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1.
《Research Policy》2022,51(5):104497
This study empirically investigates the financial market's reaction to firms’ participation in standard setting organizations (SSOs) in terms of firms’ implied cost of equity capital – the discount rate applied by investors to a firm's expected future cash flows. Our analysis utilizes a panel of 3350 US public firms and their membership of 183 SSOs operating in a range of technology domains between 1996 and 2014. It shows a significantly lower cost of equity for SSO participants. We then empirically document a causal link between SSO membership and a firm's cost of equity, by exploiting exogenous variations in membership count linked to SSO closures and an instrumental variable measuring SSO availability. Our results underscore the important role of SSO membership in mitigating the perceived riskiness of a firm, particularly when it faces high degrees of technological uncertainty, product-market uncertainty, and information asymmetry. 相似文献
2.
《Research Policy》2022,51(1):104396
We draw on information risk theory and paradox theory to examine the additive and combined effects of disclosing exploration and exploitation information on cost of equity capital. We build on theory that presupposes that the information disclosed by a firm about its innovation activities will reduce information risk of investors. However, we contend that disclosure of exploration and exploitation innovation activities could convey potentially paradoxical expectations about a firm's future value. Based on longitudinal data of the UK FTSE 350 firms from 2011–2016, we show that firms tend to disclose more information related to exploration than exploitation. However, the bulk of market benefits are driven by exploitation rather than exploration disclosures—except for R&D-active firms that are rewarded for exploration disclosure. We also find that the combined disclosure is negatively associated with cost of equity capital, with the sub-population of R&D-active firms particularly accruing synergies from combined disclosure of both exploration and exploitation. These findings suggest that the market differentiates between exploration and exploitation information in addressing information risk, more so than previously assumed. We discuss implications for information-type-dependency in information-risk theory, the outward projection of internal paradoxes, capital market valuations of disclosure by R&D-active firms, opportunity-seeking by large publicly listed corporations, and policy implications. 相似文献
3.
本文以2008-2016年沪深A股上市公司为样本,采用双重差分模型及倾向得分匹配下的双重差分模型,考察了放松卖空管制对企业基于研发费用的盈余管理行为的影响。结果表明：放松卖空管制促使上市公司削减研发费用;其背后的原因在于卖空机制强化了管理者削减研发费用进行盈余管理的动机;这一现象在市场化程度高的地区更明显,但在管理者持有长期股权激励的公司中得到了有效抑制,且长期股权激励的治理效用在市场化程度高的地区依然存在。进一步研究排除了投资机会改变等替代性解释,证明放松卖空管制后管理者削减研发费用确实是盈余管理动机增强所致。本研究扩展了对卖空机制实施效果的理论认知,为公司外部环境和内部治理关系的研究提供了新视角。 相似文献
4.
《国际创新研究学报(英文)》2020,4(2):27-39
This paper empirically investigates the effect of mandatory pension contributions on firm innovation. We find that firms with mandatory contributions experience a decline in their innovation output. This effect is stronger for firms with financial constraints, more short-term institutional investors, higher levels of managerial short-termism. We also document that mandatory pension contributions result in a reduction in firm research and development expenditures and an increase in firm debt-to-asset ratio. Moreover, we report that firms with mandatory contributions increase their alliance activities to pursue innovation with external partners. 相似文献
5.
This paper examines the impact of industry knowledge conditions, the mode of corporate control and firm size on tangible investments and its financing. Based on a large panel data set of German firms we investigate whether financing constraints exist for tangible investment and whether there is systematic variation across firms engaged in activities reflecting different knowledge conditions. In particular, we compare the extent of financing constraints for firm in knowledge intensive (hi-K) industries with those in less knowledge-based (lo-K) industries. This distinction is important because knowledge-based economic activity tends to be subject to high degrees of uncertainty, asymmetric information and spillovers of newly created knowledge, making access to external sources of finance difficult. Our surprising empirical finding is that firms in hi-K industries are less finance constrained than are their counterparts in lo-K industries. However, the mode of corporate control and firm size play an important role. After controlling for firm size and manager versus owner control, we observe that the small manager-controlled firms in both hi-K and lo-K industries are most finance constrained. By contrast, no financing constraints seem to exist for the smaller owner-controlled firms in hi-K industries. This latter result contrasts sharply with results of Anglo-Saxon studies. 相似文献
6.
基于制度理论和利益相关者理论,利用我国典型重污染行业中159家上市公司数据,分析重污染企业环境绩效对财务绩效的影响,探讨企业客观特征--规模和所有制形式对环境绩效和财务绩效关系的调节效应,以及企业客观特征、主观战略--环境信息披露的联合调节效应。结果发现：重污染企业往往选择牺牲环境绩效来提高财务绩效;企业规模越大,环境绩效对财务绩效的负向影响越小,而企业所有制形式对两者关系的调节效应不显著;另外,企业客观特征对环境绩效和财务绩效之间的调节作用还依赖于积极的环境信息披露。 相似文献
7.
本文选取2015-2018年新能源汽车产业110家上市公司面板数据,探索政府补助与市场融资及其协同配合对企业研发创新影响的差异性。结果显示,新能源汽车产业政府补助对企业研发创新具有显著激励效应,市场融资并未显著促进企业研发创新,政府补助与市场融资协同配合能有效促进新能源汽车产业研发创新。通过进一步研究发现,处于不同新能源汽车产业链阶段的企业,政府补助对中上游企业研发创新的激励效应更大,而市场融资对下游企业研发创新的激励效应更大,政府补助与市场融资协同配合对中上游企业研发创新的激励效应更大。同时,相对于国有企业,新能源汽车产业政府补助与市场融资及其两者协同配合对非国有企业研发创新的激励效应更大。本文在一定程度上丰富了创新激励与政府干预理论,并为政府扶持新能源汽车产业精准设计创新政策提供理论指导。 相似文献
8.
Annamaria Conti Nishant Dass Francesco Di Lorenzo Stuart J.H. Graham 《Research Policy》2019,48(3):799-812
This paper employs the 2008 financial crisis as an empirical setting to examine how investment strategies of venture capitalists (VCs) vary in the presence of a liquidity supply shock, and what the performance implications of these strategies are for their portfolio startups. We show that while, on aggregate, funded startups receive no less financing during the financial crisis than in non-crisis times, VCs allocate relatively more resources to startups operating in the VCs’ core sectors. We show that this skew allocation follows from VCs choosing to double down on their core-sector investing, rather than by a changed mix of investors or startups during the financial crisis. These effects are strongest for early-stage startups, for which information problems are most severe. Furthermore, these results are driven by the investment strategies of more-experienced VCs. Building on these findings, we find superior ex post performance among crisis-funded portfolio startups operating in more-experienced VCs’ core sectors. 相似文献
9.
Sebastian Hoenen Christos Kolympiris Wilfred Schoenmakers Nicholas Kalaitzandonakes 《Research Policy》2014
A long stream of research has documented the positive effects that patents bring about to emerging firms in high technology industries. The general consensus is that patents contribute to firm growth because they confer monopolistic market rights, offer protection from competitors, increase the negotiating position of patent holders and other benefits. What has received relatively less attention in the literature is whether patents act as a signal that attracts investors such as venture capital firms. The handful of studies that have addressed that question has not analyzed whether the signaling function of patents decreases after the initial attraction of venture capital, as information asymmetries between investors and target firms reduce. In this study we hypothesize that patent activity has a signaling value that diminishes once information asymmetries between investors and funded firms lessen. To study our proposition we draw upon a longitudinal dataset of more than 580 U.S.-based biotechnology firms to empirically demonstrate that biotechnology firms that have submitted patent applications substantially increase the level of funding they receive for their first round of financing. In line with a reduction of information asymmetries once the initial investment has materialized, patent applications and granted patents have no effect on the growth of venture capital funds raised during the second round of financing. We conclude the study with a discussion of avenues for new research, implications for policy makers that consider the usefulness of the current patent system and with insights that can be employed by managers of firms in knowledge intensive areas such as biotechnology. 相似文献
10.
Mario Kafouros Chengqi Wang Eva Mavroudi Junjie Hong Constantine S. Katsikeas 《Research Policy》2018,47(7):1243-1255
We examine how the ways in which firms geographically configure their global portfolios of R&D units influence the effectiveness of firms’ own R&D investments and of external technical knowledge in enhancing firm performance. Our analysis indicates that the strength of these effects depends on the extent to which firms spread their R&D units across countries (geographic dispersion of R&D) and the extent to which firms establish multiple R&D units within each country (co-location of R&D). We show that geographic dispersion and co-location are associated with distinct value creation and value capture mechanisms and in turn lead to different performance outcomes. Although geographic dispersion enhances the effects of a firm’s own R&D on its performance, R&D co-location limits such effects. These relationships are reversed when we consider the effects of external technical knowledge on firm performance. R&D co-location, rather than geographic dispersion, is what renders the exploitation of external knowledge more effective in enhancing firm performance. Our results suggest that future research should shift its focus from the degree of R&D globalization to how a portfolio is globalized and geographically structured. 相似文献
11.
《Research Policy》2019,48(9):103801
While there is a general consensus that young innovative companies (YICs) need special attention by public policy which should aim at alleviating the financial constraints these firms commonly suffer, much less agreement has been reached on the most effective policy instruments reputed to accomplish the task. In this respect, if the scientific debate has very much revolved around the dilemma about the crowding-in or crowding-out effect of public R&D subsidies to firms, there is a dearth of scientific studies which analyse the effectiveness and potential interrelations of different policy instruments which at the same time and in the same institutional context are offered to YICs. By taking advantage of the Italian Startup Act issued in 2012, we analyse, for the first time, the possible existence of interrelationships between firm access to a Government-guaranteed (GG) bank loan programme and fiscal incentives for venture capital (VC) equity investments. Results suggest two important facts. First, the two mechanisms appear to be functional to different typologies of YICs. Second, VC investments significantly reduce the probability to access GG bank loans. Overall, our analysis highlights a sort of “institutional division of labour” between the two measures and depicts what we label as a Task segmentation effect. 相似文献
12.
《Research Policy》2022,51(5):104493
Financial constraints hamper the ability of small and medium-sized enterprises (SMEs) to undertake innovative activities, which, in turn, affects countries’ long-term growth. Therefore, promoting access to external funding for SMEs represents an important challenge for policymakers. This paper investigates whether innovation subsidies, provided by France's public investment bank to French SMEs, have translated into better access to both debt and equity financing by means of a certification effect. We exploit a unique database that collates the innovation subsidies received by French firms over the 2000-2014 period to construct a quasi-natural experiment and evaluate the causal impact of these subsidies on financial constraints for SMEs. We find a significant improvement in access to bank financing for subsidized firms, but the effect is heterogeneous and mainly concentrated on micro and small firms that have been operating for around six years. In contrast, we do not find any significant improvement in access to equity financing. We demonstrate that this last result is partly explained by a substitution effect between bank debt and equity financing. 相似文献
13.
《The Journal of High Technology Management Research》2001,12(2):273-293
We challenge the implicit assumption that entrepreneurs are the sole owners of their young firms and we suggest that because cutting-edge innovation projects are complex, they create substantial information asymmetry between entrepreneurs and their investors. Linking previous research on governance, entrepreneurship, and innovation, we ask what forms of governance and incentive systems are conducive to spur and implement innovation among young entrepreneurial firms. Using agency theory and building on the rich literature on governance, we make eight practical suggestions regarding the governance of young entrepreneurial firms. We suggest that early and effective governance systems may help entrepreneurs and investors work in alignment with each other's best interests. 相似文献
14.
Users’ ability to retweet information has made Twitter one of the most prominent social media platforms for disseminating emergency information during disasters. However, few studies have examined how Twitter’s features can support the different communication patterns that occur during different phases of disaster events. Based on the literature of disaster communication and Media Synchronicity Theory, we identify distinct disaster phases and the two communication types—crisis communication and risk communication—that occur during those phases. We investigate how Twitter’s representational features, including words, URLs, hashtags, and hashtag importance, influence the average retweet time—that is, the average time it takes for retweet to occur—as well as how such effects differ depending on the type of disaster communication. Our analysis of tweets from the 2013 Colorado floods found that adding more URLs to tweets increases the average retweet time more in risk-related tweets than it does in crisis-related tweets. Further, including key disaster-related hashtags in tweets contributed to faster retweets in crisis-related tweets than in risk-related tweets. Our findings suggest that the influence of Twitter’s media capabilities on rapid tweet propagation during disasters may differ based on the communication processes. 相似文献
15.
We explore a financial returns dimension of the exploration-exploitation dilemma. Using 1277 R&D announcements by 178 listed bio-pharmaceutical firms, we examine whether investors are myopic along the continuum of exploration (patenting and preclinical trials) to exploitation (human clinical trials and NDA). We find that investors respond positively at every stage, but there are differences between small and large firms. For small firms exploration is favored, provided it is focused. For large firms, there is value in both exploration and exploitation. Projects which are part of an alliance are no more likely to generate abnormal returns. Policy implications are discussed. 相似文献
16.
Factors affecting university-industry R&D projects: The importance of searching, screening and signalling 总被引：1，自引：0，他引：1
This paper presents an empirical analysis of the determinants of research cooperation between firms and Public research organisations (PROs) for a sample of innovating small and medium-sized enterprises (SMEs). The econometric analysis is based on the results of the KNOW survey carried out in seven EU countries during 2000. In contrast to earlier works that provide information about the importance of PROs’ research, we know the number of firm/PRO collaborative research and development (R&D) projects. This allows us to study the determinants of firm collaboration with PROs in terms of both the propensity of a firm to undertake R&D projects with a university (do they cooperate or not) and the extent of this collaboration (number of R&D projects). Two questions are addressed. Which firms cooperated with PROs? And what are the firm characteristics that might explain the number of R&D projects with PROs? The results of our analysis point to two major phenomena. First, the propensity to forge an agreement with an academic partner depends on the ‘absolute size’ of the industrial partner. Second the openness of firms to the external environment, as measured by their willingness to search, screen and signal, significantly affects the development of R&D projects with PROs. Our findings suggest that acquiring knowledge through the screening of publications and involvement in public policies positively affects the probability of signing an agreement with a PRO, but not the number of R&D projects developed. In fact, firms that outsource research and development, and patent to protect innovation and to signal competencies show higher levels of collaboration. 相似文献
17.
Internet and social media offer firms novel ways of managing their marketing strategy and gain competitive advantage. The groups of users expressing themselves on the Internet about a particular topic, product, or brand are frequently called a virtual tribe or E-tribe. However, there are no automatic tools for identifying and studying the characteristics of these virtual tribes. Towards this aim, this paper presents Tribefinder, a system to reveal Twitter users’ tribal affiliations, by analyzing their tweets and language use. To show the potential of this instrument, we provide an example considering three specific tribal macro-categories: alternative realities, lifestyle, and recreation. In addition, we discuss the different characteristics of each identified tribe, in terms of use of language and social interaction metrics. Tribefinder illustrates the importance of adopting a new lens for studying virtual tribes, which is crucial for firms to properly design their marketing strategy, and for scholars to extend prior marketing research. 相似文献
18.
国内外一些研究认为多元化战略特别是非相关多元化战略的实施会损害企业的价值和核心竞争力。但是在技术迅速变化的年代,传统的以资源为基础的核心竞争优势理论受到了挑战。固守企业的核心竞争力也会给企业带来组织惰性。非相关多元化意味着企业将拓展新的产品领域并投资新的技术。非相关多元化有利于企业发展一种动态能力从而适应不断变化的外部环境。
本文通过文献梳理探索了企业非相关多元化战略影响企业创新投入的内在机理。非相关多元化战略的实施扩大了企业的规模从而改变了企业创新的力度;非相关多元化战略实施企业建立的多事业部组织机构中部门经理面临的短期财务业绩考核约束了企业创新投入的力度;企业实施非相关多元化战略使用企业内部资本市场替代外部不发达资本市场增加了研发项目获得资金支持的机会;实施非相关多元化战略的企业在高度不确定环境下通过投入不同于原有产品技术的创新增强了自身适应动态变化环境的能力。
本文利用世界银行对中国12400个企业的调查数据实证研究发现总体上中国企业的非相关多元化显著促进了企业研发投入的增加。根据中国企业非相关多元化程度分类回归发现,超过90%的企业的非相关多元化程度低于5%,在0到5%区间范围内,非相关多元化与企业的创新投入显著正相关。这意味着对于绝大多数中国企业而言,由于大举进入一个完全陌生的新产品会遭遇较高的风险,这些企业只是尝试进入一个新的产业。由于新的产业与原来的产业所需要技术完全不同,新旧技术之间不存在协同效应,因此进入新领域的初期这些企业加大了研发投入。非相关多元化程度超过5%之后,非相关多元化与企业创新投入力度的相关系数为负,但是并不显著。研究还发现企业历史、企业高学历员工比例及其代表的企业所处行业的技术机会等因素都显著促进了企业创新投入,总经理短期激励则显著减少了企业创新投入。
本文还根据中国企业的制度背景进行了分类分析。无论对于国有企业还是非国有企业,非相关多元化都促进了企业的创新投入。非国有企业非相关多元化战略对创新投入的促进效果略高于国有企业。国有企业相比非国有企业更偏好非相关多元化经营和研发创新。国有企业总经理短期经济激励对企业创新投入的负面影响力度要超过非国有企业。非国有企业的历史促进了创新投入。国有企业负债率、企业经营利润率以及获利的不确定性与研发力度呈现正的联系。无论是国有企业还是非国有企业,企业所在产业的外部技术机会对企业的研发投入起到促进作用。 相似文献
19.
Most firms use secrecy to protect their knowledge from potential imitators. However, the theoretical foundations for secrecy have not been well explored. We extend knowledge protection literature and propose theoretical mechanisms explaining how information visibility influences the importance of secrecy as a knowledge protection instrument. Building on mechanisms from information economics and signaling theory, we postulate that secrecy is more important for protecting knowledge for firms that have legal requirements to reveal information to shareholders. Furthermore, we argue that this effect is contingent on the location in a technological cluster, on a firm’s investment in fixed assets and on a firm’s past innovation performance. We test our hypotheses using a representative sample of 683 firms in Germany between 2005 and 2013. Our results support the moderation effect of a technological cluster and a firm’s investment in fixed assets. Our findings inform both academics and managers on how firms balance information disclosure requirements with the use of secrecy as a knowledge protection instrument. 相似文献
20.
Assessing the contribution to innovation of private equity investors: A study on European buyouts 总被引：1，自引：0，他引：1
Elisa Ughetto 《Research Policy》2010,39(1):126-140
The paper provides an empirical analysis of the patenting activity of a sample of Western European manufacturing firms undergoing a buyout between 1998 and 2004. A panel data design is used to test whether the characteristics of the deal and of private equity (PE) firms can affect acquired companies’ subsequent innovation effort as measured by the number of patents granted by the EPO. Results support the view that the innovation activity of portfolio firms is affected by different types of investors, pursuing different objectives and differing in their risk propensity, expected returns and investment policies. The characteristics of lead investors (size, stage specialization, geographical location) and of the deal (amount invested, presence of multiple investors) are also investigated and are found to differently affect the post-buyout innovation activity of sample firms. 相似文献