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Research on categories and markets suggests that audiences rely on categorical distinctions to make sense of market offerings. Market offerings that deviate from category norms risk devaluation. Although literature in this area has led to valuable insights, scholars have begun to question whether there has been an overemphasis on conformity, leaving existing theories ill-equipped to account for innovation. Within this context, we argue that research on authenticity in cultural sociology offers a useful platform for theorizing. We draw on the work of Peterson (1997), who underscores the importance of signals in evaluation. Objective features of market offerings (e.g., quality) matter, but particularly for innovations, these features are not readily visible. Because authentic producers are typically thought to be more committed, capable, and intrinsically motivated, when visibility of such objective features is lacking, authenticity may serve as an alternative indicator of value. Appearing authentic requires signaling believability with respect to category norms, while also being distinctive. Using data on 684 firms from five high technology sectors, we explore the relationship between authenticity and investor perceptions of value. Focusing on three different proxies for signals of authenticity—networks, governance, and narratives—we find a curvilinear association between conformity/distinctiveness and Tobin's q. Consistent with our view of authenticity as a signal, we also find that this relationship flattens as firms gain better track records and face stiffer competition. 相似文献
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Reducing information asymmetry between investors and a firm can have an impact on the cost of equity, especially in an environment or times of uncertainty. New technologies can potentially help disseminate corporate financial information, reducing such asymmetries. In this paper we analyse firms’ dissemination decisions using Twitter, developing a comprehensive measure of the amount of financial information that a company makes available to investors (iDisc) from a big data of firms’ tweets (1,197,208 tweets). Using a sample of 4131 firm-year observations for 791 non-financial firms listed on the US NASDAQ stock exchange over the period 2009–2015, we find evidence that iDisc significantly reduces the cost of equity. These results are pronounced for less visible firms which are relatively small in size, have a low analyst following and a small number of investors. Highly visible firms are less likely to benefit from iDisc in influencing their cost of equity as other communication channels may have widely disseminated their financial information. Our investigations encourage managers to consider the benefits of directly spreading a firm’s financial information to stakeholders and potential investors using social media in order to reduce firm equity premium (COE). 相似文献
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随着生物制药、纳米、新材料等领域的崛起,一种新的基于科学的创业企业随之诞生。这类企业与基础科学研究紧密相连,推动着科学的创新。本文以诺奖科学家参与创建,旨在商业化其研究成果的企业为案例,从管理团队、资金来源、企业合作及产品研发四个纬度研究了基于科学的创业企业发展与演化特征。通过分析此类企业管理团队发现,基于科学的创业企业管理层通常由“前沿科学家+商业人士”的组合,既能使企业处于科研前沿面,又有效地保障了企业资源获取及运营管理;从资金来源看,创业初期的资金来源主要有政府基金和风险投资,政府资助支持了企业早期研发并降低了私人投资的风险;企业发展阶段的主要资金来源主要有风险投资、公开募股、商业合作以及运营知识产权等,多元化的资金来源有效支撑了企业巨大的研发支出;企业合作主要有学术合作与商业合作两类,学术合作保持企业处于科学前沿同时获得最新专利;商业合作缩短了产品的研发周期,加快产品上市,巩固了市场地位;基于科学的创业企业其产品研发周期长,风险大;此外这类企业不仅研发面向消费者的商业产品,还研发商业技术,为科研机构或企业提供技术平台。 相似文献
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以2009—2014年创业板上市公司首次公开募股(initial public offering,IPO）前后3年数据为样本,构建双重差分模型,实证研究了IPO对企业创新投资的影响和不同融资依赖企业IPO创新影响的差异及其原因。实证结果表明：IPO后企业创新投资显著下降,且外部融资依赖企业IPO后创新投资下降幅度显著大于内部融资依赖企业,因为外部融资依赖企业风险投资参与比例和持股比例较高,IPO后风险投资对企业创新的负影响显著,体现了IPO后企业高管和投资者在市场短期盈利压力的“短视”行为。这为科创板市场弱化短期盈利的监管以强化企业持续创新的动力提供了经验证据。 相似文献
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基于股权融资的市场时机理论,结合我国资本市场再融资政策,本文较为深入地实证分析了市场融资条件对上市公司股权融资和资本结构的影响。检验期间内的研究结果表明:在流通股市价被普遍高估的市场条件下,再融资政策是导致股权融资次数差异的主要因素,而融资次数的差异直接导致了上市公司利用市场融资条件的差异。对融资次数较多的公司而言:(1)利用股价高估的市场条件,通过股权融资降低了企业的资产负债率;(2)以往实施股权融资年份的股票市价对当前的资本结构具有显著的影响;(3)股票市价对上市公司IPO后资本结构的累积变化具有显著影响。对样本公司总体而言:(1)现时和历史的高估股票市价对公司资本结构均未产生持续显著的影响;(2)再融资政策的限制使得普遍的股权融资偏好并没有转化为普遍的股权融资现实结果;(3)总体平均负债率的下降,在相当程度上是由于获得较多再融资机会的公司吸纳了更多融资资金后的平均化结果。 相似文献
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Sabrina T. Howell 《Research Policy》2018,47(8):1448-1462
To spur technology transfer, emerging market policymakers often require foreign firms to form joint ventures (JVs) with domestic firms. Through knowledge spillovers, JVs may reduce technology acquisition costs for domestic firms. Yet domestic firm rents from JVs could discourage innovation through a cannibalization effect. Which force dominates is an empirical question. I address it with novel data on China's auto sector. In response to fuel economy standards requiring firms to upgrade technology or sacrifice quality, firms with JVs reduced quality and price relative to their counterparts. Consistent with cannibalization, firms with JVs drive the negative effect. 相似文献
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Innovation-related activities within firms have traditionally been viewed as primary drivers of product and service differentiation and hopefully firm performance. Such views assume the effective transfer of newly developed products or services to a market willing to transact for the innovative products at a price that sustains the research, development and commercialisation processes behind the initial investments. In this paper, we ‘unpack’ this model linking primary R&D and related activities, the steps taken within the firm's market and transform its operational presence, and measures of firm performance. Using a sample of 449 Australian manufacturing companies from the Business Longitudinal Survey from the Australian Bureau of Statistics, the paper develops a mediated model by which we examine the impact of innovation on firm performance mediated through a firm's market engagement and transformation strategies. This paper finds that organisational performance is driven by innovation only when mediated through these transformation outcomes. The results contribute to the innovation literature in finding that innovation-related activities can only drive a firm's competitive advantage when they occur concomitantly with actual changes in the market position and offerings of firms. 相似文献
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Fluidity is the ability of a digital platform ecosystem to change form to align with changing consumer preferences and stay relevant in the marketplace. This study advances that three dimensions and their five sub-dimensions determine the fluidity of a digital platform ecosystem. They are the (1) functional dimension with its two subdimensions of platform openness and platform quality (i.e., user-friendliness and quality of service offerings); (2) the mechanical dimension which consists mainly of platform design; and (3) the humanistic dimension with the sub-dimensions of network effects and network interactivity. This study advances that firms can manage these dimensions to improve the fluidity of their platforms. Furthermore, we propose that improved fluidity enhances the customer experience and increases switching costs. 相似文献
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Knowledge spillover occurs when recipient firms combine the knowledge of an originating firm with other knowledge. When recipient firms combine the originating firm's knowledge with knowledge that is unfamiliar to the originating firm, the recipient firms potentially provide insight to the originating firm on the viability of exploring such knowledge. By mimicking its recipient firms, the originating firm reduces the challenge and uncertainty of exploring unfamiliar knowledge domains. We examine the exploration activities of 87 telecommunications equipment manufacturers over a ten-year time period. We argue that those firms that operate in competitive and dynamic market environments promoting conservative risk-taking behavior will value such uncertainty reduction more highly and thus rely to a greater extent on their recipient firms for guidance on where to explore for new expertise. In contrast, firms in high-growth market environments are more likely to look beyond the activities of recipient firms when exploring new technological domains and rely less on mimicking their recipient firms. 相似文献
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《国际创新研究学报(英文)》2022,6(2):67-77
We have examined whether institutional ownership and family control in Malaysia are linked to capital spending. Using panel data from 220 listed companies in Malaysia, we showed that institutional ownership is positively associated with capital expenditure (CAPEX). Consistent with institutional investors’ monitoring role in corporate governance, the results indicate that this relationship was driven by the presence of growth opportunities. However, we found that family control was negatively associated with CAPEX. Additional analyses showed that this relationship was moderated by company size. While larger family firms invest less in CAPEX, smaller family firms invest more in CAPEX, indicating that the benefits of lower agency conflicts in family firms hold only for smaller firms. Our results are robust to alternative empirical measurements that account for firm characteristics and the endogeneity of institutional shareholding. 相似文献
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Geographic clusters confer advantages to collocated firms, in particular access to local know-how. This article argues that the access to local know-how is contingent on the extent to which inventive activity is concentrated in the cluster. We draw on sociological theories of generalized exchange to argue that contrasting logics of exchange emerge in geographic clusters that have opposing effects on the extent to which firms benefit from collaborating with local organizations and source local knowledge. A longitudinal data set of 1903 firms engaged in nanotechnology research is used to examine the relationship between firm co-authorships on scientific articles with firms and public research organizations (PROs) and firm inventive performance. Results indicate that when cluster-level firm inventive concentration is high, collaborations with local firms are associated with lower inventive performance. We also find that firms source less local knowledge for their own inventions when firm inventive concentration is high. In contrast, concentrated inventive activity among PROs increases the positive relationship between collaborations with local PROs and firm inventive performance. Results also show firms source more knowledge from local PROs when local PRO inventive concentration is high. The findings suggest that inventive concentration both helps and hinders spill-over of cutting-edge knowledge. 相似文献
13.
This study explores the initial public offering (IPO) and financing of biotechnology start-ups in Japan. Using a unique data set, we find that biotechnology start-ups initially backed by venture capital (VC) firms and those originating from universities are more likely to go public within a shorter period. Moreover, we find that neither staged financing nor syndication by VC firms is associated with higher IPO value relative to investment. Furthermore, we provide evidence that the timing of IPOs does not depend on equity market conditions in the biotechnology industry, whereas IPO value tends to depend on equity market conditions. We discuss the factors that explain these findings, which contradict findings in previous studies of VC investments. 相似文献
14.
Karen FiSher-Vanden Rebecca Terry 《中国青年科技》2008,(12):F0003-F0003
随着众多发展中国家逐渐打开国门开展贸易交流,这些国家中的很多工业企业发现由于自身产品质量与品种的贫乏,很难在国际上参与竞争。尽管中国自1996年以来一直是全球最大的粗钢生产国,但随着本国钢材采购商对钢材质量要求的逐步提升,中国钢材企业低质量钢材的生产已经过剩。本文使用了企业层次的中国钢材企业的面板数据,计量分析了影响企业采用新技术提高产品质量的两套可能因素的相对重要性,它们分别为：技术获取因素与技术吸收能力因素。另外,研究发现一些诸如内部R＆D与国外知识等技术补充必须与技术相结合以提高中国企业的产品质量。 相似文献
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This study investigates how R&D subsidy and non-R&D subsidy affect entrepreneurial firms’ initial public offering (IPO) performance in an emerging economy like China. Analyzing data from 269 IT (information technology) entrepreneurial firms in China, we found that R&D subsidy has an inverted U-shape effect on IPO performance, while non-R&D subsidy has a positive effect on IPO performance. Furthermore, both state ownership and patent intensity moderate the inverted U-shape relationship between R&D subsidy and IPO performance. In contrast, neither of them moderates the positive relationship between non-R&D subsidy and IPO performance. These findings contribute to the literature on the effectiveness of government subsidy by highlighting the symbolic effect of government subsidy on external financing in emerging economies, and offer important practical implications to entrepreneurial firms and government funding agencies in China. 相似文献
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供应链风险问题日益凸显,相关研究刚刚起步。本文基于对中国制造企业调研的176份数据,利用层析回归分析的方法,研究基于不确定性的供应链运作风险对企业竞争能力及绩效的影响。研究结果表明,基于不确定性的供应链运作风险对企业竞争能力并非完全是负面影响(供应风险负向影响产品质量、交付可靠以及流程柔性三种竞争能力,需求风险则促进企业提高产品质量和交付可靠,技术风险促使企业提升流程柔性);同时,流程柔性可以直接促进运作绩效和财务绩效,而产品质量和交付可靠则是通过运作绩效来间接提升财务绩效。 相似文献
17.
《Research Policy》2019,48(9):103808
We explore the effect of political uncertainty on innovation. In particular, we examine the differential effects of two sources of uncertainty – leaders’ education levels and political regimes (i.e., presidential vs. parliamentary) – on patent applications. We posit that firms react to political uncertainty caused by the unexpected departure of a national leader by investing in patents as growth options. The empirical design analyzes a panel with information from over 62 million patent applications at the aggregated applicant level. Results show that leaders’ unexpected departures cause, on average, increases of approximately 9% in the aggregate growth of patent applications. We also find that the leader’s level of education and the country’s political regime system have significant effects on the relationship between political uncertainty and innovation. The difference between leaders with high and low levels of education accounts for 21% of the change in the growth of patent applications. Further, the effect of political uncertainty on innovation is amplified in presidential systems, which grant leaders more power and make electoral transitions less predictable. The differences between presidential and parliamentary systems account for approximately 16% of the change in the growth of patent applications. As a robustness check, we utilized a subsample of more than 170,000 firms with local and foreign patent applications, as well as a panel of over 5700 government non-profits, universities, and hospitals with local patent applications. Consistent with our theory, the former react to political uncertainty by investing in patents, while the latter remain unaffected. We contribute by showing the theoretical mechanisms linking leader and regime characteristics with patent applications. 相似文献
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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
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文章以1901-1950年诺贝尔物理学奖为例,从诺贝尔物理学奖候选人学术影响以及提名人身份两个方面探究了对诺贝尔奖候选人的获奖概率影响,采用生存分析法中的Kaplan-Meier分析法和Cox回归模型进行了实证检验。研究结果表明：在诺贝尔奖候选人的学术影响中,单篇最高被引频次越高,获得诺贝尔奖的概率越大,但是诺贝尔奖候选人的H指数值对其获得诺贝尔奖不具有显著作用;诺贝尔奖候选人的提名人身份是瑞士皇家科学院院士或诺贝尔委员会成员的数量越多,获奖概率越大,但提名人身份是曾经的诺贝尔奖得主,对诺贝尔奖候选人的获奖概率并无显著影响。 相似文献
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利用101个国家和地区18076个非金融企业2005~2014年的面板数据,主要将中国与美国、英国、日本、德国、印度6个国家企业的研发投入规模与强度的结构特征进行分析得到：第一,发达国家的跨国公司主导全球研发,中国顶级企业研发投资规模与之相比差距较大,经济增长缺乏引领全世界技术创新的核心企业的支撑,且依靠能源、原材料消耗和固定资产投资推动;第二,与发达国家企业研发投入的行业分布特征比较发现：中国能源行业企业的研发投入规模与发达国家企业相比差距较小,反映了国家对绿色经济增长模式的重视;中国信息科技行业企业的研发强度在本国所有行业的企业中较高,但企业研发投入规模过小,可能在一定程度上影响中国产业链的延伸;中国企业在医疗保健、消费者非必需消费品行业的研发投入规模和强度与发达国家差异较大,主要受人均收入水平决定的经济复杂度制约,这将影响中国产品品质与质量的升级;第三,与发达国家企业研发投入的年龄分布特征和规模分布特征比较发现,中国高龄企业、小型企业研发投资规模过低,新创企业、大型企业研发投资强度高。 相似文献