Ownership Heterogeneity and Corporate Innovation Output: A Study on Family Blockholders and Activist Hedge Funds

Please use this identifier to cite or link to this item: http://hdl.handle.net/1942/40239

Title:	Ownership Heterogeneity and Corporate Innovation Output: A Study on Family Blockholders and Activist Hedge Funds
Authors:	Leute, Matthias BAMMENS, Yannick Carree, Martin HUYBRECHTS, Jolien
Issue Date:	2023
Publisher:	SAGE PUBLICATIONS INC
Source:	Family Business Review, 36 (2) , p. 254 -280
Abstract:	This study examines the interplay between two influential yet opposing shareholder types-family blockholders and hedge funds-in relation to corporate innovation output. Using panel data on U.S. publicly traded firms listed in the S&P 1500, we find that family blockholders have a negative effect on radical innovation output in the form of citation-weighted patents and that this negative effect is intensified in the presence of activist hedge funds. Our study advances insight into the implications of ownership heterogeneity for innovation output choices in family-influenced firms.
Notes:	Bammens, Y (corresponding author), Hasselt Univ, Fac Business Econ, Dept Mkt & Strategy, Agoralaan Gebouw D, B-3590 Diepenbeek, Belgium. yannick.bammens@uhasselt.be
Keywords:	family ownership;institutional ownership;hedge funds;innovation;behavioral agency model
Document URI:	http://hdl.handle.net/1942/40239
ISSN:	0894-4865
e-ISSN:	1741-6248
DOI:	10.1177/08944865231168918
ISI #:	000980284500001
Rights:	The Author(s) 2023
Category:	A1
Type:	Journal Contribution
Appears in Collections:	Research publications

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