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Book part
Publication date: 19 September 2014

Abdullah A. Alshwer and Edward Levitas

This study empirically examines the relationship between institutional ownership and innovation activity in the unique setting of the clinical trials for US…

Abstract

This study empirically examines the relationship between institutional ownership and innovation activity in the unique setting of the clinical trials for US biopharmaceutical companies. We used multiple statistical techniques in the period from 1990 through 2006 for firms in the biopharmaceutical industry to examine this relationship. Contrary to the widely believed relationship discussed in the literature, our findings suggest that institutional investors vary in their reactions to innovative progress. Specifically, we find that institutional investors with a long-term investment horizon (i.e., dedicated owners) increase their holdings of a firm’s equity as the number of the firm’s products increases in phases I and II of FDA clinical trials. These findings are robust for heteroskedasticity and autocorrelation as well as for different operationalizations of the change of institutional ownership.

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Finance and Strategy
Type: Book
ISBN: 978-1-78350-493-0

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Article
Publication date: 1 May 2015

Wouter MG Van Bockhaven, Paul Matthyssens and Koen Vandenbempt

This paper aims to apply innovation networks (INs) theory to the context of domesticated markets, where innovation triggers deinstitutionalization. In such contexts, the…

Abstract

Purpose

This paper aims to apply innovation networks (INs) theory to the context of domesticated markets, where innovation triggers deinstitutionalization. In such contexts, the success of INs depends on their capacity to transform the business field in which they are embedded, so that it accommodates innovative business models. Such “institutional INs” beget a meso-level finality, and this poses different requirement on their effectiveness. The purpose of this paper is to confront extant models of collaborative innovation in networks with this specific context to offer exploratory insights into how innovation can be achieved in domesticated contexts and what the differential implications are for network configurations and strategic “reinstitutionalization” practices.

Design/methodology/approach

Based on an illustrative embedded case study in the Dutch steel industry, a framework offering indications on the effectiveness of discrete configurational dimensions and their fit with reinstitutionalization practices for institutional INs is suggested. The case builds on 26 semi-structured interviews and 4 focus groups with top managers in the industry. As the aim is to extend theoretical models of INs to this under-researched context, an abductive approach to theorizing, consistent with the extended case method, is adopted.

Findings

Findings suggest that collaborating to redesign an institutionalized business field collectively implies a more explicit attention to interdependencies within the business field.

Practical implications

Besides suggesting modifications to extant frames regarding heterogeneity in and the configuration of networks, this paper has some practical implications. The framework proposed offers managers some support in the largely ignored issue of developing a collective action network. With these findings, we aspire to stimulate further research into this relevant, yet underdeveloped, topic.

Originality/value

The study extends IN theory toward innovation realization in domesticated contexts. In such contexts, IN’s success depends on their capacity to transform the business field in which they are embedded, so that it enables innovative ways of creating end-customer value. Besides suggesting a new area for theorizing about innovation networks, institutional innovation networks are also a useful template for institutional innovation and collective action research. The paper offers a framework to support managers in the largely ignored challenge of developing a collective action network. In an increasingly transparent, connected and consolidated business environment, such a challenge becomes ever more essential.

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Journal of Business & Industrial Marketing, vol. 30 no. 3/4
Type: Research Article
ISSN: 0885-8624

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Article
Publication date: 6 September 2019

Brendan Markey-Towler

The purpose of this paper is to introduce the notion of blockchain as an institutional technology, defend the idea of National Innovation Systems as institutional systems…

Abstract

Purpose

The purpose of this paper is to introduce the notion of blockchain as an institutional technology, defend the idea of National Innovation Systems as institutional systems, and then make use of the theory of institutional competition to characterise challenges posed by innovation public policy by blockchain technology.

Design/methodology/approach

The approach is to consider the nature of blockchain technology as an institutional technology, and to consider the nature of National Innovation Systems as institutional systems. The author then applies a theory of institutional competition developed elsewhere to appraise the interaction of the two.

Findings

The author expects for there to emerge sustained competition for National Innovation Systems from innovation systems implemented using blockchains. There will be pressure exerted by the latter upon the former to become more integrated, secure, usable and to greater support profit expectations for entrepreneurs.

Originality/value

The theory of institutional competition upon which this work is based makes use of cutting-edge behavioural and institutional economics. It has hitherto only been applied at a general level and has not been applied to a specific set of institutions such as National Innovation Systems.

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Journal of Entrepreneurship and Public Policy, vol. 9 no. 2
Type: Research Article
ISSN: 2045-2101

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Article
Publication date: 19 October 2021

Hongxia Zhang and Huixin Yang

To reconcile the existing contradictory conclusions on the relationship between cross-border mergers and acquisitions (M&As) and innovation, this paper aims to propose a…

Abstract

Purpose

To reconcile the existing contradictory conclusions on the relationship between cross-border mergers and acquisitions (M&As) and innovation, this paper aims to propose a theoretical model of the impact of cross-border M&As on technological innovation and explore the moderating role of institutional distance from the perspective of springboard theory and new institutional theory.

Design/methodology/approach

Through the use of the two-way fixed effect model and the U-test method, the authors test the hypotheses based on a sample of cross-border M&A events of Chinese manufacturing enterprises during the period from 2006 to 2019.

Findings

The research shows that there is an inverted U-shaped relationship between cross-border M&As and technological innovation. Furthermore, formal institutional distance moderates the inverted U-shaped relationship in such a way that it reaches its turning point at a smaller scale of cross-border M&As, and the inverted U-shaped relationship is steeper when formal institutional distance is relatively high. The informal institutional distance moderates the inverted U-shaped relationship in such a way that it reaches its turning point at a larger scale of cross-border M&As and the inverted U-shaped relationship is flatter when the informal institutional distance is relatively high.

Originality/value

The research conclusions integrate heterogeneous views of the existing research, further clarify the influence mechanism and boundary conditions between cross-border M&As and technological innovation, identify the different moderating roles of formal institutional distance and informal institutional distance and enrich the literature on knowledge transfer and recombinant innovation during post-merger integration.

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Journal of Knowledge Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1367-3270

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Article
Publication date: 2 March 2021

Bo Song and Zhonghua Zhao

How do institutional pressures influence the cluster firm’s innovation? Institutional pressure consists of regulative, normative and cognitive pressures; most scholars…

Abstract

Purpose

How do institutional pressures influence the cluster firm’s innovation? Institutional pressure consists of regulative, normative and cognitive pressures; most scholars have only focused on the influence of regulative pressure as institutional environment on innovation. In addition, the nature of strategic cognition, as the mediator act on innovation strategy, remains underexplored in the literature. Based on institution theory and ambidextrous innovation theory, this study aims to propose a framework to examine the mechanism of institutional pressures acting on ambidextrous innovation through the moderated mediating role of strategic cognition in clusters.

Design/methodology/approach

Using survey data collected from 422 sampled firms in China, regression models were used to test hypotheses from the mediating role of strategic cognition between institutional pressures and cluster firm’s ambidextrous innovation.

Findings

The results showed that regulative, cognitive pressures and, especially, normative pressures have significant positive effects on cluster firms’ ambidextrous innovation. Strategic cognition presented by prospector and analyzer mediates the relationship between institutional pressure and ambidextrous innovation except defender; dynamic environment positively moderates the mediating effects of prospector cognition on explorative innovation, and negatively moderates the mediating effects of analyzer cognition on exploitative innovation.

Originality/value

The findings of this study have some implications that strategic cognition played a partially meditating role between the institutional pressure and ambidextrous innovation. Government should construct a dynamic innovation policy system according to the resource endowment in different regions; furthermore, classification support system to cluster firms with different strategic cognition should be built.

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Chinese Management Studies, vol. 15 no. 2
Type: Research Article
ISSN: 1750-614X

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Article
Publication date: 30 September 2020

Cristina Doritta Rodrigues, Felipe Mendes Borini, Muhammad Mustafa Raziq and Roberto Carlos Bernardes

This study aims to look at the relationship of external embeddedness and institutional distance (governance aspects) with the foreign subsidiary research and development…

Abstract

Purpose

This study aims to look at the relationship of external embeddedness and institutional distance (governance aspects) with the foreign subsidiary research and development (R&D) capacity. Furthermore, it examines whether these relationships are mediated by subsidiary product and process innovation, and whether institutional distance plays a moderating role in the relationship between subsidiary innovation and R&D capacity.

Design/methodology/approach

The authors draw on survey data from 130 foreign subsidiaries operating in Brazil and test their model using variance-based structural equation modeling.

Findings

Results suggest that subsidiary (product and process) innovation fully mediates the relationships between: subsidiary external embeddedness and R&D capacity; and institutional distance and subsidiary R&D capacity, such that the relationship is positive in case of the former and negative in case of the latter. The relationship between subsidiary product and process innovation and R&D capacity is positive and stronger at lower levels of institutional distance.

Originality/value

The research ignores the underlying mechanisms of the external embeddedness and institutional distance relationship with subsidiary R&D capacity. Furthermore, institutional distance based on formal governance aspects and their impacts on subsidiary innovation and R&D capacity are rarely investigated. This paper contributes with regard to these aspects.

Details

Journal of Knowledge Management, vol. 24 no. 10
Type: Research Article
ISSN: 1367-3270

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Article
Publication date: 9 October 2017

Arto Juhani Wallin and Lars Fuglsang

Although the digital era has given rise to major transformations in many industries, health care has been remarkably resistant to radical innovations coming outside the…

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1490

Abstract

Purpose

Although the digital era has given rise to major transformations in many industries, health care has been remarkably resistant to radical innovations coming outside the field. The purpose of this paper is to explore and explain how new ventures aim to break institutional arrangements (i.e. regulations, normative rules, and cultural-cognitive beliefs) protecting the field by introducing digitally enabled service innovations into health care markets.

Design/methodology/approach

The study is qualitative and interpretative in nature and utilizes case study as a research strategy. The paper is based on data that were collected through narrative interviews and document analysis from seven new ventures participating in a start-up accelerator program.

Findings

Results indicate that service innovations that require a change in the institutional structures of the health care system are enacted through three highly iterative key processes: institutional sensemaking that creates an understanding of prevailing institutional arrangements and that constructs meaning for institutional change efforts, theorization of change through linguistic device, and modifications of institutions by building legitimacy and mobilizing external constituencies.

Practical implications

The findings provide practical insights into how new ventures struggle, navigate, and negotiate on specific alternatives related to institutional change while pursuing the introduction of innovations to market.

Originality/value

This research extends the institutional perspective on service innovation by zooming into micro-level processes of institutional change driven by new ventures. The study develops the theory of institutional entrepreneurship by highlighting cognitive processes of change, and suggests incorporating “institutional thinking” more tightly into the study and management of service innovation.

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Journal of Service Management, vol. 28 no. 5
Type: Research Article
ISSN: 1757-5818

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Article
Publication date: 6 February 2017

Shanshan Zhang, Zhiqiang Wang, Xiande Zhao and Min Zhang

The purpose of this paper is to empirically investigate the effects of institutional support on product and process innovation and firm performance and describe how…

Abstract

Purpose

The purpose of this paper is to empirically investigate the effects of institutional support on product and process innovation and firm performance and describe how dysfunctional competition influences relevant outcomes.

Design/methodology/approach

This study develops a research model based on institution-based view and tests it using structural equation modeling and empirical data collected from 300 manufacturers in China.

Findings

The results show that institutional support positively affects product and process innovation and firm performance. Both product and process innovation improve firm performance. The findings reveal that dysfunctional competition significantly reduces the positive effects of institutional support on product and process innovation but leaves the effects of institutional support and product and process innovation on firm performance unaffected.

Originality/value

This study contributes to innovation literature by providing insights into the impact of China’s institutional environment on manufacturing firms’ product and process innovation decisions. The findings also contribute to institution-based view literature by providing empirical evidence on the joint effects of institutional support and dysfunctional competition on product and process innovation and firm performance. This study can help manufacturers in China take advantage of institutional environment and adjust product and process innovation decisions accordingly.

Details

Industrial Management & Data Systems, vol. 117 no. 1
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 15 February 2013

Arash Azadegan, Stuart Napshin and Adegoke Oke

The aim of this paper is to investigate how a manufacturer's relationship with firms operating in different institutional logics can facilitate or hinder the outcomes of…

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1640

Abstract

Purpose

The aim of this paper is to investigate how a manufacturer's relationship with firms operating in different institutional logics can facilitate or hinder the outcomes of research partnerships.

Design/methodology/approach

The paper tests the study hypotheses based on a survey of 345 Chinese manufacturers.

Findings

Results reveal that a manufacturer's partnerships with private firms and government institutions are both directly related to the manufacturer's innovation performance. However, the effectiveness of the research partnerships depends on the different institutional logics within which these organizations operate.

Research limitations/implications

This study used a binary variable to capture the existence or absence of the partnership types examined implying that this variable does not capture the quantity of R&D relationships the firm is engaged in or the time period of such engagements.

Practical implications

It is important for management to take into account the joint effect of both the firm and its partner's underlying institutional logics in establishing partnership relationships since the juxtaposition of different institutional logics can affect the outcomes of the relationship.

Originality/value

This research draws from institutional theory to contribute to knowledge in the area of innovation by emphasizing the importance of the overarching institutional logic on the effectiveness of different types of innovation‐driven research partnerships.

Details

International Journal of Operations & Production Management, vol. 33 no. 3
Type: Research Article
ISSN: 0144-3577

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Article
Publication date: 9 August 2021

Shaobo Wei and Hua Liu

This study aims to investigate how information technology (IT) integration and relational ties between a firm and its supplier influence its innovation performance and how…

Abstract

Purpose

This study aims to investigate how information technology (IT) integration and relational ties between a firm and its supplier influence its innovation performance and how such relationships are moderated by relationship duration and institutional distance between the firm and its supplier.

Design/methodology/approach

Based on 153 matched-pair surveys of firms in China, the authors used regression analyses to test their hypotheses.

Findings

The authors find that IT integration and relational ties with the supplier significantly improve the firm’s innovation performance. Further, the authors find that relationship duration negatively moderates the impact of relational ties on innovation performance. Institutional distance negatively moderates the impact of IT integration, yet positively moderates the impact of relational ties on innovation performance.

Originality/value

This study provides a more nuanced insight into relational and institutional boundary conditions under which IT integration and relational ties affect innovation performance.

Details

Journal of Business & Industrial Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0885-8624

Keywords

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