Schain, Jan Philip; Stiebale, Joel - In: Empirical Economics 61 (2020) 3, pp. 1689-1697
We analyze the relationship between institutional investors, innovation and financing constraints. Using the same dataset as Aghion et al. (Am Econ Rev 103(1):277–304, 2013), we find that the effect of institutional ownership on innovation is concentrated in industries with high dependence on...