共查询到20条相似文献，搜索用时 31 毫秒
1.
Although innovation is essential to build a competitive advantage and survive in the long run, some firms choose to exit, through mergers and acquisitions (M&As), or radically change their business portfolio and identity. This paper examines how innovative capabilities influence the decision of a firm to exit, among business closure, M&A, and radical restructuring. Using an analysis of a large and rich panel of Dutch manufacturing firms, we find that product and process innovation are equally important to lower the probability to close down activities, and this effect is stronger when product and process innovations are pursed in combination. We also find that process innovation reduces the probability of exit by radical restructuring, while product innovation, when not supported by process innovation, especially increases the probability of exit by M&As. Our findings suggest that exit strategies are intimately bound to the nature and synergies of innovative efforts. 相似文献
2.
The Great Recession, which began in 2008, brought about large contractions in aggregate consumption in many countries. In this research, we study the impact of heterogeneous decreases in demand on innovation investments by analyzing the evolution of innovation investments in a panel of Spanish manufacturing firms during the 2004–2013 period. We proxy heterogeneous variation in demand with net exit rates in the productive stratum of each firm, defined as the group of firms in the same industry and size class. These net exit rates are computed considering all firms in the stratum, including firms that are determined to be non-innovative firms. To support the identification strategy, we show that exit rates do not capture idiosyncratic unobservable characteristics among innovative firms. In addition, we control for the effect of time-varying credit constraints. We find that a one standard deviation increase in exit rates is associated with reductions of 1.5% in the share of firms investing in innovation. The drop is larger for smaller firms, which also experience greater decreases in sales. Since smaller firms are most sensitive to demand drops, they are the natural candidates to be the target of policies devoted to increasing R&D activities during crises. As additional analysis, we study firms’ perceptions of the main obstacles to innovation to find that net exit rates capture the heterogeneous variation in demand, rather than credit constraints. Finally, when analyzing the exit patterns of firms in the sample, we confirm that the net exit rate in a firm's stratum does not drive the exit of firms in our sample. 相似文献
3.
This paper explores the influence of innovation on the probability of survival of two hundred top British firms founded throughout the nineteenth and twentieth centuries. To this end, we have collected the firms’ significant innovations and classified them by Schumpeterian types, patented and non-patented and domestic and imported. The number of patents registered by the firms throughout their lifetime ?a rough measure of their incremental innovation activity– has also been recorded. In addition, twelve control variables ?five characteristics of the firms and seven of their business leaders– have been included. Both log-normal and gamma duration models have been used in the analysis. They have been estimated, firstly for the whole set of firms and, secondly, for the manufacturing and the service firms separately to control for industry differences. The results of the log-normal and gamma estimations are highly coincident, with some nuances. The significant innovations ?particularly new processes, non-patented and domestic ones– have been found to positively influence the probability of business survival. The number of patent applications seems to increase the survival probability of the manufacturing firms, but not of the service ones. Among the control variables, the firm’s size, its international dimension, and the age of the business leader at entry seem to be the most influential ones on business survival, although there are some differences between manufacturing and services. The main results are robust to the division of the sample by entry period. 相似文献
4.
专利技术许可已经成为开放式创新时代企业获取创新利益的重要方式,而何时进行专利许可是企业面临的重要决策问题。本文根据专利的法律化过程将专利许可时间分为专利申请-公开之间、公开-授权之间以及授权后,重点考察不同创新规模条件下企业的专利许可时间决策差异。通过将专利公开效应与授权效应纳入到企业专利许可时间决策模型,从理论上推导出企业创新规模与专利许可时间决策的关系,即：（1）企业创新规模增加会导致专利申请-公开之间许可的概率增加;（2）企业创新规模增加会导致专利公开-授权之间许可的概率先增加后降低,即企业创新规模对专利公开-授权之间许可概率的影响呈倒U型;（3）企业创新规模增加会导致专利授权后许可的概率降低。然后,本文利用2001-2015年中国企业在国家知识产权局申请且第一次备案许可的11865条发明专利进行实证研究,结果验证了以上所有理论命题。本研究从理论上揭示了不同创新规模企业的专利许可时间决策机制,对我国企业技术转移策略选择以及技术转移政策设计具有重要实践启示。 相似文献
5.
考虑两个竞争企业的研发投资存在非对称溢出效应时的最优研发投资策略问题。运用博弈论构建有无研发投资的模型并求解分析,揭示不同强度的研发投资溢出、吸收能力和研发成功概率等因素对竞争企业研发投资博弈均衡的影响。结果表明：两个企业的研发投资溢出均较弱时,它们都会投资;一方的溢出较弱而另一方的较强时,双方将分别成为唯一的投资方和搭便车者;溢出效应中等时,它们或者都投资,或者都不投资;溢出效应均足够强时,二者都不投资。敏感性分析显示,企业会依据不同水平的产品差异度、吸收能力和研发成功概率调整最优研发投资策略。此外,消费者剩余和社会福利在两个企业都投资时最优,单一企业投资时次之,无研发投资时最差。 相似文献
6.
Determinants of industry-academy linkages and, their impact on firm performance: The case of Korea as a latecomer in knowledge industrialization 总被引：1，自引：0，他引：1
Boo-Young Eom 《Research Policy》2010,39(5):625-12407
This paper utilizes the Korea Innovation Survey data to identify the determinants of industry-university and industry-government research institute (IUG) cooperation, and its impact on firm performance. First, we find that among the determinants of IUG cooperation, traditional firm characteristic variables of size and R&D intensity are not significant, while participation in national R&D project turns out be most significant and robust in both cooperation modes. This is in contrast to the results from the cases in European countries and reflects the significance of government policies in promoting IUG cooperation in latecomer economies. Second, with regard to the impact of IUG cooperation, we conspicuously find no significant impact on the innovation probability of firms when we control the possible endogeneity, such that already innovative firms would participate more at such cooperation modes. This implies that the IUG cooperation cannot guarantee the success of a firm in technological innovation. Rather, it may have an influence on the selection or direction of the research projects of a firm. When we limited the analysis to innovative firms, we do find a positive impact of the IUG cooperation on patents generated from new product innovation but find none in terms of volume of sales or labor productivity. These results seem to reflect the still transitional nature of the national innovation system (NIS) and knowledge industrialization in Korea. 相似文献
7.
Patents and the survival of Internet-related IPOs 总被引：4，自引：0，他引：4
We examine the effect of patenting on the survival prospects of 356 Internet-related firms that made an initial public offering on the NASDAQ at the height of the stock market bubble of the late 1990s. By March 2005, almost 2/3 of these firms had delisted from the exchange. Changes in the legal environment in the US in the 1990s made it much easier to obtain patents on software, and ultimately, on business methods, though less than 1/2 of the firms in our sample obtained, or attempted to obtain, patents. For those that did, we hypothesize that patents conferred competitive advantages that translate into higher probability of survival, though they may also simply be a signal of firm quality. Controlling for other determinants of firm survival, patenting is positively associated with survival. Quite different processes appear to govern exit via acquisition compared to exit via delisting from the exchange due to business failure. Firms that applied for more patents were less likely to be acquired, though if they obtain unusually highly cited patents they may be a more attractive acquisition target. These findings do generally not hold true for “business method” patents, which do not appear to confer a survival advantage. 相似文献
8.
政府财税政策对高技术企业创新和增长的影响 《科学学研究》2018,36(12):2259-2269
考虑到政府不同的财税激励政策会对企业创新产生不同的影响,本文将财税政策划分为直接资金资助和间接减免税两种形式,创新产出区分为非市场化导向的创新产出和市场化导向的创新产出。基于中关村2777家高技术企业的数据,本文就企业年龄和企业规模对政府财税政策与企业创新的调节作用进行了实证研究。研究发现政府的直接资金资助对高技术企业非市场化导向的创新产出作用更为显著,而间接的减免税政策更有助于企业市场化导向的创新活动。此外,研究也表明政府直接资金资助对初创期企业创新产出的作用更强,而减免税对促进新创企业创新的经济绩效的作用并不显著,甚至有时候作用为负。研究还发现企业规模并不能有效调节政府财税政策与创新产出之间的关系。研究结论为政府优化对高技术企业的政策系统提供了实证支持依据,有助于促进高技术产业的持续创新和健康发展。 相似文献
9.
Previous studies showed that firms established by experienced founders have higher survival rates and employment growth, but the potential effect of pre-entry experiences on innovation remains unclear. Using an original dataset, we examine the effect of founder's experiences, the relationship with the founder's previous employer and spatial proximity to the previous workplace on the innovative performance of small software firms in the Netherlands. Apart from entrepreneurial experiences, the results suggest no effect of pre-entry experiences. Continued contacts with the founder's previous employer appear to limit the firm's innovative performance, but firms do benefit from being established near the previous workplace. 相似文献
10.
本研究构建了以战略柔性和战略创新为中介机制的员工导向提升企业原始性创新的关系模型,并分析了企业特征的调节作用。采用取自303家我国企业的双份调研问卷对文中所提的链式多重中介效应模型进行实证检验,结果显示员工导向通过三条并行路径促进原始性创新：第一,员工导向增强战略柔性进而促进原始性创新;第二,员工导向以战略创新为中介机制提升原始性创新;第三,员工导向通过战略柔性促进战略创新,进而提升原始性创新。此外,链式多重中介效应随着企业年龄和企业规模的增加而减弱。 相似文献
11.
中国研发企业的生存问题是中国创新驱动发展战略实施的关键,决定着这一战略到底能走都远。本文运用生物领域的事件史分析法追踪了2000年成立的研发企业生存状况以及是否存在生存溢价。研究发现:首先,从整体上来说,中国研发企业并不存在显著的生存溢价,如果把基于退出机制不完善而形成的僵尸企业排除在外,研发企业要比非研发企业多抑制7.25%的生存风险;其次,研发密集度与生存风险之间并非简单的线性关系,研发密集度和生存风险之间存在大致的"U"型关系;最后,实质性研发企业能够显著降低生存风险,拥有较大的生存溢价,研发行为扭曲的企业则不具有生存溢价效应,其生存寿命反而要低于非研发企业。这一结论揭示了中国研发企业总体上不具有明显生存溢价的一个重要原因是,研发行为扭曲吞噬了实质性研发企业的生存溢价。那么,中国的研发激励政策在扶持企业进行实质性研发的同时,应当建立相应机制纠正企业的研发行为。 相似文献
12.
The concept of open innovation captures the increasing propensity of firms to work across their traditional boundaries of operation. This phenomenon has largely been studied from the viewpoint of manufacturing businesses while services have received much less attention despite the predominant role they play in advanced economies. This paper focuses on open innovation in services, both as a subsector of the economy and as a component of the activities of manufacturing firms. We study the open innovation practices of business services firms and then consider the implications for open innovation of the adoption of a service inclusive business model by manufacturing firms. Our analyses are based on a unique dataset with information on open innovation activities amongst UK firms. Overall, engagement in open innovation increases with firm size and R&D expenditure. Business services are more active open innovators than manufacturers; they are more engaged in informal relative to formal open innovation practices than manufacturers; and they attach more importance to scientific and technical knowledge than to market knowledge compared to manufacturing firms. Open innovation practices are also associated with the adoption of a service inclusive business model in manufacturing firms and service-integrated manufacturers engage in more informal knowledge-exchange activities. The paper contributes towards a reconceptualisation of open innovation in service businesses and a deeper evidence-based understanding of the service economy. 相似文献
13.
Marco Cucculelli 《Research Policy》2012,41(5):808-821
This study contributes to the recent empirical literature on the innovation-firm performance relationship by investigating the effect of product introduction on firm growth in a sample of Italian firms from 2000 to 2006. We adopted a novel approach that exploits the interpretative content of the tenure of the last product introduced (i.e., the number of years since its first introduction) as an additional variable into the explanatory scheme of firm sales growth rate. This variable aims to capture peculiar characteristics of new goods, such as their novelty and complexity. The estimated results confirmed the relevance of this model specification and helps in understanding the reason why previous studies have failed to find a statistically robust relationship between product innovation and growth. Moreover, we found the following: first, the release of a new product enhances growth opportunity among multiproduct firms; second, product development promotes the growth of firms belonging to sectors with stronger commitment to research and development; and third, new product development enhances firm growth substantially in those sectors that absorb externally originated patents. 相似文献
14.
从创新地理视角出发,本文提出本地和非本地研发合作平衡互补与企业创新产出的关系及企业规模的调节作用,运用负二项回归模型对电动汽车上市企业面板数据进行实证检验。研究发现：企业本地与非本地合作互补对创新产出具有正向显著影响,而本地与非本地合作平衡则不利于企业创新产出;企业本地与非本地合作平衡和合作互补可以产生协同影响,对企业创新产出具有正向作用。同时,企业规模对本地与非本地合作互补程度与创新产出的关系有负向调节作用,但对合作平衡程度与创新产出关系的调节作用不显著。 相似文献
15.
We relate innovation to sales growth for incumbent firms in high-tech sectors. A firm, on average, experiences only modest growth and may grow for a number of reasons that may or may not be related to innovative activity. However, given that the returns to innovation are highly skewed and that growth rates distributions are heavy-tailed, it may be misleading to use regression techniques that focus on the ‘average effect for the average firm’. Using a quantile regression approach, we observe that innovation is of crucial importance for a handful of ‘superstar’ fast-growth firms. 相似文献
16.
Using unique innovation survey data collected from a homogenous sample of firms in Pakistan, this paper presents an analysis of the firm level determinants of product innovation and its impact on firm performance. We employ a multi-stage structural model linking the decision of a firm to innovate, its innovation investment, product innovation, and firm performance using primary data from the textile and wearing apparel sector, which is the largest export sector of Pakistan. We find that product innovation leads to increased labor productivity as well as higher labor productivity growth. A 10 percent increase in innovative sales per worker is associated with a greater than 10 percent increase in labor productivity and labor productivity growth. On the determinants of innovation, we find that vertical knowledge flows from foreign clients and suppliers are important determinants of a firm's decision to innovate. Larger firms are more likely to engage in innovation, however, there is no significant evidence that they invest more in innovation. Exporting is positively associated with innovation performance and firms exporting to Europe and America are more likely to engage in innovation. There is mixed evidence on the impact of competition: foreign competition adversely affects a firm’s decision to innovate, whereas, local competition increases investment in innovation. Subsidies seem to have a crowding out effect since firms receiving national subsides invest less in innovation. Furthermore, firms that have higher investment in innovation, that are more productive, and that introduce organizational innovations have higher innovative sales per worker. 相似文献
17.
《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
18.
新创科技企业的生存与成长是创业研究的重要内容。尽管学界认识到科技企业初创条件对其生存的重要作用，但对这一作用的过程知之甚少。为此，本研究从企业资源观和组织生态学的视角出发，以中关村新创办的科技企业为例，运用Complementary log-log模型，研究了企业创立时的资源与条件——即研发投入、内部金融资本、企业规模和产业集中度——对其生存风险的影响及其时效性。研究结果表明，初创时较高的内部金融资本和产业集中度将增加企业的生存风险，而较高的研发投入和企业规模将提升科技企业的生存概率。同时，这些初创资源与条件对企业生存的影响显示出不同的时效性。这些经验证据将有助于揭示中国科技型企业的生存过程。 相似文献
19.
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
20.
This paper examines the role of tacit and explicit knowledge in translating management innovation into firm performance in Japanese companies. While past research has been inconsistent on the role of management innovation on firm performance, this research considers how management innovation in organizations can promote tacit and/or explicit knowledge creation, and whether this leads to higher firm performance. This research uses a questionnaire survey of employees of Japanese firms and applies conditional process analysis. There was no direct effect of management innovation onto firm performance, and that instead, both tacit and explicit knowledge fully mediated the relationship between management innovation and firm performance. While management innovation programs by themselves did not directly increase firm performance, the alignment of these programs with knowledge management initiatives enhanced performance. This highlights the need for management innovation that first considers the type of knowledge needed for enhanced performance. Previous research did not consider the role of knowledge as a means to translate management innovation into firm performance. This paper uncovers the mediating role of knowledge, potentially elucidating past inconclusive results. 相似文献