Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China

Fang, Lily H.; Lerner, Josh; Wu, Chaopeng

doi:10.1093/rfs/hhx023

Cited by 434 publications

(114 citation statements)

References 31 publications

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“…Specifically, after the confirmation of intellectual property rights, the intensity of innovation increased vigorously [42]. Similarly, in China, after launching IP rights, firms have been motivated to adopt innovative activities [43]. Moreover, with the permission of privatization of SOEs and strengthening of the IP rights, innovation has been enhanced vehemently.…”

Section: Corporate Governance and Innovationmentioning

confidence: 99%

“…Moreover, with the permission of privatization of SOEs and strengthening of the IP rights, innovation has been enhanced vehemently. Meanwhile, with the implication of new rules (no tradable to tradable shares), innovation has been endorsed by the top management of Chinese SOEs decisively [43]. On the contrary, high government concentration among state-owned enterprises ((According to Chen [44].…”

Section: Corporate Governance and Innovationmentioning

confidence: 99%

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Do Hierarchical Jumps in CEO Succession Invigorate Innovation? Evidence from Chinese Economy

et al. 2019

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The objective of this study is to analyze Chief executive officer (CEO) succession via hierarchical jumps in Chinese listed firms which orientate towards innovative activity. Good corporate governance is a vehicle to attain the competitive advantage which ultimately makes the organizational sustainability undeterred. The current study will test not only low hierarchical jumps but also medium hierarchical jumps in CEO succession. The study will identify the relationship between specific attributes like education, age and the duality of CEO successors via hierarchical jumps with innovation. We have analysed the data of Chinese listed firms on Shenzhen and Shanghai stock exchanges for the years 2012–2016. Significantly, it has been observed that CEO successors via hierarchical jumps orientate towards innovative activity amongst Chinese listed firms. Conclusively, empirical results have unveiled that hierarchical CEO succession escalates the firms’ innovation. It has also been contemplated that not only the low hierarchical jumps but also medium hierarchical jumps in CEO succession invigorate the organizational innovation. Mature firms with a substantial return on assets or earning per share and having less loan burden concentrate on innovative activity decisively. It has been demonstrated that specific attributes like education, age and the duality of hierarchical CEO successors have no relationship with innovation. The study results are robust via confirmation of 2SLS instrumental regression.

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Section: Corporate Governance and Innovationmentioning

confidence: 99%

Section: Corporate Governance and Innovationmentioning

confidence: 99%

Do Hierarchical Jumps in CEO Succession Invigorate Innovation? Evidence from Chinese Economy

et al. 2019

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“…Firm size was measured by the log transformed (one plus) number of employee (Brancati, 2015). Ownership controlled for sample firm's ownership structure and was a dummy variable, which took on 0 for stateowned firms, and 1 otherwise (Fang, Lerner, & Wu, 2017). Sales was a proxy for the sample firm's market performance and was measured as the log transformation of net sales (de Jong, Verbeke, & Nijssen, 2014).…”

Section: Control Variablesmentioning

confidence: 99%

Debt Financing and Technological Innovation: Evidence From China

Xin

Sun

Zhang

et al. 2019

Journal of Business Economics and Management

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The availabilities of debt for Chinese firms have been increased since 2008 due to the expansionary monetary policies. These policies triggered concerns over the impact of debt financing on firms’ technological innovation activities. Based on a sample of 225 listed computer and telecommunications equipment firms in China within 2008-2015, this study explored the effect of debt financing on two types of technological innovation, namely radical and incremental innovation. Specifically, both the direct effect of debt financing on technological innovation and its moderating effect on the relationship between R&D intensity and technological innovation were investigated. Results of this study reveal that radical innovation decreases with debt financing at decreasing rates, while incremental innovation is not affected by debt financing itself. In addition, debt financing interacted with R&D intensity exerts positive effect on both radical and incremental innovation. This study adds meaningful insights to the literature on financing technological innovation and builds a bridge connecting macroeconomic policies to firm activities.

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“…Brown et al [23] find that strong shareholder protection and better access to the stock market have a positive impact on innovation investments. Fang et al [24] find that intellectual property rights protection is beneficial to firms' innovative incentives. Aghion et al [25] find an inverted-U relationship between product market competition and innovation.…”

Section: Background Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Do Controlling Shareholders Who Pledged Their Shares Affect Sustainable Development? An Investigation Based on the Perspective of Corporate Innovation

2019

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We examine the impact of share pledging (SP) on a firm’s innovation using a sample of Chinese firms. Our findings show that when controlling shareholders pledged their shares in personal loans, their firm’s innovation decreases. Our findings are robust for alternative metrics of innovation and SP. Additional analyses suggest that when controlling shareholders have little ownership or stock price volatility is high, the impact of SP on corporate innovation magnifies, presumably due to the high margin call risk of share against the pledged controlling shareholders. Overall, our study shows that the self-interest of controlling shareholders with pledged shares impedes corporate innovation, thereby impeding the sustainable development of society.

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Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China

Cited by 434 publications

References 31 publications

Do Hierarchical Jumps in CEO Succession Invigorate Innovation? Evidence from Chinese Economy

Do Hierarchical Jumps in CEO Succession Invigorate Innovation? Evidence from Chinese Economy

Debt Financing and Technological Innovation: Evidence From China

Do Controlling Shareholders Who Pledged Their Shares Affect Sustainable Development? An Investigation Based on the Perspective of Corporate Innovation

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