Innovation and institutional ownership revisited: An empirical investigation with count data models

Arbeitspapier

By discriminating between a lazy manager and a career concerns hypothesis, Aghion et al. (The American Economic Review 2013, 103(1), 277-304) try to disentangle the link between innovation and institutional ownership. Citation-weighted patent counts are used as a proxy for innovation, which motivates the use of count data models. While a replication in a narrow sense confirms their empirical results which are mainly based on Poisson models, an analysis that extends the model framework by count data hurdle models does not yield the same findings. However, a remarkably stable positive correlation of citation-weighted patents and institutional ownership across all model specifications can be shown.

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• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Papers in Economics and Statistics ; No. 2014-24

Classification and Topics

• Classification: Wirtschaft ; Single Equation Models; Single Variables: Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill ; Innovation and Invention: Processes and Incentives
• Subject: innovation ; institutional ownership ; count data ; hurdle model ; replication

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Berger, Susanne ; Stocker, Herbert ; Zeileis, Achim
• Event: Veröffentlichung
• (who): University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon)
• (where): Innsbruck
• (when): 2014

Further information

• Handle: http://hdl.handle.net/10419/122206