Неоднородность государственной собственности и корпоративные инновации: новые данные с точки зрения иерархии
Аннотация
В отличие от предыдущих исследований наша работа пересматривает взаимосвязь между государственной собственностью и корпоративными инновациями с точки зрения иерархии. Опираясь на институциональную теорию, наши результаты раскрывают неоднородное влияние государственной собственности, объясняя положительную роль центральной государственной собственности в стимулировании корпоративных инноваций и при этом указывая на сдерживающее воздействие местной государственной собственности. Этот вывод выдержал тщательную проверку на корректность многочисленными испытаниями. Анализ механизма свидетельствует о том, что центральные государственные предприятия стимулируют инновации, увеличивая инвестиции в них и повышая эффективность, в то время как местные государственные предприятия препятствуют как инвестициям в инновации, так и повышению эффективности. Наша работа предлагает иерархическое толкование неоднозначных фактических данных о взаимосвязи между государственной собственностью и корпоративными инновациями. Роль государственной собственности в качестве стимула или препятствия для инноваций зависит от того, занимает ли центральное либо местное государственное предприятие лидирующие позиции в национальном инновационном процессе. В целом в исследовании представлены новые ценные наблюдения по сложному воздействию неоднородности государственной собственности на корпоративные инновации в таких развивающихся странах, как Китай, что способствует пониманию тонкой взаимосвязи между корпоративным управлением и инновациями.
Скачивания
Литература
Jiang X., Yuan Q. Institutional investors’ corporate site visits and corporate innovation. Journal of Corporate Finance. 2018;48:148–168. https://doi.org/10.1016/j.jcorpfin.2017.09.019 DOI: https://doi.org/10.1016/j.jcorpfin.2017.09.019
Choi S.B., Lee S.H., Williams C. Ownership and firm innovation in a transition economy: Evidence from China. Research Policy. 2011;40(3):441–452. https://doi.org/10.1016/j.respol.2011.01.004 DOI: https://doi.org/10.1016/j.respol.2011.01.004
Tõnurist P. Framework for analysing the role of state owned enterprises in innovation policy management: The case of energy technologies and Eesti Energia. Technovation. 2016;38:1–14. https://doi.org/10.1016/j.technovation.2014.08.001 DOI: https://doi.org/10.1016/j.technovation.2014.08.001
Li J., Shan Y., Tian G. et al. Labor cost, government intervention, and corporate innovation: Evidence from China. Journal of Corporate Finance. 2020;64:101668. https://doi.org/10.1016/j.jcorpfin.2020.101668 DOI: https://doi.org/10.1016/j.jcorpfin.2020.101668
Yi J., Hong J., Hsu W., et al. The role of state ownership and institutions in the innovation performance of emerging market enterprises: Evidence from China. Technovation. 2017;62–63:4–13. https://doi.org/10.1016/j.technovation.2017.04.002 DOI: https://doi.org/10.1016/j.technovation.2017.04.002
Baum J. a. C., Oliver C. Institutional Linkages and Organizational Mortality. Administrative Science Quarterly. 1991;36(2):187-218. https://doi.org/10.2307/2393353 DOI: https://doi.org/10.2307/2393353
Tebaldi E., Elmslie B. Does institutional quality impact innovation? Evidence from cross-country patent grant data. Applied Economics. 2011;45(7):887–900. https://doi.org/10.1080/00036846.2011.613777 DOI: https://doi.org/10.1080/00036846.2011.613777
Kroll H., Kou K. Innovation output and state ownership: empirical evidence from China’s listed firms. Industry and Innovation. 2018;26(2):176–198. https://doi.org/10.1080/13662716.2018.1456323 DOI: https://doi.org/10.1080/13662716.2018.1456323
Peng M.W., Bruton G.D., Stan C.V., et al. Theories of the (state-owned) firm. Asia Pacific Journal of Management. 2016;33(2):293–317. https://doi.org/10.1007/s10490-016-9462-3 DOI: https://doi.org/10.1007/s10490-016-9462-3
Chen H.Y.H., Yoon S.S. Government efficiency and enterprise innovation – evidence from China. Asian Journal of Technology Innovation. 2019;27(3):280–300. https://doi.org/10.1080/19761597.2019.1678389 DOI: https://doi.org/10.1080/19761597.2019.1678389
Ding M., Suardi S. Government ownership and stock liquidity: Evidence from China. Emerging Markets Review. 2019;40:100625. https://doi.org/10.1016/j.ememar.2019.100625 DOI: https://doi.org/10.1016/j.ememar.2019.100625
Zhang M., Yu F., Zhong C. How State Ownership Affects Firm Innovation Performance: Evidence from China. Emerging Markets Finance and Trade. 2022;59(5):1390–1407. https://doi.org/10.1080/1540496x.2022.2137374 DOI: https://doi.org/10.1080/1540496X.2022.2137374
Blanchard O., Shleifer A. Federalism With and Without Political Centralization: China versus Russia. IMF Staff Papers. 2001;48(1):171–179. https://doi.org/10.2307/4621694 DOI: https://doi.org/10.2307/4621694
Scott W.R. Institutions and Organizations: Ideas, Interests, and Identities. SAGE Publications; 2013.
Wang Z., Chen M., Chin C., et al. Managerial ability, political connections, and fraudulent financial reporting in China. Journal of Accounting and Public Policy. 2017;36(2):141–162. https://doi.org/10.1016/j.jaccpubpol.2017.02.004 DOI: https://doi.org/10.1016/j.jaccpubpol.2017.02.004
Dacin M.T., Oliver C., Roy J. The legitimacy of strategic alliances: an institutional perspective. Strategic Management Journal. 2006;28(2):169–187. https://doi.org/10.1002/smj.577 DOI: https://doi.org/10.1002/smj.577
Zhang R., Xiong Z., Li H., et al. Political connection heterogeneity and corporate innovation. Journal of Innovation & Knowledge. 2022;7(3):100224. https://doi.org/10.1016/j.jik.2022.100224 DOI: https://doi.org/10.1016/j.jik.2022.100224
Chen S., Sun Z., Tang S., et al. Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance. 2011;17(2):259–271. https://doi.org/10.1016/j.jcorpfin.2010.08.004 DOI: https://doi.org/10.1016/j.jcorpfin.2010.08.004
Liu G., Lv L. Government regulation on corporate compensation and innovation: Evidence from China’s minimum wage policy. Finance Research Letters. 2022;50:103272. https://doi.org/10.1016/j.frl.2022.103272 DOI: https://doi.org/10.1016/j.frl.2022.103272
Liu Y., Zhang Z., Zhai H., et al. Does flattening the government hierarchy improve corporate innovation? Evidence from China. Regional Studies. 2023;57(8):1559–1577. https://doi.org/10.1080/00343404.2022.2148644 DOI: https://doi.org/10.1080/00343404.2022.2148644
Chen V.Z., Li J., Shapiro D., et al. Ownership structure and innovation: An emerging market perspective. Asia Pacific Journal of Management. 2014;31(1):1–24. https://doi.org/10.1007/s10490-013-9357-5 DOI: https://doi.org/10.1007/s10490-013-9357-5
Yang X., Sun S.L., Yang H. Market-based reforms, synchronization and product innovation. Industrial Marketing Management. 2015;50:30–39. https://doi.org/10.1016/j.indmarman.2015.04.015 DOI: https://doi.org/10.1016/j.indmarman.2015.04.015
Lundvall B. Why study national systems and national styles of innovation? Technology Analysis & Strategic Management. 1998;10(4):403–422. https://doi.org/10.1080/09537329808524324 DOI: https://doi.org/10.1080/09537329808524324
Xu E., Zhang, H. The impact of state shares on corporate innovation strategy and performance in China. Asia Pacific Journal of Management. 2008;25(3):473–487. https://doi.org/10.1007/s10490-008-9093-4 DOI: https://doi.org/10.1007/s10490-008-9093-4
Lou X.Y., Qian A., Zhang C. Do CEO’s political promotion incentives influence the value of cash holdings: Evidence from state-owned enterprises in China. Pacific-Basin Finance Journal. 2021;68:101617. https://doi.org/10.1016/j.pacfin.2021.101617 DOI: https://doi.org/10.1016/j.pacfin.2021.101617
Li H., Zhou L. Political turnover and economic performance: the incentive role of personnel control in China. Journal of Public Economics. 2005;89(9–10):1743–1762. https://doi.org/10.1016/j.jpubeco.2004.06.009 DOI: https://doi.org/10.1016/j.jpubeco.2004.06.009
Cao X., Lemmon M.D., Pan X., et al. Political Promotion, CEO Incentives, and the Relationship Between Pay and Performance. Management Science. 2019;65(7):2947–2965. https://doi.org/10.1287/mnsc.2017.2966 DOI: https://doi.org/10.1287/mnsc.2017.2966
Bronzini R., Piselli P. The impact of R&D subsidies on firm innovation. Research Policy. 2016;45(2):442–457. https://doi.org/10.1016/j.respol.2015.10.008 DOI: https://doi.org/10.1016/j.respol.2015.10.008
Yuan R., Wen W. Managerial foreign experience and corporate innovation. Journal of Corporate Finance. 2018;48:752–770. https://doi.org/10.1016/j.jcorpfin.2017.12.015 DOI: https://doi.org/10.1016/j.jcorpfin.2017.12.015
Ding N., Gu L., Peng Y. Fintech, financial constraints and innovation: Evidence from China. Journal of Corporate Finance. 2022;73:102194. https://doi.org/10.1016/j.jcorpfin.2022.102194 DOI: https://doi.org/10.1016/j.jcorpfin.2022.102194
Pessarossi P., Weill L. Choice of corporate debt in China: The role of state ownership. China Economic Review. 2013;26:1–16. https://doi.org/10.1016/j.chieco.2013.03.005 DOI: https://doi.org/10.1016/j.chieco.2013.03.005
Lin N., Chen H.Y.H., Zhang P., et al. Does gambling culture affect firms’ investment efficiency? Finance Research Letters. 2022;49:103148. https://doi.org/10.1016/j.frl.2022.103148 DOI: https://doi.org/10.1016/j.frl.2022.103148
Kong D., Wang Y., Zhang J. Efficiency wages as gift exchange: Evidence from corporate innovation in China. Journal of Corporate Finance. 2020;65;101725. https://doi.org/10.1016/j.jcorpfin.2020.101725 DOI: https://doi.org/10.1016/j.jcorpfin.2020.101725
McGuinness P.B., Vieito J.P., Wang, M. The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance. 2017;42:75–99. https://doi.org/10.1016/j.jcorpfin.2016.11.001 DOI: https://doi.org/10.1016/j.jcorpfin.2016.11.001
Jia N., Mao X., Yuan R. Political connections and directors’ and officers’ liability insurance – Evidence from China. Journal of Corporate Finance. 2019;58:353–372. https://doi.org/10.1016/j.jcorpfin.2019.06.001 DOI: https://doi.org/10.1016/j.jcorpfin.2019.06.001
He J., Tian X. The dark side of analyst coverage: The case of innovation. Journal of Financial Economics. 2013;109(3):856–878. https://doi.org/10.1016/j.jfineco.2013.04.001 DOI: https://doi.org/10.1016/j.jfineco.2013.04.001
Hou Q., Hu M., Yuan Y. Corporate innovation and political connections in Chinese listed firms. Pacific-basin Finance Journal. 2017;46(Part A):158–176. https://doi.org/10.1016/j.pacfin.2017.09.004 DOI: https://doi.org/10.1016/j.pacfin.2017.09.004
Kim H.D., Park K., Song, K. Do long‐term institutional investors foster corporate innovation? Accounting and Finance. 2017;59(2):1163-1195. https://doi.org/10.1111/acfi.12284 DOI: https://doi.org/10.1111/acfi.12284
Demerjian P.R., Lev B., McVay S. E. Quantifying Managerial Ability: A New Measure and Validity Tests. Management Science. 2012;58(7):1229–1248. https://doi.org/10.1287/mnsc.1110.1487 DOI: https://doi.org/10.1287/mnsc.1110.1487
Pu T., Zulkafli A. H. Managerial ownership and corporate innovation: evidence of patenting activity from Chinese listed manufacturing firms. Cogent Business & Management. 2024;11(1):2289202. https://doi.org/10.1080/23311975.2023.2289202 DOI: https://doi.org/10.1080/23311975.2023.2289202
Lantz J., Sahut, J. R&D investment and the financial performance of technological firms. International Journal of Business. 2005;10(3):251.
Arundel A., Kabla I. What percentage of innovations are patented? empirical estimates for European firms. Research Policy. 1998;27(2):127–141. https://doi.org/10.1016/s0048-7333(98)00033-x DOI: https://doi.org/10.1016/S0048-7333(98)00033-X
Copyright (c) 2024 Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438
Это произведение доступно по лицензии Creative Commons «Attribution-NonCommercial-NoDerivatives» («Атрибуция — Некоммерческое использование — Без производных произведений») 4.0 Всемирная.
