Is social capital associated with corporate innovation? Evidence from publicly listed firms in the U.S |
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| Institution: | 1. Huizenga College of Business and Entrepreneurship, Nova Southeastern University, Fort Lauderdale, FL 33314, United States;2. McCallum School of Business, Bentley University, Waltham, MA 02452, United States;1. Florida Atlantic University, College of Business, Boca Raton, FL 33431, United States;2. University of Missouri, Trulaske College of Business, Columbia, MO 65201, United States;1. Saunders College of Business, Rochester Institute of Technology, 105 Lomb Memorial Drive, Rochester, NY 14623-5608, United States;2. Faculty of Economics and Business, University of Groningen, Nettlebosje 2 9747 AE Groningen, The Netherlands;3. Lally School of Management, Rensselaer Polytechnic Institute, 110, 8th Street, Troy, NY 12180, United States |
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| Abstract: | We find that social capital in U.S. counties, as captured by strength of social norms and density of social networks, is positively associated with innovation of firms headquartered in the county, as captured by patents and citations. This relation is robust in fixed-effect regressions, instrumental variable regressions with a Bartik instrument, propensity score matching regressions, and a difference-in-differences design that isolates the effects of over time variations in social capital due to corporate headquarter relocations. Strength of social norms plays a more dominant role than density of social networks in producing these empirical regularities. Cross-sectional evidence indicates the prominence of the contracting channel through which social capital relates to innovation. Additionally, we find that social capital is also positively associated with trademarks and effectiveness of corporate R&D expenditures. |
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