Firm Productivity,Innovation, and Financial Development

How do firm‐specific actions—in particular, innovation—affect firm productivity? What is the role of the financial sector in facilitating higher productivity? Using a rich firm‐level data set, we find that innovation is crucial for firm performance as it directly and measurably increases productivity. The impact of innovation on productivity is larger in less‐developed countries. Evidence of financial sector development influencing the innovation‐productivity link is weak, but the effect is difficult to identify due to correlation between indicators of a country's financial and nonfinancial development. Furthermore, we find evidence that the innovation effect on productivity is more significant for high‐tech firms than for low‐tech firms.     

Innovation strategies and productivity growth in developing countries: Firm-level evidence from Pakistani manufacturers

We examine the determinants of product, process, and organizational innovations, and their impact on firm labor productivity using data from a unique innovation survey of firms in Pakistan. We find significant heterogeneity in the impact of different innovations on labor productivity: Organizational innovation has the largest effect followed by process innovation. But unlike much of the literature, we found a negative impact of product innovation suggesting a disruption effect of new products. We find a strong impact of engaging in knowledge creation on product and process innovation. We also find that external knowledge networks and innovation cooperation play no significant role in firms’ decision to engage in innovation and its intensity, however, vertical linkages with suppliers (clients) promote product (process) innovations. Foreign competition has a negative effect on product innovation and a positive effect on organizational innovation. Exposure to foreign markets both in term of exporting and quality standard certification leads to better innovation performance.     

Innovation and Firm‐Level Productivity: Evidence from Bangladesh

In this paper, the labor productivity impact of manufacturing firms’ innovation in Bangladesh, a region which has, to date, been understudied in this respect, is examined through World Bank Enterprise Survey data from 2003 to 2006. We apply the Cobb–Douglas production function, augmented with innovation‐related inputs (and other expected sources of productivity) in a simultaneous three‐equation system connecting R&D to its determinants, innovation output to R&D, and productivity to innovation output; and in a two‐equation system connecting innovation output to its determinants and productivity to innovation output. Our results reveal that Bangladeshi firms’ process innovation is an important factor for their labor productivity, whereas the significant effect of product innovation is not clearly established.     

中国高科技企业OFDI速度对创新绩效的影响——基于总体创新、颠覆式创新和渐进式创新视角

文章采用2008-2017年中国高科技上市公司数据,依据海外子公司投资动机计算企业基于深度和广度的技术寻求型OFDI速度,并此基础上以投资速度对企业总体创新、颠覆式创新和渐进式创新的影响研究为中心,实证检验吸收能力在其中起到的调节作用。结果表明：（1）无论是基于深度还是广度的技术寻求型OFDI速度与企业创新绩效均呈现倒U型关系;（2）吸收能力对企业OFDI速度与创新绩效之间的关系起到负向调节作用;（3）从投资地区异质性看,高吸收能力的企业无论在发达还是发展中国家基本可通过快速技术寻求型投资提升企业创新绩效,但低吸收能力的企业更适合以较低的投资速度进行技术寻求;另外,在发达国家的OFDI尤其可以帮助企业提升颠覆式创新绩效。     

Retesting the Learning-by-Exporting Theory: An Investigation of Chinese Manufacturers’ Productivity Under Globalization

This paper examines the learning-by-exporting effect in Chinese manufacturing firms from 2005 to 2007. The traditional view is that exporting can lead to increased productivity by facilitating access to the global market and, thus, information and cutting-edge technologies. This process has been explained by the learning-by-exporting theory, which is supported by mixed empirical evidence. A semiparametric estimation method was used to measure firm-level productivity and examine the contingent impact of exports on productivity. On the one hand, the exporting firms exhibited significantly higher productivity and faster growth than the non-exporting firms. On the other hand, the effect of exporting on productivity was dependent upon firms’ innovation behavior. Therefore, the learning-by-exporting effect is contingent on a firm’s innovation capabilities. Only sufficiently innovative firms could actually experience faster growth through exports and innovation. For non-innovative firms, exporting could even result in decreased productivity. This paper successfully reconciles the mixed findings from the existing literature and explains why both positive and negative evidence can simultaneously and reasonably exist under learning-by-exporting theory.

     

FDI and Innovation: An Investigation into Intra- and Inter-industry Effects

It is often believed that transfer of technology and know-how resulting from foreign direct investment (FDI) goes beyond the actual projects undertaken by foreign investors and, spills over to domestic firms affecting their knowledge base and productivity. This paper is an endeavour to investigate the existence of spillovers and their impact on the innovative performance of domestic firms active in the manufacturing sector of India. By employing data on FDI by industry and merging it with information on time-variant buyer–supplier linkages obtained from a series of national input–outputs tables, the study develops intra-industry and inter-industry measures to capture the effects of FDI on innovation performance of the incumbent firms’ active in the same sector as the MNC and in upstream and downstream sectors. The econometric analysis after accounting for endogeneity issues reveals that FDI has a moderate impact on innovative performance of firms residing in identical industries. However, impact on the innovative performance of firms in supplying sectors appears to be statistically strong.     

技术多元化、地理多样性与企业创新绩效

为研究技术多元化与创新绩效之间的关系以及地理多样性在两者之间的调节作用,利用550家知识密集型行业上市公司2012—2019年的面板数据,通过泊松面板固定效应模型对研究假设进行检验。研究结果表明：技术广度多元化和技术深度多元化对创新绩效都有显著的促进作用;地理多样性广度和地理多样性深度正向调节技术广度多元化与创新绩效之间的关系,负向调节技术深度多元化与创新绩效之间的关系。     

高科技新创企业关系嵌入与结构嵌入的交互对绩效的影响——双元创新的中介效用研究

双元创新对新创企业生存与发展的价值不言而喻,然而,由于新创企业新且小的特点,其资源匮乏导致没有足够的资源实施双元创新。因而,现有研究主要从战略视角关注双元创新中的一种创新行为对绩效的影响,缺乏从网络嵌入视角对双元创新的整合型研究。对于存在资源约束的新创企业,利用网络嵌入获取资源来实施双元创新是提升绩效的有效路径。而现有研究已经证明了关系嵌入和结构嵌入能够单独影响双元创新,但鲜有研究探讨关系嵌入和结构嵌入的交互对双元创新的影响以及双元创新在上述交互关系到绩效的转化过程中所起的桥梁作用。基于社会网络理论和双元理论,文章利用bootstrap方法对187份高科技新创企业样本进行了回归分析,验证了关系嵌入和结构嵌入的交互对双元创新的正向影响,而双元创新在上述交互向绩效转化的过程具有显著的中介作用。文章基于网络嵌入多维视角探究了双元创新对新创企业绩效的价值,不仅丰富了双元理论,也进一步完善了社会网络理论。最后讨论了本研究的实践价值和理论意义,提出了未来可能的研究方向。     

环境规制与中国生产率的动态变化:基于异质性企业视角

本文基于异质性企业分析框架,研究了环境规制如何通过要素替代、创新补偿以及资源重置3种渠道塑造中国企业和行业生产率的静态与动态变化过程。研究发现,在企业层面上,环境规制会提升高效企业生产率,降低低效企业生产率。在行业层面上,环境规制强度提高将不利于资源错配严重行业的加总生产率增长。我们基于1998-2007年中国微观企业数据验证了上述结论和3种渠道各自的作用。因此要实现环境改善型的技术进步不仅需要各级政府坚定不移地执行环境保护政策,更重要的是减少要素在行业内和行业间流动的摩擦以及各种制度性障碍,降低行业资源错配程度。     

“架构者”视角下的区域创新生态系统形成与演化——来自珠海高新区的经验证据

近年来,企业创新的成败越来越依赖于它们所生存的创新生态系统,哪些因素影响了创新生态系统成长是一个亟待探讨的话题。基于新近的"架构者"理论,文章探究了区域创新生态系统新生期、成长期和成熟期的"架构者"及其对生态系统其他企业的影响,试图揭示创新生态系统形成和演化机制。通过案例分析与定量分析相结合的方法,文章发现:(1)在新生期,政府是创新生态系统的"架构者",其政策效应是创新生态系统形成的动力;(2)在成长期,先驱企业取代政府成为"架构者",其通过对其他企业产生"跟随效应"推动整个生态系统创新产出增加;(3)在成熟期,作为"架构者"的先驱企业对其他企业创新溢出存在"乘数效应"。文章的研究结果表明,政府应该根据创新生态系统不同发展阶段,识别相应的"架构者"并给予相应的政策,从而发挥它们创新的带动效应。     

The impact of differential power pricing policy on firm productivity in China: Evidence from iron and steel firms

The differential power pricing (DPP) policy is implemented as an important measure to curb the unrestrained development of high-energy-consuming industries, optimize industrial structure, and promote the upgrading of industrial technology. However, it is unclear how the DPP policy affects the productivity of regulated firms. Using the difference-in-differences approach, this study is the first to investigate empirically the DPP policy’s impact on the productivity of China’s iron and steel firms—a top carbon emitter. The results show that the DPP policy has a significant negative effect on the productivity of iron and steel firms, leading to a 1.20% per annum decrease in the total factor productivity growth of these firms, primarily because the policy significantly hinders firms’ scale efficiency. Considering the heterogeneity of firms, the impeding impact on large-scale and state-owned firms is less than that on the firms of full sample. To curb the irrational expansion of energy-intensive industries and eliminate backward production capacity, the government should implement the DPP policy more precisely according to the heterogeneity of firms, and other auxiliary measures, such as cost compensation for innovation, are also recommended.     

Information Technology, Organizational Transformation and Productivity Growth: An Examination of the Brynjolfsson–Hitt Proposition

This study investigates what happened to productivity growth during the Information Technology (IT) revolution in an IT-driven economy, Korea. To this end, we have decomposed the source of productivity growth into technological change, technical efficiency and scale economies using a stochastic frontier function and examined how the composition of productivity growth has changed with different phases of IT developments. We have used panel data that is comprised of 4022 firms from 1996 to 2000. We have found that Korean firms have been quick to embrace organizational restructuring to adapt to a new business environment brought about by IT, which seems to be the major source of the success of Korean firms. We have also found that: (i) there is no substantial difference in productivity gains between IT-producing firms and IT-using firms; (ii) productivity growth is more robust to business cycles in an IT-driven economy than in the traditional economy; and (iii) efficiency improvement attributed to organizational transformation plays a greater role in productivity growth as IT applications become more widespread.     

服务业创新发展：基于江苏省的实证分析

尽管创新与服务业的发展已经成为我国经济与产业发展的主要内涵,但创新对服务业发展的作用仍较少被关注。综合已有的文献研究表明,我国现阶段"服务业发展之谜"特征显著,服务业劳动生产率增长缓慢已经成为制约服务业发展的重要原因。文章以江苏省服务业发展为例,分析了江苏省服务业发展的总体趋势以及服务业创新发展的现状,并对江苏省服务业创新发展的影响因素进行了实证分析。研究表明,江苏省服务业劳动生产率与服务业比重之间存在着长期的均衡关系,服务业劳动生产率的提高对服务业的发展水平有着显著的促进作用;城市化水平、人力资本等指标对服务业的劳动生产率有着正向的影响,但服务业集聚的作用仍未得到充分发挥,服务业与制造业之间缺乏有效的联动发展机制在一定程度上影响到服务业创新发展水平的提升。     

Corporate Governance and CEO Innovation

A fundamental concern emerging from the corporate literature is the agency problem of innovation. While innovation is considered as a major driver of corporate growth and profitability, the Chief Executive Officer (CEO) has an intrinsic reluctance to pursue innovation projects. The thrust of this paper is to identify the mechanisms of corporate governance which help attenuate this problem, thereby encouraging the CEO to have the propensity to innovate. The empirical results suggest that firms with a widespread dispersion of shares among shareholders are less likely to encourage the CEO to innovate. The likelihood of innovation appears to increase, however, in the presence of a large shareholder. Contrary to prevailing beliefs, there appears to be no association between innovation and board independence. The same result holds for board size. Also, a diverse board appears to negate CEO predisposition to innovate. On the other hand, innovation increases when the CEO is not the Board Chair but has equity ownership, although the incentive effect is economically small. The paper uses a sample of domestically-owned, publicly-listed Australian firms over the period 1994–2003.     

Analysis on the Economic Benefit of High-tech Innovation

With the globalization of the world economy, High-tech innovation has become the most important way to receive optimal economic benefit, In additional, it can promote social productivity and accelerate the growth of economy. The paper systematically analyzes the economic benefit brought by high-tech innovation. And finally puts forward some approaches to promote high-tech innovation.     

ISO认证与企业创新：地理位置与组织形式的调节效应

尽管已有研究在不同情境下广泛地检验了ISO认证所引致的绩效结果,但还未充分地关注中国企业ISO认证的相关议题。利用世界银行对中国企业的调查数据,实证检验ISO认证对企业创新的影响,以及地理位置和组织形式的调节效应。结果表明,ISO认证对产品创新与过程创新均产生显著的正向影响;相较于中西部地区的企业,东部地区企业的ISO认证对产品和过程创新的正向影响更加显著;相较于合伙制与公司制的企业,独资企业的ISO认证对产品和过程创新的正向影响更加显著。     

技术创新对安徽区域经济增长的影响分析

地区经济增长的主要动力是建立在技术创新基础上的产业结构调整.文章首先分析技术创新与经济增长的关系,接着通过三次产业劳动生产率的转变以及重点企业和企业集团研发费用的投入分析安徽技术创新的基本现状.为了进一步了解安徽技术创新对经济增长的影响,运用实证研究的方法,将中部六省的技术创新情况加以对比,具体说明技术创新与经济增长的关系.最后结合实际,提出了利用区域创新促进经济增长的一些建议.     

Does global value chain participation improve firm productivity? A study of selected ASEAN developing countries

This paper examines the impact of local firms’ participation in global value chains (GVCs) on productivity by considering three different patterns of GVC participation. We conducted a DID-PSM estimation involving three countries, Indonesia, the Philippines, and Vietnam, and 17 manufacturing sectors in 2009 and 2015 in a panel framework. We found an endogenous relationship between firm productivity and GVC participation: firms that enter GVCs have high productivity before participating in the GVCs (selection effect), and only Indonesian firms that entered GVCs had high productivity growth after joining GVCs (learning effect). These two effects were only found for firms that both import intermediate goods and export output and not for firms that only either import or export. We also found that indirect exporting does not improve a local firm's productivity. Several recommendations are made to help firms and governments facilitate the participation of firms in GVCs.     

业绩期望落差、市场竞争与企业开放式创新

基于业绩反馈理论和企业行为理论,以2015—2022年中国沪深A股上市公司为样本,运用OLS基准回归模型探讨市场竞争调节下,业绩期望落差持续性与范围性对企业开放式创新的影响。结果表明,业绩期望落差持续时间与涉及范围逐增致使企业创新开放动机与能力失衡,一致降低开放式创新绩效,强烈的外部市场竞争能够有效抑制其负向作用。机制分析发现,研发投入在业绩期望落差持续性和范围性对企业开放式创新的作用关系中发挥显著遮掩效应,主效应的部分影响被抵消。以上结论为推动业绩困境企业进行科学创新开放决策,打破“无知开放、盲目开放”陷阱提供经验借鉴。     

Picking ‘winners' in China: Do subsidies matter for indigenous innovation and firm productivity?

This paper examines the effects of public subsidies across several dimensions of the innovation process and the implications for productivity. As an identification strategy, panel data is used to estimate a structural innovation model that controls for unobserved heterogeneity combined with matching techniques that help ensure comparability between subsidized and non-subsidized firms. The findings reveal that public subsidies reduce firms' economic performance in lower and higher technology industries despite promoting indigenous innovation in the higher technology industries. Policymakers may tolerate lower average efficiency if they expect that some of the state-backed firms will eventually become successful innovators that go on to generate significantly large social welfare payoffs. Although the findings do not support such an expectation, thus bringing into question whether the social payoff from China's so-called picking ‘winners' strategy justifies the cost.