Proceedings of the 3rd International Conference on Big Data Economy and Digital Management, BDEDM 2024, January 12–14, 2024, Ningbo, China

Research Article

The Impact of Investor Attention on Corporate Innovation

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  • @INPROCEEDINGS{10.4108/eai.12-1-2024.2347189,
        author={Yi  Zheng and Shixuan  Wang and Yuhao  Xue and Qian  Xin},
        title={The Impact of Investor Attention on Corporate Innovation},
        proceedings={Proceedings of the 3rd International Conference on Big Data Economy and Digital Management, BDEDM 2024, January 12--14, 2024, Ningbo, China},
        publisher={EAI},
        proceedings_a={BDEDM},
        year={2024},
        month={6},
        keywords={investor attention corporate innovation internal control nature of property right},
        doi={10.4108/eai.12-1-2024.2347189}
    }
    
  • Yi Zheng
    Shixuan Wang
    Yuhao Xue
    Qian Xin
    Year: 2024
    The Impact of Investor Attention on Corporate Innovation
    BDEDM
    EAI
    DOI: 10.4108/eai.12-1-2024.2347189
Yi Zheng1, Shixuan Wang1,*, Yuhao Xue1, Qian Xin1
  • 1: School of Economics and Management Harbin Institute of Technology
*Contact email: wangshixuan@hit.edu.cn

Abstract

As the main body of R&D, enterprises play an important role in breaking through key technologies, however, the improvement of enterprise innovation level is affected by many factors, and investor's attention is one of them. This paper selects the data of listed companies in Shanghai and Shenzhen from 2011 to 2018 to empirically test the impact of investor attention on corporate innovation, and introduces the moderating variable of internal control disclosure to explore the moderating role of internal control disclosure. It then discusses the differences in the role of investor attention on corporate innovation between state-controlled and private enterprises. The results show that investor concern has a positive facilitating effect on corporate innovation; internal control disclosure positively moderates the relationship between investor concern and corporate innovation; and investor concern has a greater impact on innovation in private firms than in state-owned firms in different property ownership subgroups. This paper enriches the literature research in the field of investor concern, and also provides a new perspective for the exploration of the path of corporate innovation in China.