The impact of state shares on corporate innovation strategy and performance in China |
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Authors: | Erming Xu Han Zhang |
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Institution: | (1) School of Business, Renmin University of China, No. 59 Zhongguancun Street, Haidian District, Beijing, 100872, China;(2) School of Business Administration, Capital University of Economics and Business, No. 121 Zhangjialukou Street, Fengtai District, Beijing, 100070, China |
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Abstract: | This paper examines the impact of state shares on corporate innovation strategy and performance in the People’s Republic of
China (PRC). Through an investigation of 541 publicly traded companies in five high-tech industries during the period between
2000 and 2005, we find that the presence of state shares have a positive effect on the corporate choice of a process innovation
strategy over a product innovation one. However, this relationship is moderated by the overall ownership concentration ratio.
Moreover, our findings suggest that companies with large state shares prefer to conduct innovations independently rather than
collaboratively with others, and they usually achieve better innovation performance. These findings indicate that the government
play a role as both an investor and a resource allocation coordinator and therefore complicate the relationship between ownership
structure and corporate innovation activities.
Erming Xu
(PhD, Renmin University of China) is a professor of management at the School of Business in Renmin University of China. His
research interests include corporate governance mechanisms and performance in China, state shares with corporate innovation
strategy, Asian business strategy in the emerging markets. His work has appeared in premier journals such as Management World, China Industrial Economy, etc. He is editor of Management Review, Nankai Business Review, R&D Management, Chinese Journal of Management, and Economic Management. He serves as the associate chair of the Chinese Academy of Business Management, and also an independent director of China
Telecom Corporation Limited.
Han Zhang
(PhD, Capital University of Economics and Business) is a lecturer of management at School of Business Management in Capital
University of Economics and Business. Her research interests include strategic management and innovation. Her work has appeared
in Economic Theory and Business Management and Contemporary Finance & Economics. |
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Keywords: | State shares Innovation types Innovation modes Innovation performance |
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