Does Stock Liquidity Enhance or Impede Firm Innovation

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What Affects Innovation More: Policy or Policy Uncertainty? (2017, neutral): “…market conditions, stock liquidity, firm boundaries, and investors’ attitudes toward tolerance on firm innovation (e.g., Aghion, Bloom, Blundell, and Griffith (2005), Acharya and Subramanian (2009), Nanda and Rhodes-Kropf (2013), Fang, Tian, and Tice (2014), Seru (2014), and Tian and Wang (2014)).”
The real effect of partial privatization on corporate innovation: Evidence from China's split share structure reform (2020, background): “…et al., 2014), bankruptcy laws (Acharya and Subramanian, 2009), labor power (Acharya et al., 2013; Bradley et al., 2017), stock liquidity (Fang et al., 2014), shareholder litigation (Lin et al., 2017), policy uncertainty (Bhattacharya et al., 2017), insider trading (Levine et al., 2017),…”
Corporate Venture Capital, Value Creation, and Innovation (2014, neutral): “, 76%, whose sample includes VC-backed IPO firms between 1985-2006, and in Fang et al. (2011), i.”
Stock Liquidity and Stock Price Crash Risk (2016, methodology): “First, short-termism theory suggests that, due to low trading costs, higher liquidity can attract more transient institutional investors with short investment horizons and excessive focus on firms’ short-term performance (Porter (1992), Fang, Tian, and Tice (2014)).”