The Influence of Institutional Investors on Myopic R&D Investment Behavior

Brian J. Bushee

3,013 citations0/0 files storedSSRN Electronic Journal

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Corporate Finance and Governance Financial Markets and Investment Strategies Auditing, Earnings Management, Governance

Abstract

This paper examines whether institutional investors create or reduce incentives for corporate managers to reduce investment in research and development (RD otherwise, institutional ownership serves to reduce pressures on managers for myopic investment behavior.

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References

1984The Capital Structure Puzzle 1997Earnings management to avoid earnings decreases and losses 1996Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders 1989Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior 1988Takeover Threats and Managerial Myopia

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