Open AccessThe Moderating Effect of Holding Shareholders on Corporate Performance in Institute Spin-Offs from the Perspective of Institutional Logics
Author(s) -
Liang Wang,
Shuang Ge,
Peipei Yang
Publication year - 2021
Publication title -
asian economic and financial review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.215
H-Index - 10
eISSN - 2305-2147
pISSN - 2222-6737
DOI - 10.18488/journal.aefr.2021.1111.908.922
Subject(s) - shareholder , incentive , investment (military) , perspective (graphical) , spin offs , accounting , business , management , business administration , corporate governance , finance , industrial organization , economics , microeconomics , political science , law , mathematics , geometry , politics
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.