共查询到20条相似文献，搜索用时 15 毫秒
1.
We investigate the relationship between a firm’s compensation structure and the extent to which its innovation is more exploration versus exploitation oriented. Specifically, we assess two aspects of a firm’s compensation design—horizontal dispersion within job levels and vertical tournament incentives between job levels. A six-year panel of compensation records of 671,028 employees working at 81 U.S.-based high technology firms between 1997 and 2002 are used to construct measures that characterize a firm's pay structure, which are linked to these firms’ patents filed in the U.S. We find that firms with higher-powered tournament incentives in vertical compensation structure report higher fraction of innovation directed towards exploration. Horizontal pay dispersion, on the other hand, shows a negative relationship with the exploration in firms where R&D employees’ age variance is low. In firms where R&D employees’ age variance is high, the negative relationship between horizontal pay dispersion and exploration is muted. 相似文献
2.
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
3.
This paper investigates the effect of tax incentives on R&D activities in Taiwanese manufacturing firms. The propensity score matching (PSM) estimates show that recipients of R&D tax credits appear on average to have 53.80% higher R&D expenditures than that they do without receiving tax credits, while there is no significantly higher growth rate of R&D expenditure. This study further employs the panel instrumental variable (IV) and generalized method of moment (GMM) techniques to control for endogeneity of R&D tax credits and firm heterogeneity in determining R&D expenditure. The R&D tax credit is witnessed to exhibit a significantly positive influence on R&D expenditure and its growth, especially for electronics firms. The marginal effect is moderate, ranging from 0.094 to 0.120. Specifically, the R&D elasticity concerning tax credits tends to increase gradually along with the approaching expiration of R&D tax credits measure, lending a supportive view on its efficacy. 相似文献
4.
理论分析表明,广告支出、研发支出与企业绩效正相关,并且广告和研发支出的作用会受到企业规模和控股股东的影响。基于中国上市公司样本的实证研究发现,研发支出与企业绩效显著正相关,而广告支出与企业绩效没有统计上显著的关系。就规模而言,研发支出与企业绩效之间显著的正相关关系仅存在于小企业中;在大企业里,广告支出与企业绩效显著正相关。就控股股东而言,在非控股企业里,研发支出与企业绩效显著正相关;在控股企业里,广告支出与企业绩效显著正相关。稳健性检验进一步证实了这些结论。 相似文献
5.
《Research Policy》2022,51(1):104426
We propose a new measure of the exploratory activities of companies based on the idea that experimentation with new courses of action and the need to describe them entails the adoption of new words in firm regulatory disclosures. Unlike traditional indicators, such as R&D spending, the proposed exploration indicator is available for all publicly traded firms across all industries. The exploration indicator predicts firm knowledge accumulation, as measured by future patenting and trademarking activities. It further shows that firm exploration declines after periods of high R&D spending and over time. The exploration indicator correlates positively with firm risk and exhibits a distinct positive impact on firm value unexplained by traditional innovation indicators. Our language-based approach can be applied to measure creative contributions in other domains, such as government grant applications and academic publications. 相似文献
6.
企业规模、经理自主权与R&D投入关系研究——来自中国上市公司的经验证据 总被引：2，自引：0，他引：2
经理自主权是经理的自主行为空间,它反映经理与董事会权力关系的制度安排。理论分析与上市公司实证数据表明:以职位权、薪酬权与经营权测度的经理自主权随着企业规模增大而降低,呈现凹函数形态。理论分析表明,企业规模是影响R&D投入强度的外生变量,其机理在于改变经理自主权的安排,从而对R&D投入强度产生正向影响,但实证数据表明,经理自主权作为中间变量,仅对企业规模与R&D经费投入强度的关系有显著影响,而对企业规模与R&D人员投入强度关系的影响不显著。 相似文献
7.
Under what conditions do firms benefit from the research efforts of other organizations? 总被引：1，自引：1，他引：0
Although R&D spillovers play a key role in the battle for technological leadership, it is unclear under what conditions firms build on and benefit from the discoveries of others. The study described here empirically examines this issue. The findings indicate that, depending on technological opportunities, firm size and competitive pressure, the net impact of R&D spillovers on productivity can be either positive or negative. Specifically, we find that although spillover effects are positively associated with the technological opportunities that a firm faces, this relationship is reversed when firm size is considered. Whilst external R&D affects large self-reliant firms negatively, its impact on the productivity of smaller firms (who usually introduce incremental innovations that are characterized by a strong reliance on external technologies) is positive, and even higher than that of their own R&D. We also demonstrate that the economic payoff for firms’ own R&D is lower when they face intense competition. In cases of low-appropriability, however, spillover effects are more positive, allowing firms to increase their performance using the inventions of others. 相似文献
8.
《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
9.
The effect of the triple helix system and habitat on regional entrepreneurship: Empirical evidence from the U.S. 总被引：1，自引：0，他引：1
The ‘triple helix’ of the university-industry-government relationship and habitat are accepted as important determinants of innovation and entrepreneurship. However, empirical explorations of the effects of these variables and their interrelationships on regional entrepreneurial activities are highly limited. To fill this gap, we investigate the effect of the triple helix system and habitat on birth and death rates of U.S. firms at the state level. As expected, we find that industrial R&D expenditure plays an important role in promoting regional firm birth. However, university and government R&D also generate a synergistic effect that indirectly influences regional firm birth rates. In addition, we find that the synergy between university and industrial R&D enhances the sustainability of firms, while the interactions between (1) university and government R&D and (2) government and industrial R&D are associated with an increase in firm death. Other factors linked to more favorable conditions for firm formation include higher educational attainment in a region, lower tax rate, and habitat factors affecting quality of life, such as lower housing prices and higher rates of health insurance coverage. In regions with high entrepreneurial activity, we find positive synergistic effects of the interactions between (1) university and government R&D and (2) university and industrial R&D on firm birth rate, suggesting that university R&D plays an important role as an ‘entrepreneurial mediator’ among the three spheres in the triple helix system. In low entrepreneurial regions, the only triple helix system factors significantly influencing firm birth rate were tax rate. This finding suggests that the independent and interdependent components of the triple helix system and habitat are less powerful in low entrepreneurial regions. 相似文献
10.
Chang-Yang Lee 《Research Policy》2005,34(6):914-931
This paper shows that firm heterogeneity in technological competence, rather than differences in industry-specific characteristics, is the primary condition determining the long-debated relationship between firm size and R&D. Specifically, by utilizing a formal model of firm R&D that shows that profit-maximizing firm R&D intensity is determined jointly by firm-specific technological competence and consumer preference regarding quality and price, this paper suggests that firm size affects firm R&D intensity not directly, but through its influence on firm-specific technological competence. In particular, four predictions are drawn and tested empirically: (1) in general, the size-R&D relationship is less-than-proportional or inverted U-shaped, especially for low-technological-competence firms; (2) however, the common less-than-proportional relationship disappears, and a more-than-proportional relationship becomes increasingly likely, for firms with high levels of technological competence, plausibly due to competence-enhancing, learning economies of scale and/or scope in R&D; (3) firms with larger accumulated R&D experience are, ceteris paribus, less likely to exhibit the common less-than-proportional relationship; (4) among industries, a greater within-industry departure from the proportional size-R&D relationship is expected for industries with seemingly high, rapidly changing technological-opportunity conditions. These predictions, especially pertaining to the conditioning role of technological competence in the size-R&D relationship, are empirically supported by the unique data by the World Bank. 相似文献
11.
《普罗米修斯》2012,30(1):113-149
This paper explores the impact of a specific R&D policy instrument, the Italian Fondo per le Agevolazioni della Ricerca (FAR), on industrial R&D and technological output at the firm level. Our objective is threefold: first, to identify the presence or absence of private R&D investment additionality/crowding-out within a pooled sample and in various firm subsets (identified by region, size, level of technology, and other features), while also taking into account the effect of single policy instruments or mixes of them. Secondly, to analyse the output (innovation) additionality by comparing the differential impact of privately funded R&D and publicly funded R&D expenditure on applications for patents filed by firms. Thirdly, the paper will compare the structural characteristics of firms showing additionality with those of firms showing crowding-out, in order to determine the firm characteristics associated with successful policy interventions. Our results suggest that FAR is effective in the pooled sample, although no effect emerges in some firm subsets. In particular, while large firms seem to have been decisive for the success of this policy, small firms present a more marked crowding-out effect. Furthermore, the firms’ growth strategies and ability to transform R&D input into innovation output (patents) seem to have a positive effect in terms of additionality. 相似文献
12.
External collaboration breadth is important for firms to acquire the knowledge needed to innovate. In this paper, we combine cross-sectional and longitudinal data from the Spanish Panel of Technological Innovation Survey (PITEC) to examine the indirect impact of R&D subsidies on firm external collaboration breadth. We contribute to understanding of the indirect impacts of R&D subsidies by first providing strong evidence of an economically significant average positive impact of R&D subsidies on firm external collaboration breadth. Second, our results advance understanding of the differential impacts of R&D subsidies by revealing the vast heterogeneity of the impact at the firm level, where approximately only half of treated firms experience a positive collaboration impact from R&D subsidies, while the remainder experience no impact or a negative effect. Finally, we advance understanding of the characteristics explaining the differential impact of R&D subsidies on external collaboration breadth by utilising the organisational learning literature to demonstrate the important role of firm collaboration experience. 相似文献
13.
This paper examines how innovation strategy influences firms’ level of involvement with university-based research. Our results suggest that firms with internal R&D strategies more heavily weighted toward exploratory activities allocate a greater share of their R&D resources to exploratory university research and develop deeper multifaceted relationships with their university research partners. In addition, firms with more centralized internal R&D organizations spend a greater share of their R&D dollars on exploratory research conducted at universities. In contrast to other external partners, we find evidence suggesting that universities are preferred when the firm perceives potential conflicts over intellectual property. 相似文献
14.
《国际创新研究学报(英文)》2023,7(1):47-67
In recent decades, with the rapid development of the knowledge economy and science, countries have embraced technical innovation and have gradually increased investment in research and development (R&D). A vast literature indicates that the relationship between R&D and firm performance is highly complex. The evidence suggests that R&D positively influences firm performance, yet findings on the process by which this happens are mixed. Rigorous analyses are required on how R&D investments affect energy consumption. This study explores the impact of R&D investment on the performance and energy consumption of 476 firms in Ethiopia by employing a combination of fixed-effect, propensity score matching, and endogenous treatment effect estimation methods. The empirical results reveal that investment in R&D positively influences both innovation and long-term financial performance but negatively impacts short-term financial performance and energy consumption. The results also show that the impacts of R&D activities vary significantly across different categories of firms, confirming that heterogeneity may be an issue among the firms considered. The results also indicate that the availability of credit is a more important moderating factor in the relationship between R&D investment and firm performance than the legal system is. These results have important implications for firms with growing R&D operations, especially those in developing countries such as Ethiopia. Ethiopian firms should invest more in R&D activities, such as in fundamental and applied research, to improve performance and enhance competitiveness. 相似文献
15.
《Research Policy》2023,52(8):104837
Global productivity growth has either stagnated or declined, despite continued technological innovations with the rise of knowledge-intensive intangibles that arise from the growth of knowledge stock (R&D activities). Understanding the root causes of this paradox in the context of growing economies requires an investigation of whether local knowledge diffusion can explain firm-level productivity differences, including key constraining factors like sources of financing or corporate governance structure. Using financial data of 7970 Indian firms over a 20-year period and clustering firms across industries, we assess the impact of R&D stock that is external to the firm through estimating both within (intra) and between (inter) industry spillovers. We find that both R&D and non-R&D-performing firms benefit from ‘between industry’ spillovers. We further show that firms with better access to finance achieve higher productivity, not only through their own R&D capital stock but also via both types of industry-level knowledge spillover. We allow for the two key sources of international spillovers namely import intensity and FDI. While import-intensive firms experience lower productivity, FDI mitigates this adverse productivity effect across knowledge-intensive exporting firms. The paper concludes that financially unconstrained firms and firms with greater corporate board connectedness derive positive industry-level spillover effects, reflecting intra- and inter-industry as domestic spillover or local value-chain effect in the literature on technological innovation. 相似文献
16.
There have been many previous studies exploring the relationship between R&D performance and firm size; however, to our knowledge, this issue has never been examined in terms of R&D output elasticity. This paper therefore sets out to re-examine the relationship of the two variables using R&D output elasticity as a measure of R&D performance. A total of 126 manufacturing firms, listed on the Taiwan Stock Exchange over the period from 1994 to 2000, are taken as the analytical sample. One practical consideration for choosing these particular firms is the relative abundance of data available for the variables for a longitudinal investigation. The estimates suggest that there is an approximating ‘U-type’ relationship between R&D productivity and firm size. This finding suggests that both large and small firms have higher R&D productivity, and even when the sample is divided into the high-tech and traditional sectors, such a finding still holds. Therefore, in contrast to the prior studies, this study shows that size offers advantage in R&D performance. 相似文献
17.
《Research Policy》2022,51(10):104601
We study differences in the returns to R&D investment between German manufacturing firms that sell in international markets and firms that only sell in the domestic market. Using firm-level data for five high-tech manufacturing sectors, we estimate a dynamic structural model of a firm's discrete decision to invest in R&D and use it to measure the difference in expected long-run benefit from R&D investment for exporting and domestic firms. The results show that R&D investment leads to higher rates of product and process innovation among exporting firms and these innovations have a larger economic return in export market sales than domestic market sales. As a result of this higher payoff to R&D investment, exporting firms invest in R&D more frequently than domestic firms, and this endogenously generates higher rates of productivity growth. We use the model to simulate the introduction of export and import tariffs on German exporters, and find that a 20 % export tariff reduces the long-run payoff to R&D by 24.2 to 46.9 % for the median firm across the five industries. Overall, export market sales contribute significantly to the firm's return on R&D investment which, in turn, raises future firm value, providing a source of dynamic gains from trade. 相似文献
18.
19.
U.K.Ranga Chand 《Research Policy》1982,11(3):193-203
The purpose of this paper is to examine some of the salient characteristics of R&D performing firms in Canadian manufacturing. The paper begins by presenting a brief overview of recent trends in R&D in the Canadian economy. The next section analyzes the main characteristics of those firms which undertake research and development activities in Canadian manufacturing industries. Various aspects are examined in this section including the R&D expenditure patterns of industries in the research-intensive and non-research-intensive sectors, R&D by size of firm and by size of program, levels of R&D intensity in terms of small, medium and large R&D performing firms. The importance of foreign ownership and its implication for the level of R&D activity is also considered. The paper concludes by summarizing the highlights of R&D performing firms and draws some implications for the structure of Canadian manufacturing based on the findings. 相似文献
20.
《Research Policy》2021,50(10):104346
We evaluate the effect of a pan-European innovation funding program on firm growth and innovative output. Using a difference-in-differences estimation on a sample of matched firms, we find that subsidized firms are able to invest more in tangible and intangible assets, achieve higher growth of turnover and employment, and file more patent applications. We then analyze the dynamic treatment effect and find that the effects of subsidization tend to get stronger over time. Moreover, our findings indicate that the effect of subsidization is highly heterogeneous across sectors with different R&D or knowledge intensity and level of competition. Finally, we explore some economic channels to explain how subsidies generate strong effects on firm performance. We show that subsidized firms are able to generate more internal financing and attract more long-term borrowing after receiving the subsidy, yet we find no evidence that subsidized firms are able to attract more external equity financing than similar unsubsidized firms. 相似文献