文献类型： 外文期刊
作者： Lin, Chen 1 ; Liu, Sibo 2 ; Manso, Gustavo 3 ;
作者机构： 1.Univ Hong Kong, Fac Business & Econ, Hong Kong, Peoples R China
2.Hong Kong Baptist Univ, Dept Finance & Decis Sci, Hong Kong, Peoples R China
3.Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA
关键词： shareholder litigation; innovation; patents; derivative lawsuit
期刊名称：MANAGEMENT SCIENCE （ 影响因子：4.883； 五年影响因子：6.619 ）
ISSN： 0025-1909
年卷期： 2021 年 67 卷 6 期
页码：
收录情况： SCI
摘要： We investigate whether and to what extent shareholder litigation shapes corporate innovation by examining the staggered adoption of universal demand laws in 23 states from 1989 to 2005. These laws impose obstacles against shareholders filing derivative lawsuits, thereby significantly reducing managers' litigation risk. Using a difference-in-differences design and a matched sample, we find that, following the passage of the laws, firms invested more in research and development, produced more patents in new technological classes and more patents based on new knowledge, generated more patents with significant impacts, and achieved higher patent value. Our findings suggest that the external pressure imposed by shareholder litigation discourages managers from engaging in explorative innovation activities.
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