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PurposeThe relationship between industrial policy and exploratory innovation is imperfect.Design/methodology/approachThe authors use Chinese high-tech enterprise identification policy (HTEP) as a natural experimental group to test policy impacts, spillover effects and mechanisms of action.FindingsFirst, HTEP promotes exploratory innovation. In addition, HTEP has a greater impact on non-exploratory innovation. Second, HTEP has spillover effects in two phases: HTEP (2008) and the 2016 policy reform. HTEP affects exploratory innovation in nearby non-high-tech firms, and the policy effect decreases monotonically with increasing distance from the treatment group. Third, HTEP affects innovation capacity through financing constraints, technical personnel flow and knowledge flow, which explains not only policy effects but also spillover effects. Fourth, the analysis of policy heterogeneity shows that the 2016 policy reforms reinforce the positive effect of HTEP (2008). By deducting the effects of other policies, the HTEP effect is found to be less volatile. In terms of the continuity of policy identification, continuous uninterrupted identification has a crucial impact on the improvement of firms’ innovation capacity compared to repeated certification and certification expiration. Finally, HTEP has a crowding-out effect in state-owned enterprises and large firms’ innovation.Originality/valueThis paper contributes to the existing literature in several ways. First, the authors enrich the literature on industrial policy through exploratory innovation research. While previous studies have focused on R&D investment and patents (Dai and Wang, 2019), exploratory innovation helps firms break away from the inherent knowledge mindset and achieve sustainable innovation. Second, few studies have explored the characteristics of industrial policies. In this paper, the authors subdivide the sample into repeated certification, continuous certification and certification expiration according to high-tech enterprise identification. In addition, the authors compare the differences in policy implementation effects between the 2016 policy reform and the 2008 policy to provide new directions for business managers and policy makers. Third, innovation factors guided by industrial policies may cluster in specific regions, which in turn manifest externalities. This is when the policy spillover effect is worth considering. This paper fills a gap in the industrial policy literature by examining the spillover effects. Finally, this paper also explores the mechanisms of policy effects from three perspectives: financing constraints, technician mobility and knowledge mobility, which can affect not only the innovation of beneficiary firms directly but also indirectly the innovation of neighboring non-beneficiary firms.

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Solid pseudopapillary neoplasm (SPN), is an uncommon pancreatic tumor with distinct clinicopathologic features. Mutations in the exon 3 of β-catenin are characteristically identified in SPNs, however little is known about gene and microRNA expression characteristics. To investigate the molecular characteristics of SPNs, we analyzed mRNA and microRNA expression profiles of 14 SPNs and compared their expressions to that of 6 pancreatic ductal adenocarcinomas, 6 endocrine tumors of pancreas, and 5 non-neoplastic pancreas tissues. We demonstrated both mRNA and microRNA expression profiles completely distinguish SPNs to the other pancreatic tumors and non-neoplastic pancreas tissues. We found that Wnt/β-catenin, Hedgehog and androgen receptor signaling pathways are activated in SPNs by analyzing 1,686 genes that showed specific expression changes in SPN. We also found that 7 microRNAs were specifically down-regulated in SPNs, and miR-30a was most closely associated with the up-regulation of the genes belong to the three distinct activated pathways of SPN. We also demonstrated that genes involved in epithelial to mesenchymal transition (EMT) are up-regulated in SPNs than the other type of pancreatic tumors. SPN is characterized by increased expression of mesenchymal markers (N-cadherin, MMP9, Vercican, TIMP1) and decreased expression of epithelial markers (E-cadherin, Desmoplakin, Mucin1, Caveolin). Considering that activated Wnt/β-catenin and Hedgehog pathways are related to the activation of the genes involved in EMT, these activated signaling pathways of SPNs can explain lack of epithelial cell differentiation, and the molecular mechanism of SPN tumorigenesis. Citation Format: Minhee Park, Minhyung Kim, Daehee Hwang, SangKyum Kim, Eunsung Park, Youngki Paik, Jeonhan Park, Hogeun Kim. Activation of Wnt/β-catenin, hedgehog and androgen receptor signaling pathways in solid pseudopapillary neoplasm of pancreas. [abstract]. In: Proceedings of the 104th Annual Meeting of the American Association for Cancer Research; 2013 Apr 6-10; Washington, DC. Philadelphia (PA): AACR; Cancer Res 2013;73(8 Suppl):Abstract nr 5110. doi:10.1158/1538-7445.AM2013-5110