R&amp;D investment along the firm life-cycle: new evidence from high-tech industries

Yang, Cheng; Hua, Ye; Zhang, Hua

doi:10.1504/ijtm.2022.121488

Cited by 7 publications

(8 citation statements)

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Section: Resultsmentioning

confidence: 99%

“…Lastly, considering that this study might potentially overlook other factors influencing the quality of innovation, we referred to existing research, incorporating market competition intensity (HHI), R&D investment intensity (RDI), and financial resource redundancy (FR) as control variables from the perspectives of market and resources (Liu et al, 2022a;Vanacker et al, 2017;Yang et al, 2022). The intensity of market competition is calculated by the Herfindahl index, while R&D investment intensity is inferred from the ratio of a company's R&D investment to total assets.…”

Section: Robustness Testmentioning

confidence: 99%

“…Whether it belongs to a high-tech enterprise. Compared to other enterprises, high-tech companies, often characterized by their high investment, concentration of high-skilled talent, and high growth features, possess a more robust R&D foundation and distinctive knowledge resources (Yang et al, 2022). Additionally, such companies face a market competition environment characterized by high technological complexity and intensity (Duan et al, 2023), thus making them more willing to allocate resources toward innovative endeavors.…”

Section: Additional Analysismentioning

confidence: 99%

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Board's informal hierarchy: influences on enterprise innovation quality

Meng,

Li,

Wang

2023

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PurposeUtilizing the expectation states theory in sociology, this study probes into the influence of the board's informal hierarchy on the quality of enterprise innovation, originating from the perspective of internal directorial interactions, while analyzing the boundary effects exhibited by the nature of property rights and the intensity of geo-culture.Design/methodology/approachThe study selects China's A-share listed companies from 2008 to 2021 as the research sample, employing the Tobit regression analysis method to scrutinize the hypotheses presented in the text.FindingsThe regression results demonstrate a positive correlation between the board's informal hierarchy and the enterprise innovation quality (EIQ). Upon introducing variables specific to property rights and geographical culture, the authors found that in comparison to non-state-owned enterprises (non-SOEs), the influence of the board's informal hierarchy on the quality of corporate innovation is diminished in SOEs. Conversely, the intensity of geo-culture across Chinese provinces enhances their mutual positive influence. In the additional analysis, the authors also found that the elevation of corporate risk tolerance is a significant pathway for the positive effect of the board's informal hierarchy on EIQ. Moreover, this positive influence is more profound in high-tech enterprises, businesses implementing equity incentive plans and companies that have subscribed to director and officer liability insurance.Originality/valueThe findings not only deepen the understanding of how the board's internal status characteristics influence corporate decision-making but also enrich the application scope of expectation states theory. Furthermore, this study offers valuable guidance for optimizing innovation decision-making by adjusting the personnel structures of corporate boards.

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Section: Resultsmentioning

confidence: 99%

Section: Robustness Testmentioning

confidence: 99%

Section: Additional Analysismentioning

confidence: 99%

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Board's informal hierarchy: influences on enterprise innovation quality

Meng,

Li,

Wang

2023

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“…When enterprises are in different life cycle stages, the impact of fintech on corporate technological innovation may differ. From the perspective of financing demand and corporate innovation willingness and ability, firms in the growth and maturity stages have stronger willingness and potential to innovate and greater financing demand than firms in the decline stage, but firms in the decline stage have lower expansionary demand, less subjective motivation to innovate, as well as a better operating system and relatively lower external financing demand [48]. Based on financial exclusion and life cycle theory, financial institutions will reduce their support to declining stage firms, and effective financial support can have a great contribution to the development of corporate innovation for growth stage and mature stage firms with high innovation demand.…”

Section: Enterprise Life Cyclementioning

confidence: 99%

Corporate Nature, Financial Technology, and Corporate Innovation in China

Gao

Jin

2022

Sustainability

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Corporate innovation has become the main driving force for the long-term development of enterprises, but the characteristics of high risk, long cycle, and high capital demand of corporate innovation activities expose enterprises to high financial rejection. Financial technology, formed by combining digital technology with traditional financial services, is gradually changing the financial service model and providing new ideas for corporate investment and financing. In this study, using the data of non-financial and non-real estate listed companies in Shanghai and Shenzhen markets, A-shares from 2015 to 2020, we examine the effect of financial technology on corporate innovation through a fixed-effects model and investigate the influence of corporate characteristics on the relationship between financial technology and innovation through a moderating-effects model. The results show that financial technology enhances the ability to serve real enterprises by reshaping financial services, which in turn effectively drives an increase in corporate innovation, and the mechanism is conditionally heterogeneous. In addition, the moderating effect of the firm’s nature is found to be more significant in non-state-owned firms, high-technology firms, and firms in the growth and maturity stages by life cycle. The policy implications of this study are to continuously promote theoretical research, to guide the development of fintech, and to improve the construction of financial technology infrastructure. Additionally, to deepen the integration of financial technology with real enterprises and establish differentiated financial technology support tools, so as to improve the precision of promoting enterprise innovation.

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“…The model of the accumulation of knowledge is a dominant model of scientific development, which considers the development of science as a knowledge-accumulating activity [ 19 ]. Disciplinary Life Cycle Theory is a typical model of the accumulation of knowledge [ 20 ]. According to the life cycle theory, the disciplinary maturity model can be categorized into germination, development, maturity, and decline [ 21 ].…”

Section: Introductionmentioning

confidence: 99%

Maturity model for assessing the medical humanities: a Delphi study

Zhang,

Duan

2024

BMC Med Educ

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Background Becoming a first-level discipline in China means access to more educational resources. The development of medical humanities in China has been going on for more than 40 years, and some medical schools have set up master’s and doctoral programs in medical humanities. The demand for medical humanities-related knowledge in China is also growing after COVID-19. However, medical humanities is only a second-level discipline and receives limited resources to meet the needs of society. This study aims to establish a system of indicators that can assess whether the medical humanities has a first-level discipline and provide a basis for its upgrading to a first-level. Methods A Delphi technique was used, with the panel of expert expressing their views in a series of two questionnaires. A coefficient of variation of less than 0.2 indicates expert agreement. Result A total of 25 experts participated in this Delphi study. Consensus was reached on 11 first-grade indices and 48 s-grade indices. The authoritative coefficient(Cr) of the experts was 0.804, which indicates that the experts have a high level of reliability. Conclusion This study provides a reliable foundation for the evaluation of medical humanities maturity.

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R&D investment along the firm life-cycle: new evidence from high-tech industries

Cited by 7 publications

References 0 publications

Board's informal hierarchy: influences on enterprise innovation quality

Board's informal hierarchy: influences on enterprise innovation quality

Corporate Nature, Financial Technology, and Corporate Innovation in China

Maturity model for assessing the medical humanities: a Delphi study

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