银行业市场结构、企业创新与产业结构升级

分析银行业市场结构通过企业创新渠道影响产业结构升级的机理，以2005—2018年中国内地30个省域数据为样本，运用动态空间面板模型进行实证检验。研究结果表明，以银行集中度衡量的银行业市场结构对企业创新与产业升级的影响存在空间相关性；企业创新在银行业市场结构与产业结构升级之间起中介作用，即弱化大银行在金融市场的主导地位能够鼓励企业创新进而带动产业结构升级。结论为优化我国金融体系结构、合理调整产业结构等经济决策提供了理论基础。     

Exit as governance: do blockholders affect corporate innovation in large US firms?

Using a sample of large US firms, this study shows that blockholders in combination with liquidity can contribute positively to innovation (R&D investments). We contribute to the literature on managerial myopia that has focused mainly on large owners and their type (short-term/long-term). Our results are in line with recent theoretical studies arguing that blockholders in combination with market liquidity can mitigate managerial myopia, as suggested by the exit model of governance. The results indicate that blockholders can be efficient in resolving agency problems and that they can enhance long-term prosperity, even when the individual blockholder investment horizon may not be long.     

Multiple interpretations of “national culture” and the implications for International business: The case of Taiwan

This paper considers the implications for international business of cases whereby a country may have two, or more, conflicting interpretations of its “national culture”. A case study of the different ways in which Taiwanese self-initiated expatriates of the benshengren and waishengren social categories use their status as “Taiwanese” to do business in London suggests that the varying interpretations which people of the same national origin and ethnic group have of their “national culture”, as a symbol of identity, affects the social resources they can use. The paper concludes by considering new directions for studying national culture in international business, and for re-evaluating earlier research.     

Does innovation and financial constraints affect the propensity to save in emerging markets?

Despite the surge in corporate savings and heightened interest in understanding the reasons for this behaviour, little is known about the forces behind this stylised phenomenon in emerging markets (EMs). Using a large sample of firms from nine African countries over the period 2001–2015, we posit and find that the propensity to save is higher in this context due to limited access to external finance. However, when we examine the effects of innovation on corporate savings, we find that the results are reversed as, relative to Non-R&D firms, R&D firms save less of their operating cash flow. This is in stark contrast to the extant literature in advanced economies, which shows that savings are essential to smoothen lumpy, irreversible and risky investments in innovation. We find this is due to the reversal in firm-specific factors, with R&D firms in this context being larger and more mature; hence, relying less on internal financing sources compared to young and less-mature R&D firms in advanced economies. We interpret our results as suggestive of the overarching influence of access to external finance as a major determinant of the propensity to save and deterrent to investing in innovation. Our finding helps explain the glut in innovation amongst small and young firms in emerging markets and calls for policies that promote innovation.     

个人知识吸收能力与双元创新关系研究

以往文献对于吸收能力的研究大都集中在组织层面，缺乏个人层次的探讨。回归吸收能力概念本质，从个人层面出发，将知识吸收分为识别、同化和应用3个阶段，通过采集与分析上海、重庆、西安、广州、长沙等地的113份技术主管有效问卷数据，探讨个人知识吸收对双元创新的影响。结果表明：个人知识识别有助于探索式创新和挖掘式创新的实现；个人知识同化导致了探索式创新和挖掘式创新之间的差别，探索式创新需要个人同化能力，挖掘式创新则不需要；个人知识应用对双元创新均无作用。结论可为企业管理者以鼓励员工正确定位知识吸收，促进企业双元创新提供借鉴。     

控股股东股权质押对企业创新方向的影响——股权制衡与企业可视性的调节作用

控股股东股权质押是中国资本市场中的一种普遍现象，虽然学者们围绕控股股东股权质押对企业创新的影响已经展开了诸多探讨，但鲜有研究关注控股股东股权质押与企业创新方向之间的逻辑关系。以中国2003-2017年A股上市公司为研究对象，从突破式创新和渐进式创新视角，探究控股股东股权质押与企业创新方向之间的逻辑关系，并进一步考察企业股权制衡和企业可视性在其间的调节作用。实证结果显示：控股股东股权质押会抑制企业突破式创新，但不会对企业渐进式创新产生显著影响；随着股权制衡不断增加，控股股东股权质押对企业突破式创新的抑制作用先增强、后削弱，即股权制衡在控股股东股权质押与企业突破式创新之间起着U型调节作用；企业可视性会削弱控股股东股权质押对企业突破式创新的抑制作用。结论有助于更加辩证地认识股权质押的创新后果，对促进企业创新和完善公司治理机制亦具有启示意义。     

改进型创新抑或突破型创新——基于客户集中度的视角

本文从客户集中度的视角考察其究竟是促进了企业的改进型创新抑或突破型创新。研究结果表明,企业的客户集中度越高,其越倾向于进行突破型创新,但是这种关系只在国有企业以及与主要客户地理位置相似度比较高的企业中显著;对发明专利和实用新型专利分别进行检验的结果表明,在国有企业以及与主要客户地理位置相似度比较高的企业中,客户集中度的提高有助于增加企业申请的发明专利数量,但是并不会对企业申请的实用新型专利数量产生影响。本文的研究不仅为客户集中度究竟是促进了企业改进型创新抑或突破型创新的不同观点提供了一定的经验证据,而且对于我国推进制造强国战略、促进企业转型升级具有重要的启示意义。     

The differential and synergistic effects of market orientation and entrepreneurial orientation on hotel ambidexterity

Innovation ambidexterity has surprisingly received limited attention in hospitality research. Using data from 101 Jordanian hotels analyzed with PLS structural equation modeling, this paper reports a double differential effect of two strategic orientations, market orientation (MO) and entrepreneurial orientation (EO), on hotel ambidexterity. On the one hand, EO (MO) has a stronger impact on exploratory (exploitative) than on exploitative (exploratory) innovation. On the other hand, EO has a stronger impact than MO on both innovation forms. Furthermore, the synergy between EO and MO has a positive impact on exploitative and exploratory innovation, both of which in turn enhance hotel performance.     

Cross-border cooperation between securities regulators

The events of September 11, 2001, prompted sweeping cross-border coordination efforts for securities regulators around the globe. After 9/11, the International Organization of Securities Commissions (IOSCO) forged a nonbinding arrangement—the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU)—that standardized the protocol for information sharing among participating securities regulators. Because regulators from different countries entered the MMoU at different times, their enlistments created a set of staggered shocks. I use these shocks to show that the resulting cross-border cooperation (a) increases cross-border enforcement and (b) reduces the cost of liquidity provision in the capital markets of participating countries. These results support the conclusion that the MMoU helps fill gaps in cross-border regulation that historically exposed investors to information asymmetry, agency costs, and expropriation risks.     

Accounting standards,regulatory enforcement,and innovation

We examine the effects of accounting standards and regulatory enforcement on entrepreneurial innovation and social welfare. When the entrepreneur issues a financial report that violates the accounting standards, a regulatory agency may detect the violation and bring charges. We find that when regulatory penalties are relatively insensitive to the magnitude of the violation, optimal standards are sufficiently low that they induce full compliance, and increase as the intensity of enforcement increases. In contrast, when regulatory penalties are sensitive to the magnitude of the violation, optimal standards induce non-compliance and decline as the intensity of enforcement increases.