Stock transferability,the managerial learning effect and corporate innovation
作者机构:School of BusinessEast China University of Science and TechnologyChina School of AccountingZhejiang University of Finance and EconomicsChina
出 版 物:《China Journal of Accounting Research》 (中国会计学刊(英文版))
年 卷 期:2024年第17卷第1期
页 面:1-27页
学科分类:12[管理学] 120202[管理学-企业管理(含:财务管理、市场营销、人力资源管理)] 02[经济学] 0202[经济学-应用经济学] 1202[管理学-工商管理] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学(含∶保险学)] 020203[经济学-财政学(含∶税收学)]
基 金:funded by grants from the Natural Science Foundation of China(No.72272132 71872048)
主 题:Stock circulation rights loss Discretionary stock halt Managerial learning effect Innovation
摘 要:This paper considers stock halts to study the impact of stock liquidity loss on the managerial learning effect based on stock *** examine stock halts’impact on corporate innovation and find that discretionary halts hinder *** also find that discretionary halts reduce information quality and increase financial constraints and agent ***-sectional tests show that this negative impact is more pronounced in samples with high shareholding ratios by large shareholders,institutional investors and private *** results indicate that the loss of non-institutional stock trading rights,represented by discretionary stock halts,affects revelatory price efficiency in the secondary market,hinders managers’learning effect and affects enterprises’production and operation *** findings have policy implications for stock circulation-right protection and Chinese capital-market reform.