Common Institutional Investor and Managerial Myopia
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.
common institutional investorsmanagerial myopiacollaborative governance hypothesisindustry competitionnetwork centrality of independent directors
万方数据
维普
