외국인투자자가 기업혁신에 미치는 영향: 외국인투자자의 투자기간을 중심으로

초록

This study examines the relationship between foreign investors and corporate innovation, focusing on their investment horizons measured by the trading turnover ratio―distinguishing between long-term and short-term orientations. Using a sample of Korean listed firms from 2011 to 2022, we find that the longer the investment horizons of foreign investors, the more positively they influence subsequent corporate innovation. These results suggest that foreign investors’ investment horizons may play a more significant role than the extent of foreign ownership in promoting corporate innovation. While foreign investors play a monitoring role for management, they also encourage myopic decision-making when acting as traders. Overall, in the Korean capital market, stronger long-termism fosters monitoring and positively affects corporate innovation. With the abolition of the foreign investment certificate system (IRC), it is expected that a large number of short-term foreign investors would turn their attentions to the Korean capital market. This study highlights the need for policies aimed at attracting long-term investors.

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