Beijing Institute of Technology School of Managment and Economics assistant professor, special associate researcher Yin Ximing, guidance and as the first author, Business Administration (Technology innovation and digital innovation management trac) graduate student Su Yaxin as the second author, Tsinghua University School of Economics and Management professor Chen Jin as the third author, Canada UBC Business School professor Victor Cui as the fourth author of " Friend or Foe?Institutional Investors and Firm R&D: The Moderating Effect of Female Executives", And Teacher Yin Ximing, as the guidance and as the first author, graduate student Su Yaxin as the second author, "Institutional Investorsand Corporate Innovation: Executive Pay and Competition as Key Contingencies", were recently selected by the international top conference in management, the 82nd Annual Conference of American Academy Of Management (AOM). The two research results show the remarkable achievements of the MingLi innovation research team of the School of Management and Economics.
Founded in 1936, AOM is committed to the dissemination of managment scientific knowledge. Currently, it has more than 19,000 members in more than 120 countries. It is the largest and oldest authoritative academic organization in the world. Its published Academy of Management Journal (AMJ), Academy of Management Review (AMR) and Journal of Organizational Behavior are also internationally recognized authoritative journals in the field of management.The annual meeting is the core activity of the Academy of Management. Every year, nearly 10,000 scholars from all over the world will attend the conference, which has a far-reaching impact.The Annual Conference of Academy of Management is one of the international conferences on high-level management science.
Official website link:
https://aom.org/events/annual-meeting/annual-meeting-theme
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.
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.
