A behavioral theory of patent application rhythm

Abstract

Purpose Previous studies employing the behavioral theory of the firm have not explicitly taken the roles of decision makers and corporate governance into consideration. The purpose of this paper is to fill in this gap by integrating CEO overconfidence and discretion into the performance feedback mechanism. Design/methodology/approach Financial data were collected from 1,730 Chinese listed companies in the period 2011–2015. Firm-level patent application data were collected for 1988–2015 to measure firm patent application rhythm. Hypothesis testing relied on the fixed effect panel data model. Findings There is a positive relationship between performance discrepancy and a firm’s patent application rhythm. CEO overconfidence will weaken this positive relationship. The negative moderating effect of CEO overconfidence will be less pronounced when CEO discretion is high. Originality/value To the best of the authors’ knowledge, this work is the first empirical study that investigates the roles of CEO overconfidence and discretion in shaping the performance feedback mechanism.

Magnetic angular position sensor enabled by spin-orbit torque

“…Hall sensors, which are currently dominant in automotive applications [4][5] , are low cost, but they have a moderate sensitivity at low field and a relatively large thermal drift. The MR sensors, including anisotropic magnetoresistance (AMR) sensor [6][7][8] , giant magnetoresistance (GMR) sensor and tunneling magnetoresistance (TMR) sensor [9][10] , fill up nicely the gap between Hall and inductive sensors in terms of field sensitivity, detection accuracy and cost. The MR sensors have been developed as read sensors for data storage applications.…”