Based on theoretical analysis of the underlying mechanism of common institutional investors'influence on manag-erial myopia,the influence mechanism and boundary conditions between the two are systematically examined.The results in-dicate that common institutional investors inhibit managerial myopia and support the synergistic governance hypothesis.The mechanism analysis shows that the inhibitory effect of common institutional investors on managerial myopia is mainly realized through the monitoring effect and synergistic effect.Further,industry-level and firm-level heterogeneity tests suggest that the inhibitory effect of common institutional investors on managerial myopia is more pronounced in the context of low industry competitive advantage and independent director network centrality.
关键词
共同机构投资者/管理者短视/协同治理假说/行业竞争/独立董事网络中心度
Key words
common institutional investors/managerial myopia/collaborative governance hypothesis/industry competition/network centrality of independent directors
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