Is more always better? Investor-firm interactions, market competition and innovation performance of firms

IF 12.9 1区管理学 Q1 BUSINESS Technological Forecasting and Social Change Pub Date : 2024-11-06 DOI:10.1016/j.techfore.2024.123856

Xuejiao Ma , Xiaojun Ma , Wei Fei , Qichuan Jiang , Wen Qin

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Abstract

With the rapid development of the Internet, the way of investors communicating to firms has evolved from the traditional offline approach to the online mode. Based on the number and quality of investor-firm interactions on the online interactive platforms constructed by China, this study investigates the impact of investor-firm interactions on innovation performance of firms of A-share listed firms over the period of 2010–2020. Our findings support an inverted U-shaped relationship between investor-firm interactions and firms' innovation performance. We further delve into the moderating role of market competition. Results reveal that industrial competition amplifies this inverted U-shaped relationship, while a firm's market power weakens it. Our empirical insights provide valuable insights for policymakers seeking to refine the voice of individual investors and for managers considering incorporating online interactions into their innovation strategies.

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越多越好吗？投资者与企业的互动、市场竞争和企业创新绩效

随着互联网的快速发展，投资者与企业的沟通方式也从传统的线下方式演变为线上模式。本研究基于我国构建的网络互动平台上投资者与企业互动的数量和质量，考察了2010-2020年间投资者与企业互动对A股上市公司企业创新绩效的影响。研究结果表明，投资者与企业互动与企业创新绩效之间存在倒 U 型关系。我们进一步研究了市场竞争的调节作用。结果显示，产业竞争会放大这种倒 U 型关系，而企业的市场力量则会削弱这种关系。我们的经验见解为寻求完善个人投资者话语权的政策制定者和考虑将在线互动纳入其创新战略的管理者提供了宝贵的启示。

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来源期刊

Technological Forecasting and Social Change Multiple-

CiteScore

21.30

自引率

10.80%

发文量

813

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