Co-patents are outcomes of R&D collaboration, which has been proven with higher-quality. Does this mean that high-quality patents should also extend their advantage to the technology market? Based on the transaction cost theory, we use the China National Intellectual Property Administration (CNIPA) database and logit model to explore the effect of co-ownership on firms' patent commercialization and the factors of co-patents that affect their commercialization. Our findings illustrate that co-ownership has a negative impact on patent commercialization. In addition, the co-owner's nature, country, and co-patent's industry influence the commercialization of co-patents. Firstly, a company and a university or research institution's co-owned co-patents are less likely to be commercialization than a company and a company coowned co-patents. Secondly, multi-countries co-owned co-patents are less likely to be commercialization than a single-country coowned co-patents. Thirdly, co-patents in high technology (hightech) industries are less likely to be commercialization than copatents in non-high-tech industries. This paper supports policymakers in implementing policies to promote the co-patents' commercialization. Meanwhile, our paper suggests that to pursue the economic value of the R&D collaborative intellectual property fruits, R&D collaborative intellectual property fruits are not be encouraged to be applied as the co-patents.

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This paper analyzes the impact mechanism of executive poverty experience on innovation performance from the two logics of “innate endowment” and “endogenous power.” It then explores the moderating role of executive characteristics, firm nature, and market competition from the perspective of heterogeneity, and finally proves the influence mechanism. Using the data of Chinese A-share listed companies from 2012 to 2020, the empirical results show that executives’ poverty experience improves corporate innovation performance. Further studies find that female executives with poverty experience have a more significant impact on innovation performance. Additionally, state-owned enterprises (SOEs) weaken the positive effects of executives with poverty experiences on innovation performance. The impact of executive poverty experience on innovation performance is more significant in fierce market competition. The mediating result suggests that executive poverty experience improves innovation performance partly by inhibiting R&D manipulation. The findings remain valid through Propensity Score Matching (PSM) tests, the Heckman two-stage, and alternative indicator measures. Using the early life poverty experience of executives, this study promotes research on the factors influencing corporate innovation. It also provides empirical evidence for improving corporate innovation performance through a study of moderating effects and influencing mechanisms.

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This study examines the relationship between high-speed railways (HSRs) and environmental pollution by focusing on the mediating role of environmental regulations and the moderating role of officials’ political promotion incentives. Based on a sample of 113 prefecture-level cities, with balanced panel data in China from 2009 to 2017, using the difference-in-differences (DID) model, the results show that HSRs can reduce environmental pollution via the mediating effect of environmental regulations. Additionally, high officials’ political promotion incentives can strengthen this mediating effect. A propensity score matching with difference-in-differences (PSM-DID) model is used to solve endogenous problems, and a placebo test and a parallel trend test indicate that these results are robust. This study encourages the government to rationally promote the construction of high-speed railways and expand the social advantages of high-speed railways to improve environmental regulations and reduce environmental pollution.