12BET管理与经济学院助理教授、特别副研究员尹西明指导并作为第一作者，工商管理（技术创新与数字创新管理方向）专业研究生苏雅欣作为第二作者，清华大学经济12BET陈劲教授作为第三作者，加拿大UBC商学院Victor Cui教授作为第四作者的“Friend or Foe? Institutional Investors and Firm R&D: The Moderating Effect of Female Executives”，以及尹西明老师作为指导并作为第一作者，硕士生苏雅欣作为第二作者的“Institutional Investorsand Corporate Innovation: Executive Pay and Competition as Key Contingencies”两篇学术论文近日被管理学领域国际顶级会议、第82届美国管理学会（AOM, Academy Of Management）年会录用。两篇顶会论文系管理与经济学院明理创新研究团队在科技金融与创新发展方向的阶段性研究成果。

美国管理学会（AOM）成立于1936年，致力于管理科学知识传播，目前在全球拥有19000多名会员，遍布120多个国家，是世界上最大、历史最悠久的权威学术组织。其出版的Academy of Management Journal (AMJ)、Academy of Management Review (AMR) 和Journal of Organizational Behavior等多个期刊也是国际公认的管理学领域权威期刊。年会是管理学会的核心活动，每年将会有来自世界各地近万名学者参加会议，影响深远。美国管理学会年会（Annual Conference of Academy of Management）是国际高水平管理学会议之一。

官网链接：https://aom.org/events/annual-meeting/annual-meeting-theme

图 论文被AOM 2022录取成果摘要

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.

该论文以机构投资者理论和高阶梯队理论作为理论视角，采用2011至2019年间2066家中国A股上市公司的面板数据，实证探究了机构持股对企业研发的影响以及女性高管的调节效应。研究表明：1）引入机构投资者显著提升了研发投入水平，但当持股比例超过某一值（17.79%）时，机构投资者将抑制研发支出；2）女性在高层管理团队中的存在缓解了这种关系；3）机构所有权与企业创新绩效间也存在倒U关系；4）相比私有企业，在国有企业中，机构所有权能够更有效地影响R&D。本文揭示了机构投资者对企业研发投资的双刃剑效应，回应了相关的研究争议，并为高阶梯队理论和性别研究提供了有意义的经验证据。

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.

该论文以机构投资者、公司治理和企业创新方面的文献为基础，利用面板数据实证分析了机构持股对企业创新的影响，以及高管货币薪酬和产品市场竞争的调节效应。结果表明：1）机构所有权与企业研发投资间存在倒U型关系，而非线性关系；2）高管薪酬激励和市场竞争能够增强这种关系。进一步研究发现，产品市场竞争对营销活动具有积极影响。本研究有助于深入理解机构投资者在企业战略管理中的作用，为相关理论研究提供了新颖思路。