Investor Sentiment, Institutional Investors and Corporate Innovation Investment—Evidence with Different Ownership Structure from China

Authors: Haiyan Xue, Xindong Zhang

This paper investigates the relation between investor sentiment and firm innovation investment in China, and explores the intermediary role of institutional investors. We find that the impact of investor sentiment on innovation investment is quite different between state-owned enterprises (SOEs) and private-owned enterprises (POEs). Investor sentiment promotes the innovation investment of POEs, while inhibits SOEs. We also find that institutional investors play a positive intermediary facilitating role in POEs, mainly contributing by supervisor independent institutional investors. We do not find any role for institutional investors in SOEs.


Journal: Theoretical Economics Letters
DOI: 10.4236/tel.2020.105069(PDF)
Paper Id: 103769 (metadata)

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