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| On Heterogeneous Shareholders, Manager Compensation and Enterprises’ Innovation Input |
| LIU Huafang，YANG Jianjun |
| 1. Xi’an Jiaotong University, Xi’an,Chian; 2. Xi’an University of Technology, Xi’an, Chian |
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Abstract Based on the sample of listed enterprises in biology & pharmacy and information industry from 2007 to 2010, this paper investigates the relationships among the share holding of institutional investor and the largest shareholder, manager compensation, their interactions, and enterprises’ innovation input. It concludes that: ①compared with information industry, share holdings of institutional investors in biology & pharmacy industry is more positively related to the innovation input of enterprises;②both manager shortterm compensation and share holdings of the largest shareholder have a positive relationship with the innovation input in both industries; ③ the interaction of share holding of fund investors and manager compensation has negative impact on the innovation input of enterprises in biology & pharmacy industry whereas positive effect on those in information industry; ④the interaction of share holding of fund investors and the largest shareholder is negatively related to the innovation input of enterprises in biology & pharmacy industry.
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Received: 30 October 2012
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2014, Vol. 11 
