The Moderating Effect of Holding Shareholders on Corporate Performance in Institute Spin-Offs from the Perspective of Institutional Logics

Asian Economic and Financial Review

article

Liang Wang¹  Shuang Ge¹  Peipei Yang² 

[1] School of Economics and Management, University of Chinese Academy of Sciences;Sino-Danish College, University of Chinese Academy of Sciences, Sino-Danish Center for Education and Research

关键词: Spin-offs;    Holding shareholder;    Institutional logics;    R&D investment;    Business performance;    Innovation performance.;   

DOI  :  10.18488/journal.aefr.2021.1111.908.922

学科分类：社会科学、人文和艺术（综合）

来源: Asian Economic and Social Society

【 摘 要 】

Based on the panel data of 577 spin-offs of the Chinese Academy of Sciences (CAS) from 2008 to 2017, this paper explores the moderating effect of the different types of holding shareholders on business performance and innovation performance in institute spin-offs from the perspective of institutional logics. The findings indicate that investment in research and development (R&D) has a significant positive impact on the business performance and innovation performance of the institute spin-offs. Corporate legal representative holding shareholders positively moderate the relationship between R&D investment and business performance. Due to the conflict of incentive mechanism, research institute legal representative holding shareholders negatively moderate the relationship between R&D investment and both areas of performance. Scientist natural person holding shareholders positively moderate the relationship between R&D investment and both areas of performance. The research conclusions of this paper enrich the research on institute spin-offs and expand the research on the role of holding shareholders in business operation.

【 授权许可】

CC BY