on institutional investors, firm innovation, and the upper echelons theory, we empirically investigate the impact of institutional shareholding on firm’s R&D, and the moderation effect of female executives by employing a multiple panel dataset covering 2,066 China’s A-share listed companies from 2011 to 2019. Results show that 1) introducing institutional investors significantly improves firm’s R&D, while when the shareholding ratio passes a certain point (17.79%), it turns to inhibit R&D, and 2) the presence of women in the TMT mitigates this relationship. Additional analysis finds that 3) the curvilinear impact of institution ownership is consistent regarding on firm’s innovation performance, and furthermore 4) institutions are more effective in stimulating R&D in state-owned enterprises (SOEs) than that of private-owned enterprises (POEs). This study reveals the double-edged sword impact of institutional investors on firm R&D investment, reconciles controversial arguments on their role in corporate management. It also fills the gap between female executives on institutional shareholders and firm’s R&D, providing meaningful context-based evidence for the upper echelons theory and gender research. Practically, this paper suggests that government from emerging markets should continue encouraging institutions to participate in the capital market as a powerful tool to promote innovation and the reform of SOEs, while keep watch its dark side; and firms need to further embrace diversity in strategic management, and leverage the important value of female leadership in utilizing multiple sources for technological innovation.
該論文以機構投資者理論和高階梯隊理論作為理論視角，采用2011至2019年間2066家中國A股上市公司的面板數據，實證探究了機構持股對企業(yè)研發(fā)的影響以及女性高管的調節(jié)效應。研究表明：1）引入機構投資者顯著提升了研發(fā)投入水平，但當持股比例超過某一值（17.79%）時，機構投資者將抑制研發(fā)支出；2）女性在高層管理團隊中的存在緩解了這種關系；3）機構所有權與企業(yè)創(chuàng)新績效間也存在倒U關系；4）相比私有企業(yè)，在國有企業(yè)中，機構所有權能夠更有效地影響R&D。本文揭示了機構投資者對企業(yè)研發(fā)投資的雙刃劍效應，回應了相關的研究爭議，并為高階梯隊理論和性別研究提供了有意義的經驗證據。
Paper 2: Institutional Investors and Corporate Innovation: Executive Pay and Competition as Key Contingencies
Abstract: Innovation financing is crucial to corporate technological development and national innovation construction, yet how does institutional investors affect corporate innovation behaviors, and the contingent impacts of executive remuneration and market competition on this relationship, are still unclear. In this paper, drawing from literature on institutional investors, corporate governance and innovation, we empirically study the impact of institutions on corporate innovation and the moderation effects of executive remuneration and product market competition by employing a multiple panel dataset. Results show that 1) there is an inverted U-shaped relation, instead of a linear one, between institutional shareholding and corporate R&D investment, and 2) executive remuneration and market competition can enhance this correlation. Additional analysis finds that 1) the curvilinear relation remains regarding on innovation performance, and furthermore 2) product market competition has a positive impact on sales costs and marketing activities. This study reveals the double-edged sword impact of institutional ownership on corporate R&D, facilitating in-depth understanding of the role of institutional investors in corporate strategic management. And it fills the gap between executive remuneration and market dynamics on institutions and innovation, providing meaningful practical evidence for relevant theory and fields. Practically, this paper suggests that the government should properly encourage institutions to participate in corporate governance and the reform of development pattern, and firms need to further perfect executive remuneration system and take full advantage of market competition and external dynamics to support technological innovation.
該論文以機構投資者、公司治理和企業(yè)創(chuàng)新方面的文獻為基礎，利用面板數據實證分析了機構持股對企業(yè)創(chuàng)新的影響，以及高管貨幣薪酬和產品市場競爭的調節(jié)效應。結果表明：1）機構所有權與企業(yè)研發(fā)投資間存在倒U型關系，而非線性關系；2）高管薪酬激勵和市場競爭能夠增強這種關系。進一步研究發(fā)現，產品市場競爭對營銷活動具有積極影響。本研究有助于深入理解機構投資者在企業(yè)戰(zhàn)略管理中的作用，為相關理論研究提供了新穎思路。
