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Cultural distance, foreign ownership, and corporate innovation in China

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  • Hao Liu
  • Hao Zhang
  • Jyun-Ying Fu

Abstract

This study examines the impact of heterogeneous foreign institutional investors on innovation in Chinese listed firms from 2009 to 2020. Empirical results indicate that foreign institutional investors from regions with high cultural distance are associated with a significant increase in corporate innovation of Chinese firms. Moreover, the results remain robust to alternative cultural distance measures and methods that address endogeneity. This research provides novel evidence regarding the role of foreign institutional investors in China.

Suggested Citation

  • Hao Liu & Hao Zhang & Jyun-Ying Fu, 2023. "Cultural distance, foreign ownership, and corporate innovation in China," Applied Economics Letters, Taylor & Francis Journals, vol. 30(19), pages 2854-2861, November.
    • Handle: RePEc:taf:apeclt:v:30:y:2023:i:19:p:2854-2861
    DOI: 10.1080/13504851.2022.2110211
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