Interaction mechanism between sustainable innovation capability and capital stock: Based on PVAR model

Xu, Fengju; Ma, Lina; Iqbal, Najaf

doi:10.3233/jifs-179779

Cited by 15 publications

(24 citation statements)

References 31 publications

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“…Different from traditional innovation, green innovation is carried out to achieve coordinated development of the economy, environment, and resources. At the same time, green innovation is a key variable that affects the sustainable growth of enterprises and achieves high economic growth rates in the future (Hou et al, 2017;Iqbal et al, 2022;Xu et al, 2020). By utilizing new concepts and technologies to achieve environmental pollution reduction and resource consumption savings and bringing the corresponding economic benefits (Yin et al, 2022), green innovation is also one of the ways to improve the sustainable competitive advantage of enterprises (Briest et al, 2020;Chatzoglou & Chatzoudes, 2017; The main message of the paper This paper uses a sample of the A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 to explore the impact of climate policy uncertainty on corporate green innovation performance.…”

Section: Introductionmentioning

confidence: 99%

Climate policy uncertainty and corporate green innovation performance: From the perspectives of organizational inertia and management internal characteristics

Huo

Liu

2023

Manage Decis Econ

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The impact of policy uncertainty caused by climate change has attracted widespread attention, but there are few studies on the relationship between climate policy uncertainty and corporate green innovation performance. This paper uses a sample of the A‐share listed companies in Shanghai and Shenzhen from 2007 to 2020 to explore the impact of climate policy uncertainty on corporate green innovation performance. And this paper also studies the moderating effect of organizational inertia and the joint moderating effects of managerial openness and organizational inertia, as well as managerial risk‐taking propensity and organizational inertia. The results show that climate policy uncertainty positively affects corporate green innovation performance. And organizational inertia can positively moderate the impact of climate policy uncertainty on corporate green innovation performance. Besides, managerial openness and organizational inertia, as well as managerial risk‐taking propensity and organizational inertia, jointly moderate the impact of climate policy uncertainty on corporate green innovation performance. When both managerial openness and organizational inertia are higher, the positive impact of climate policy uncertainty on corporate green innovation performance is the strongest. When both managerial risk‐taking propensity and organizational inertia are lower, the positive impact of climate policy uncertainty on corporate green innovation performance is the weakest.

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Section: Introductionmentioning

confidence: 99%

Climate policy uncertainty and corporate green innovation performance: From the perspectives of organizational inertia and management internal characteristics

Huo

Liu

2023

Manage Decis Econ

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“…Corporate innovation is a critical variable affecting the future sustainable growth of the Chinese firms among other factors. After achieving a high rate of economic growth, the sustainability of this pace is the main desire of the Chinese government recently, and the innovation is the only way forward in pursuit of this goal (Hou et al , 2017, Fengju et al ).…”

Section: Introductionmentioning

confidence: 99%

Financial leverage and corporate innovation in Chinese public-listed firms

Iqbal

Fareed

et al. 2020

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PurposeThis study attempts to document the impact of financial leverage on corporate innovation in the Chinese nonfinancial public firms listed on Shenzhen and Shanghai stock exchanges.Design/methodology/approachThe firm-level data are collected from CSMAR database for ten years, ranging from 2007 to 2016. The authors have employed the panel fixed effects model and further system GMM approach for analysis. The sample is segregated on the basis of state (SOE) and nonstate ownership (NSOE) to check for the diverse effects. In total, three different proxies of financial leverage are used to unearth the varying impact of short-time and long-term leverage separately. Further, corporate innovation is divided into input innovation (R&D/Sales and R&D/Assets) and output innovation (patents and inventions).FindingsThe results suggest that financial leverage is detrimental to the input innovation while conducive for the output innovation when measured by the number of patents. Contrarily, leverage has a negative influence over the output innovation when measured by the number of inventions. This implies that leverage is more damaging for the highest form of innovativeness (inventions) in China. Input innovation is more sensitive to the changes in long-term leverage versus short-term leverage. Further, the authors find that innovation in SOEs is more sensitive to the changes in the leverage as compared to the NSOEs. The results are free from the threat of endogeneity and identification problems, as reported by the system GMM model.Research limitations/implicationsThe authors did not segregate the sample on the basis of industry/sector.Practical implicationsThe firms pursuing a strategy of radical innovation should try to keep their debt levels lower in order to achieve a higher innovation performance. Although, a rise in the leverage may mean an increased access to finance for a firm but such an access comes at a cost in the form of damage to the corporate innovation. However, increased debt financing may not be so bad for the firms that want to achieve a moderate and not the highest level of innovation. Such firms can produce recurring and synergic effects with debt financing and moderate innovation, once they achieve a level of innovation performance that satisfies their financiers.Originality/valueTo the best of authors’ knowledge, this is probably the first study to check the impact of firm-level financial leverage on both input and output innovation in the Chinese public-listed nonfinancial firms' panel data perspective till now.

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“…This article draws on the sustainable innovation capability evaluation proposed by Wang et al [7] and utilizes literature extraction research method. A large number of literature related to sustainable development capability [8], innovation development [9], sustainable technological innovation [10] and sustainable competitive advantage [11] were collected and organized as key terms. Based on this, a sustainable innovation capability evaluation indicator system for companies listed on the STAR market was constructed, consisting of four primary indicators and fifteen secondary indicators as shown in Table 1.…”

Section: Construction Of Evaluation Indicator Systemmentioning

confidence: 99%

Research on evaluation of sustainable innovation capability of listed companies on the science and technology innovation board based on entropy weight and TOPSIS model

Lu,

Wang

2023

Second International Conference on Sustainable Technology and Management (ICSTM 2023)

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In China, the Science and Technology Innovation Board (STAR market) plays a crucial role in attracting innovative companies to enter the public market and promoting technological innovation. Maintaining sustainable innovation capability is essential for the continuous growth and competitiveness of companies listed on the STAR market. This research utilizes the entropy weight and TOPSIS model to assess such capability of these listed companies. The findings reveal that the ratio of R&D investment to operating income and the management expense ratio significantly influence the capability of these companies. This study contributes a scientific approach to evaluating this capability of listed companies on the STAR market, enabling investors to make accurate assessments of investment value.

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Interaction mechanism between sustainable innovation capability and capital stock: Based on PVAR model

Cited by 15 publications

References 31 publications

Climate policy uncertainty and corporate green innovation performance: From the perspectives of organizational inertia and management internal characteristics

Climate policy uncertainty and corporate green innovation performance: From the perspectives of organizational inertia and management internal characteristics

Financial leverage and corporate innovation in Chinese public-listed firms

Research on evaluation of sustainable innovation capability of listed companies on the science and technology innovation board based on entropy weight and TOPSIS model

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