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Article
Publication date: 26 January 2021

Yufeng Xia and Peisen Liu

Bank financing is an important external financing source for firm research and development (R&D) investment. This study aims to use an exponential quadratic specification…

Abstract

Purpose

Bank financing is an important external financing source for firm research and development (R&D) investment. This study aims to use an exponential quadratic specification to investigate the effect of bank competition on firm R&D investment and its underlying mechanisms. Moreover, this study checks bank competition’s heterogeneous effects on firm R&D investment.

Design/methodology/approach

Based on data of Chinese manufacturing firms and bank branches, this study uses the Tobit estimator, instrumental variable method and Heckman two-step approach to test the relationship between bank competition and firm R&D investment.

Findings

The results show robustness evidence of an inverted-U relationship between bank competition and firm R&D investment. Specifically, increases in bank competition promote firm R&D investment until bank competition reaches the turning point and reduce firm R&D investment after crossing the turning point. Financing costs and financial constraints can explain the inverted-U relationship between bank competition and firm R&D investment. Heterogeneity examinations reveal that R&D investment is more sensitive to bank competition in non-state-owned enterprises, small firms and high-tech firms.

Originality/value

This study contributes to the literature on the relationship between bank competition and firm innovation. The authors investigate the heterogeneity of R&D investment influenced by bank competition and depict the economic effects brought by bank competition. This study sheds light on the real effects of bank competition and the determinants of firm R&D investment in transition economies. The conclusions provide empirical evidence for reducing credit discrimination and improving capital allocation efficiency in developing countries.

Details

Chinese Management Studies, vol. 15 no. 3
Type: Research Article
ISSN: 1750-614X

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Article
Publication date: 2 March 2021

Changjun Yi, Yun Zhan, Jipeng Zhang and Xiaoyang Zhao

This study investigates the effect of ownership structure – ownership concentration and firm ownership – on outward foreign direct investment (OFDI) by emerging market…

Abstract

Purpose

This study investigates the effect of ownership structure – ownership concentration and firm ownership – on outward foreign direct investment (OFDI) by emerging market multinational enterprises (EMNEs), and further explores the moderating effects of international experience and migrant networks on this relationship.

Design/methodology/approach

Data of Chinese MNEs listed on Shenzhen and Shanghai stock exchanges between 2005 and 2016 are used. The empirical analysis is based on the negative binomial regression model.

Findings

The empirical results reveal a significant inverted-U relationship between ownership concentration and OFDI by EMNEs. State ownership is found to have a positive effect on OFDI by EMNEs. Both international experience and migrant networks strengthen the inverted-U relationship between ownership concentration and OFDI as well as the positive effect of state ownership on OFDI by EMNEs.

Practical implications

EMNEs need to maintain a moderate ownership concentration when conducting OFDI, and they are supposed to make full use of their own international experience and focus on migrant networks of the host country. Policy-makers in emerging economies need to better create a fair business environment for enterprises.

Originality/value

Combining agency theory and the resource-based view, this study integrates ownership structure, firm-level heterogeneous resources – international experience and country-level heterogeneous resources – migration networks into a framework to study OFDI by EMNEs, which expands the scope of research in international business.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 12 April 2013

Yiagadeesen Samy and Jean Daudelin

The relationship between globalization – through trade liberalization – and inequality is unclear. The Stolper‐Samuelson theorem, which is a standard result in trade…

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Abstract

Purpose

The relationship between globalization – through trade liberalization – and inequality is unclear. The Stolper‐Samuelson theorem, which is a standard result in trade theory, does not offer compelling answers as globalized economies with an abundance of unskilled labour have seen inequality both worsen, as in China and much of Asia, and improve, as in Latin America. Kuznets' classic model also finds scant confirmation in increasingly open economies, with growth associated with declining inequality in poorer Latin America, and with rising inequality in richer OECD countries. The authors aim to suggest that the key to those anomalies lies in the relative weight of industrialization in a country's growth mix.

Design/methodology/approach

Using census data (for 1991 and 2000) for more than 5,000 municipalities, the authors examine the relationship between income per capita and inequality in Brazil.

Findings

The authors uncover the existence of an “inverted‐U” relationship in 1991 that flipped into a “straight‐U” relationship in 2000, both of which are statistically significant. They argue that the flip results from the association of economic growth with de‐industrialization that is driven by globalization.

Research limitations/implications

In terms of future work, there is a need to examine further the role of de‐industrialization, not only in the case of Brazil but also other emerging economies with different patterns of inequality than the ones currently observed in Latin America and Brazil in particular.

Practical implications

The authors' result reinforces the growing skepticism towards the role of industrialization in economic development, as Brazil sees its most successful period of pro‐poor growth go hand in hand with its de‐industrialization.

Social implications

The authors' result casts doubts about the role of social policy in the current evolution of inequality and poverty in Brazil. The famous Bolsa Familia program, in particular, may have been exaggerated by both the Brazilian government and social policy specialists, as much of the change could be traced to changes in the structure of the economy itself.

Originality/value

This paper contributes to the existing literature on globalization and inequality. It uses municipal level data and identifies a “flip” in the Kuznets relationship. This enables us to make sense of growing inequality in poorer but industrializing economies and in rich ones going through processes of de‐industrialization, and also of declining inequality in poorer de‐industrializing countries such as Brazil.

Details

Indian Growth and Development Review, vol. 6 no. 1
Type: Research Article
ISSN: 1753-8254

Keywords

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Book part
Publication date: 18 August 2006

Mariann Jelinek

This paper outlines a multi-level conceptual framework of industry–university (I–U) intellectual property (IP) relationships to understand efforts to commercialize…

Abstract

This paper outlines a multi-level conceptual framework of industry–university (I–U) intellectual property (IP) relationships to understand efforts to commercialize university discoveries by considering how the parties to deals make sense of their interactions. Institutional, sectoral, and organizational levels frame interactions around any single deal, shaping participants’ sometimes divergent views. The complex dynamics of interactions between the parties and between and among levels mean that details and nuances will be vital. Commentaries by Maryann Feldman and Marietta Baba provide detailed insights on universities (Feldman) and industry (Baba) that enrich and corroborate the multi-level model. Directions for further research and policy implications in this important emerging area are suggested.

Details

Multi-Level Issues in Social Systems
Type: Book
ISBN: 978-1-84950-432-4

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Article
Publication date: 15 August 2016

Mauro Caputo, Emilia Lamberti, Antonello Cammarano and Francesca Michelino

– The purpose of this paper is to explore the relationships between the openness of firms and their innovation and financial performances.

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3201

Abstract

Purpose

The purpose of this paper is to explore the relationships between the openness of firms and their innovation and financial performances.

Design/methodology/approach

In order to investigate such relationships, data on inbound and outbound open innovation (OI) processes and performances of 110 worldwide top research and development (R & D) spending bio-pharmaceutical companies are collected via the consolidated annual reports and the PATSTAT database. The time period of the analysis is 2008-2012.

Findings

Regarding innovation performances, R & D productivity and revenues to patents ratio decrease with openness, whilst patents growth is not influenced by OI adoption. As to financial performances, sales growth exhibits a positive trend with openness, while operating profit and turnover decrease with OI adoption. Particularly, an inverted U-relationship with inbound and a U-shape one with outbound are observed as of operating profit.

Research limitations/implications

The study adds to the knowledge about the effect of openness on firms’ performances, a topic of increasing interest to academics, managers and policy makers. Both inbound and outbound facets of the phenomenon are taken into account.

Practical implications

Understanding how openness affects performances enables more informed decision making by managers, leading to a more effective use of OI activities.

Originality/value

The work provides new insights as to what “being open” means for a company, gauging both inbound and outbound transactions after a pecuniary perspective. Employing objective and continuous measures, the relevance of OI for the whole business of firms can be identified.

Details

Management Decision, vol. 54 no. 7
Type: Research Article
ISSN: 0025-1747

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Book part
Publication date: 1 October 2007

Walter G. Park

This chapter provides a selective survey of the theoretical and empirical literature to date on the relationship between intellectual property rights (IPRs) and measures…

Abstract

This chapter provides a selective survey of the theoretical and empirical literature to date on the relationship between intellectual property rights (IPRs) and measures of innovation and international technology transfer. The chapter discusses the empirical implications of theoretical work, assesses the theoretical work based on the evidence available, and identifies some gaps in the existing literature.

Details

Intellectual Property, Growth and Trade
Type: Book
ISBN: 978-1-84950-539-0

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Article
Publication date: 13 February 2018

Dehong Li, Jun Lin, Wentian Cui and Yanjun Qian

This study aims to clarify the effect of team effort allocation between knowledge exploration and exploitation on the generation of extremely good or poor innovations. The…

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1058

Abstract

Purpose

This study aims to clarify the effect of team effort allocation between knowledge exploration and exploitation on the generation of extremely good or poor innovations. The influence of previous collaborative experience among team members on the effect of team effort allocation is also investigated to understand the relationship between team members’ collaboration networks and knowledge learning.

Design/methodology/approach

This study uses data of all patents granted by the US Patent and Trademark Office between 1984 and 2010. The inventors involved in a patent are regarded as members of the focal team. Logistic regression is used to analyze the data.

Findings

Allocating greater effort to exploration than to exploitation is beneficial to achieving breakthrough innovations despite the risk of generating particularly poor innovations. This benefit increases with collaborative experience among team members. Placing an equal emphasis on knowledge exploration and exploitation is not particularly effective in achieving breakthrough innovations; it is, however, the best strategy for avoiding particularly poor innovations.

Originality/value

This research not only provides valuable insights for research on innovation and knowledge management by studying the team effort allocation strategy used to achieve breakthroughs and avoid particularly poor innovations but also represents an advancement in bridging two streams of research – knowledge learning and social networks – by highlighting the influence of the team members’ collaborative networks on the effect of team effort allocation between knowledge exploration and exploitation.

Details

Journal of Knowledge Management, vol. 22 no. 4
Type: Research Article
ISSN: 1367-3270

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Article
Publication date: 14 August 2017

Massoud Khazabi and Nguyen Van Quyen

The purpose of this paper is to extend a theoretical framework for analyzing competition and innovation in the presence of horizontal spillovers.

Abstract

Purpose

The purpose of this paper is to extend a theoretical framework for analyzing competition and innovation in the presence of horizontal spillovers.

Design/methodology/approach

A theoretical analysis approach is adopted to drive the paper’s findings.

Findings

It is shown that when firms behave non-cooperatively in both the R&D and production stages, the degree of spillover has a negative relationship with the effective and respective R&D expenditures of each firm as well as the level of social welfare. An inverted-U relationship between competition and social welfare also holds. When firms behave cooperatively in the R&D stage, and non-cooperatively in the production stage the relationship between the R&D expenditure of the joint research lab and the number of firms in the market is negative.

Originality/value

In the literature on R&D spillovers and process innovation, efforts are mostly focused on the comparative R&D expenditures and the relative social welfare between non-cooperative and cooperative R&D. The question of the effectiveness of R&D technology on the optimal number of firm, however, is not explicitly addressed. The paper is intended to address this lacuna.

Details

Journal of Economic Studies, vol. 44 no. 3
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 25 May 2021

Qing Xie, Wuwei Li and Yuanyuan Zhang

This study empirically examines the curvilinear relationship between top management team task-related demographic faultlines and over-investment, as well as how…

Abstract

Purpose

This study empirically examines the curvilinear relationship between top management team task-related demographic faultlines and over-investment, as well as how biodemographic faultlines and industrial environment moderate the curvilinear relationship between task-related demographic faultlines and over-investment.

Design/methodology/approach

The study designs the panel data from the listed companies of China's growth enterprises board (GEB) (set up by Shenzhen Stock Exchange in 2009) in the period 2011–2016 and uses hierarchical regression analysis and grouping regression analysis in exploring the curvilinear relationship with the variables involved.

Findings

The study provides empirical insights into the relationship on top management team (TMT) task-related demographic faultlines and over-investment, as well as how biodemographic faultlines and industrial environment moderate the relationship between task-related demographic faultlines and over-investment. It suggests that the relationship between task-related demographic faultlines and over-investment is significantly inverted-U. Furthermore, biodemographic faultlines and industrial environment can strengthen the inverted-U relationship between TMT task-related demographic faultlines and over-investment.

Research limitations/implications

The study investigates the influence of task-related demographic faultlines on firm over-investment. The sample is restricted to the listed companies on GEM in China and limited in size. It is also not concerned with the cross-culture contrastive analysis between the Chinese- and Western-listed companies.

Practical implications

The findings suggest that strong/weak TMT task-related demographic faultlines is beneficial in promoting rational investment, but medium TMT task-related demographic faultlines may lead to over-investment.

Originality/value

The study within the crossed-categorization theory, the study provides a contemporary research path by moderating biodemographic faultlines and industrial environments to explain the long-ignored impact of TMT faultlines within a new perspective of firm investment efficiency with a recent significant sample of new emerging countries (e.g. China).

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

Keywords

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Book part
Publication date: 18 August 2006

Mariann Jelinek

U.S. industry–university (I–U) relations around intellectual property (IP) have become increasingly contentious since the Bayh-Dole Act of 1980, while especially lucrative…

Abstract

U.S. industry–university (I–U) relations around intellectual property (IP) have become increasingly contentious since the Bayh-Dole Act of 1980, while especially lucrative patents and licenses resulting from biomedical and pharmaceutical discoveries capture the headlines. Some assert that I–U relations around IP are in crisis, others suggest that no such problem exists, and still others bemoan the “increasing commercialization” of U.S. education. This chapter develops a multi-level model of I–U IP dynamics, drawing on pluralistic, multi-theory perspectives, field interviews, and secondary data. The model includes three levels: the institutional (economy) level, I–U (sector) level, and the organizational level. These levels jointly affect the immediate context of any deal. The chapter closes with a discussion of this model's implications for further research and some theoretical speculations.

Details

Multi-Level Issues in Social Systems
Type: Book
ISBN: 978-1-84950-432-4

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