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Article
Publication date: 8 October 2018

Jinwei Zhu, Yangyang Wang and Changyu Wang

This paper aims to examine the different impacts of six variables on firm technological innovation performance in different high-tech industries in China. Through a…

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1006

Abstract

Purpose

This paper aims to examine the different impacts of six variables on firm technological innovation performance in different high-tech industries in China. Through a comparative analysis of data about growth enterprises market board (GEM)-listed companies, this study attempts to get some conclusions, to help firms in different high-tech industries use resources more rationally and to improve technological innovation performance more effectively.

Design/methodology/approach

This paper constructs semi-parametric models based on the relevant data of GEM-listed companies during 2010 to 2015 for different high-tech industries. These models can ensure that the influencing factors of firm technological innovation performance are no longer restricted to a particular aspect but can provide a comprehensive comparative analysis of the effects of factors on firm technological innovation performance in different high-tech industries.

Findings

The empirical results show that R&D expenditures have a significant positive impact on firm technological innovation performance in most high-tech industries, but not in electronic and communication equipment manufacturing industry; R&D personnel investment and government subsidies have significant positive impacts on firm technological innovation performance in knowledge-oriented industries; technology diversity has a significant positive impact on firm technological innovation performance in technology-oriented industries; the proportion of exports shows an inverted U-shaped relationship with firm technological innovation performance in electronic and communication equipment manufacturing industry, while firm size shows an inverted U-shaped relationship with firm technological innovation performance in general equipment manufacturing industry; and the effect of semi-parametric model fit is superior to the general parameters model.

Originality/value

Drawing on the resource dependence perspective, this paper is the first to consider a comprehensive treatment of differential effects of internal resources (R&D personnel, R&D expenditure), external resources (government subsides) and firm characteristics (firm size, export ratio) on firm technological innovation performance in different high-tech industries in an emerging country, in particular in contrast to previous studies that have focused on a single industry or taken the type of industry as a control variable. In addition, most studies about the determinants of firm innovation performance are based on survey questionnaires, which may introduce large subjective errors. Setting the relationship between variables in advance may also introduce fit error when using a general-parameter model. Semi-parametric regression which is used in this paper is able to prevent this shortcoming effectively. When constructing a regression model, this can be exempted from the formal constraints, thus estimating data more accurately and ensuring superior fit.

Details

Chinese Management Studies, vol. 13 no. 1
Type: Research Article
ISSN: 1750-614X

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Article
Publication date: 29 April 2014

Zheng-Xin Wang

The purpose of this paper is to propose an economic cybernetics model based on the grey differential equation GM(1,N) for China's high-tech industries and provide the…

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1124

Abstract

Purpose

The purpose of this paper is to propose an economic cybernetics model based on the grey differential equation GM(1,N) for China's high-tech industries and provide the necessary support to assist high-tech industries management departments with their policy making.

Design/methodology/approach

Based on the principle of grey differential equation GM(1,N), the grey differential equations of five high-tech industries in China are established using the net fixed assets, labor quantity and patent application quantity as cybernetics variables. After the discretization and first-order subtraction reduction to the simultaneous equation of the five grey models, a linear cybernetics model is resulted in. The structure parameters in the cybernetics system show explicit economic significance and can be identified through least square principle. At last, the actual data in 2004-2010 are introduced to empirically analyze the high-tech industrial system in China.

Findings

The cybernetics system for China's high-tech industries are stable, observable, and controllable. On the whole, China's high-tech industries show higher output coefficients of the patent application quantity than those of net fixed assets and labor quantity. This suggests that China's industry development mainly depends on technological innovation rather than capital or labor inputs. It is expected that the total output value of China's high-tech industries will grow at an average annual rate of 15 percent in 2011-2015, with contributions of pharmaceuticals, aircraft and spacecraft, electronic and telecommunication equipments, computers and office equipments, medical equipments and meters by 21, 16, 13, 10, and 28 percent, respectively. In addition, pharmaceuticals, as well as medical equipments and meters, present upward proportions in the gross of Chinese high-tech industries significantly. Electronic and telecommunication equipments, plus computers and office equipments exhibit an obvious decreasing proportion. The proportion of the output value of aircraft and spacecraft is basically stable.

Practical implications

Empirical analysis results are helpful for related management departments to formulate reasonable industrial policies to keep the sustained and stable development of the high-tech industries in China.

Originality/value

Based on the grey differential equation GM(1,N), this research puts forward an economic cybernetics model for the high-tech industries in China. This model is applicable to the economic system with small sample data set.

Details

Kybernetes, vol. 43 no. 5
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 5 October 2012

Yi Sun, Zheng Wang and Shengnan Ma

High‐tech industry transferring shows different features to the transferring of the traditional industries. In order to explain those special features in China, the…

Abstract

Purpose

High‐tech industry transferring shows different features to the transferring of the traditional industries. In order to explain those special features in China, the purpose of this paper is to build a new conceptual model for high‐tech industry transferring and explore some empirical evidence.

Design/methodology/approach

This paper employs a perspective of specialization to analyze high‐tech industry transferring and a primary conceptual analytical model is discussed. Key models and methodologies are the industrial gravity center model, dynamic modes analysis, character induction and mechanism deduction method.

Findings

The features of high‐tech industry transferring within the China context include fast, surge, inverse‐gradient, as well as agglomeration and specification transferring. Based on the transfer pattern, high‐tech industry transferring modes are classified into two categories: vibration transferring and surge transferring.

Originality/value

Using a conceptual model, this paper analyzes the features of high‐tech industry transferring in China and proposes two typical patterns to explain how the industries transfer and what are the dynamic mechanisms. In order to improve high‐tech industry transferring in China, five policy implications are recommended.

Details

Journal of Science and Technology Policy in China, vol. 3 no. 3
Type: Research Article
ISSN: 1758-552X

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Article
Publication date: 1 August 2016

Wuwei Li

For the studies whose purposes are to evaluate the relationship between industrial characteristics and innovation activities of the enterprises, there are some limitations…

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1253

Abstract

Purpose

For the studies whose purposes are to evaluate the relationship between industrial characteristics and innovation activities of the enterprises, there are some limitations in the measures of industrial characteristics and using traditional statistical techniques. The purpose of this paper is to investigate the relationship between industrial characteristics and innovation capabilities within Chinese high-tech industries using grey system theory. The research results show that grey system theory is suitable to investigate the relationship between industrial characteristics and innovation capabilities within Chinese high-tech industries.

Design/methodology/approach

This paper proposes the measures of industrial characteristics and innovation capabilities of high-tech enterprises. First, based on the data on Chinese large and medium-sized high-tech enterprises for the period of 2011-2013, this paper applies grey relational analysis to identify the relatively most important indexes on affecting innovation capabilities of Chinese high-tech enterprises. Second, based on the results from grey relational analysis, this study draws a ranking of the five Chinese high-tech industries in terms of innovation capabilities by grey decision making. Finally, based on the results from grey decision making, this study applies GM (0, N) model to investigate the relationship between industrial characteristics and innovation capabilities within Chinese high-tech industries.

Findings

The results of this study show that in the evaluation indexes system of innovation capabilities of high-tech enterprises, personnel in R & D institutions, R & D personnel, internal expenditure on R & D, expenditure on new product development, expenditure on technology imports, expenditure on technology renovation, and expenditure on technology assimilation and absorption are relatively most important elements affecting innovation capabilities of Chinese high-tech enterprises. In addition, the two top ranking on innovation capabilities are manufacture of electronic equipment and communication equipment, and manufacture of medicines. At last, the findings indicate that in the measures of industrial characteristics, the three top ranking on affecting innovation capabilities of Chinese high-tech enterprises are R & D intensity, technology absorption intensity of indigenous high-tech enterprises and foreign-invested enterprises size. The opening level is in the middle position. Technology intensity, market concentration, and state-owned enterprises size are the three bottom ranking on affecting innovation capabilities of Chinese high-tech enterprises.

Research limitations/implications

This study has some limitations. First, this study is limited to Chinese high-tech industries. The findings may not be applicable to other countries’ high-tech industries. Further studies with other countries’ high-tech industries could be extended and examined how industrial characteristics affect innovation capabilities of the firms in these industries. Second, the measures of industrial characteristics proposed in this study are somewhat theoretically weak. In the future, the authors will further improve the current analysis, and develop the measures of industrial characteristics. Finally, with the advent of the more data with the consistent statistical coverage released by China’s National Bureau of Statistics during the more continuous years, other methods, such as panel data regression model in econometrics could be used to evaluate the relationship between industrial characteristics and innovation capabilities within Chinese high-tech industries. By then, the scholars can compare the results from grey system theory and those from panel data regression model in econometrics.

Practical implications

Appropriate industrial environment is favorable for Chinese high-tech enterprises to feed their innovation capabilities. Scientific evaluation on the relationship between industrial characteristics and innovation capabilities within Chinese high-tech industries is of great significance for Chinese high-tech enterprises in exerting technological catch-up and promoting their competitive advantage. The purposed measures of industrial characteristics and innovation capabilities of high-tech enterprises in this paper, and combined methodology based on grey system theory could be applied to evaluate the relationship between industrial characteristics and innovation capabilities of Chinese high-tech enterprises.

Originality/value

This paper proposes the measures of industrial characteristics and innovation capabilities of high-tech enterprises, and uses grey system theory to evaluate the relationship between industrial characteristics and innovation capabilities within Chinese high-tech industries.

Details

Grey Systems: Theory and Application, vol. 6 no. 2
Type: Research Article
ISSN: 2043-9377

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Article
Publication date: 4 January 2021

Ping Deng and Hao Lu

This paper compares four external technology acquisition channels' (foreign technology transfer, exporting, inter-industry R&D spillover and domestic technology transfer…

Abstract

Purpose

This paper compares four external technology acquisition channels' (foreign technology transfer, exporting, inter-industry R&D spillover and domestic technology transfer) contributions to Chinese high-tech enterprises' innovation in the moderating role of absorptive capacity (AC).

Design/methodology/approach

Using technological catch-up theory and China Statistics Yearbook on High Technology Industry, this research investigates 16 Chinese high-tech industries from 2004 to 2015 via negative binomial regression.

Findings

The results show that indigenous knowledge transfer improves foreign-funded enterprises' (FFEs) innovation, while transnational knowledge transfer is the main channel for state-owned enterprises' (SOEs) technology acquisition. AC strengthens the positive relationship between transnational knowledge transfer and innovation in SOEs and improves FFEs' innovation and exported tacit knowledge absorption.

Originality/value

This study contributes to the literature on external technology acquisition (ETA) and innovation by examining the different mechanism of ETA instead of isolated strategy considering the AC and ownership structure of Chinese high-tech enterprises, which enrich the technological catch-up theory.

Details

European Journal of Innovation Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1460-1060

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Article
Publication date: 10 May 2019

Junli Yu, Shelagh M.R. Campbell, Jing Li and Zhou Zhang

The Chief Financial Officer (CFO), despite being a critical organization member responsible for ensuring quality of financial reporting, audit and compliance, is…

Abstract

Purpose

The Chief Financial Officer (CFO), despite being a critical organization member responsible for ensuring quality of financial reporting, audit and compliance, is under-researched. Grouped as a member of top management teams (TMS) in studies, factors influencing decision making in this group rely on static measures of characteristics without regard for dynamic and longitudinal influences of career trajectories and industry occupational group memberships. The relationship between the high-tech industry as a site of notable reported internal control (IC) weakness and influences on CFOs requires closer examination. The paper aims to discuss these issues.

Design/methodology/approach

The study draws together the upper echelons theory and occupational communities (OCs) to explore the impact of shared values and behavioral norms from different sources on executive decision making. Internal and external sources of OC are proposed and their influence on activities with respect to corporate IC is tested. The sample of 1,573 firm/year observations includes high-tech firms listed on major US exchanges was developed using data from five distinct databases. Executives’ biographic information was manually collected.

Findings

Results indicate that senior financial executives belong not only to their firm and its culture but also to OCs that extend beyond the firm. Membership in professional credential granting occupational groups has less impact on effective IC than experience in the high-tech industry. In combination, multiple OCs show evidence of compound and counteracting effects on IC. The OC that arises in the high-tech industry makes a measurable positive difference in the quality of IC in sample firms, in contrast with the OC among credentialed accounting and financial professionals.

Research limitations/implications

This quantitative study of OC reveals the differential impact of different sources of OC and contributes to the literature on TMS a new framework for examining decision making. OC is typically studied through qualitative methods and, thus, potential exists to further explore the specific nature and dynamics of the OCs identified in this study.

Practical implications

The study highlights the role of broad affiliations and networks among senior financial executives which may have bearing on their ability to effectively manage IC. The role of these networks may also partially explain instances of CFO failure and thus dismissal. Knowledge of the role of OC may help boards of directors in the selection and promotion of senior financial officers of the firm.

Originality/value

The paper offers a different perspective on professional accounting expertise in one specific industry where incidence of IC weakness is high relative to other industries. Study results expand recent research on TMS to include sociological impacts of cohort groups. Despite generally weaker IC in the high-tech sector, this study demonstrates the value of exploring group membership within the industry as an important predictor of behavior. The result is a new perspective to CFO decision making which illustrates the relevance of OCs among upper echelons. The implications of findings for CFO recruitment and promotion are borne out in recent instances of senior financial executive failure in the sector.

Details

Accounting, Auditing & Accountability Journal, vol. 32 no. 4
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 30 September 2013

Deniz Kebabci Tudor

The purpose of this paper is to examine the effects of parameter uncertainty in the returns process with regime shifts on optimal portfolio choice over the long run for a…

Abstract

Purpose

The purpose of this paper is to examine the effects of parameter uncertainty in the returns process with regime shifts on optimal portfolio choice over the long run for a static buy-and-hold investor who is investing in industry portfolios.

Design/methodology/approach

This paper uses a Markov switching model to model returns on industry portfolios and propose a Gibbs sampling approach to take into account parameter uncertainty. This paper compares the results with a linear benchmark model and estimates without taking into account parameter uncertainty. This paper also checks the predictive power of additional predictive variables.

Findings

Incorporating parameter uncertainty and taking into account the possible regime shifts in the returns process, this paper finds that such investors can allocate less in the long run to stocks. This holds true for both the NASDAQ portfolio and the individual high tech and manufacturing industry portfolios. Along with regime switching returns, this paper examines dividend yields and Treasury bill rates as potential predictor variables, and conclude that their predictive effect is minimal: the allocation to stocks in the long run is still generally smaller.

Originality/value

Studying the effect of regime switching behavior in returns on the optimal portfolio choice with parameter uncertainty is our main contribution.

Details

Studies in Economics and Finance, vol. 30 no. 4
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 31 May 2019

Debabrata Ghosh, Peeyush Mehta and Balram Avittathur

The purpose of this paper is to understand the practices and policies unique to high-tech manufacturing start-ups in emerging economies, such as India. The study analyzes…

Abstract

Purpose

The purpose of this paper is to understand the practices and policies unique to high-tech manufacturing start-ups in emerging economies, such as India. The study analyzes the main features and challenges of the high-tech manufacturing sector, and the way in which enabling environment including policy making, supply chain capability and related technologies through Industry 4.0 could be leveraged to foster growth.

Design/methodology/approach

The paper undertakes an exploratory approach through in-depth semi-structured interviews conducted with high-tech manufacturing firms in various stages of their growth. The paper provides evidence of the challenges that high-tech manufacturing firms face in India, the strategies they adopt and highlights the role of institutional structures and policies.

Findings

Findings show that high-tech manufacturing start-ups in India face various challenges in the upstream, production and downstream supply chain processes. Further, issues related to availability of quality material, quality suppliers, contracts, funding and access to markets remain. Results also show that enabling operational and financial levers could be created by policy makers and other stakeholders to help the high-tech manufacturing start-ups scale faster and create value.

Originality/value

This paper contributes to the R&D intensive industry and high-tech manufacturing literature in the context of emerging economies, such as India, and provides a rigorous overview of the start-up ecosystem in high-tech manufacturing.

Details

Benchmarking: An International Journal, vol. 28 no. 5
Type: Research Article
ISSN: 1463-5771

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Book part
Publication date: 14 July 2006

Hanna Silvola

This paper investigates the extent to which formal capital budgeting methods are used in small high-tech firms. We define high-tech firms by their R&D intensity. In…

Abstract

This paper investigates the extent to which formal capital budgeting methods are used in small high-tech firms. We define high-tech firms by their R&D intensity. In addition, we define software industry as a special type of R&D-intensive firm. We focus on the methods that are used by the small high-tech firms in evaluating the profitability of investment projects, estimating the cost of capital and making decisions related to the capital structure. Our results based on two surveys of Finnish firms indicate that the high-tech firms use similar capital budgeting methods and estimate their cost of capital in a similar way to other small-sized firms in other industries. Moreover, high-tech firms seek external financing and co-owners.

Details

Advances in Management Accounting
Type: Book
ISBN: 978-1-84950-447-8

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Article
Publication date: 23 October 2021

Jooh Lee and He-Boong Kwon

This study aims to explore the strategic impact of R&D and export activity on the diverse dimensions of US manufacturing firms’ performance. It also explores, using a…

Abstract

Purpose

This study aims to explore the strategic impact of R&D and export activity on the diverse dimensions of US manufacturing firms’ performance. It also explores, using a predictive analytic model, the interactive synergistic effect that R&D and exports have on firm performance.

Design/methodology/approach

This study presents an innovative two-stage regression-neural network approach. Complementing conventional statistical analysis, the predictive backpropagation neural network explores the relative impact of R&D and exports and their synergistic effect on firm performance.

Findings

This study demonstrates the significant and positive effect of R&D and export strategy/activity on the economic performance of leading US manufacturing firms, particularly on their market-based performance (i.e. sustained growth rate or SGR). Furthermore, this study finds that the synergistic effect of R&D and exports on short-term performance (i.e. return on investment) is positive in high-tech firms but negative in low-tech firms. However, the synergistic effect on SGR is increasingly positive regardless of the level of technology.

Originality/value

In addition to traditional statistical analysis, this study uniquely investigates the relative importance of selected strategic variables, along with R&D and export activity and their differential synergistic effects, for firms’ economic performance in contrasting industry settings (high-tech vs low-tech).

Details

Journal of Modelling in Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-5664

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