Technological Innovation, Risk-Taking and Firm Performance—Empirical Evidence from Chinese Listed Companies

Zhang, Hui; Aumeboonsuke, Vesarach

doi:10.3390/su142214688

Cited by 26 publications

(23 citation statements)

References 41 publications

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“…For firms, managerial competence is reflected in the ability to efficiently integrate corporate resources to enhance the efficiency of business operations [5]. Compared with lowlevel managers, high-level managers usually have rich knowledge and experience and can calmly control project risks and make correct decisions through internal control and system reform in a risky state [6], and at the same time, capable managers have more perfect social network relationships and can provide a continuous and stable supply of resources for the enterprise [7], which enables managers to internal and external resources are integrated and optimized, enabling managers to use reliable transaction channels to invest in high-risk projects. Therefore, high competence managers show higher strategic risk-taking ability than mediocre managers in corporate decision making, which will increase the level of corporate risk-taking and thus ensure that risky decisions can be strongly secured and steadily promoted, resulting in more risky and aggressive management in financial investment activities and catalyzing the transformation of the company into a financial one.…”

Section: Theoretical Analysis and Research Hypothesismentioning

confidence: 99%

Managerial Competence and Corporate Financialization

Qiu¹

2023

FBEM

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Along with the downward pressure of domestic and foreign economies, some real enterprises deviate from their main business to allocate financial assets, and the funds flowing to the real economy sector keep decreasing, which to some extent crowds out the enterprises' investment in their main business and may lead to the financialization of enterprises. This paper incorporates managerial competence under the rationality hypothesis into the analytical framework and examines the impact of managerial competence traits on corporate financialization using Shanghai and Shenzhen A-share listed companies from 2010 to 2020 as the research sample. It is found that managerial competence significantly promotes corporate financialization, mainly in terms of increasing short-term financial asset allocation, which provides some reference and reference for real enterprises to make reasonable investment decisions.

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Section: Theoretical Analysis and Research Hypothesismentioning

confidence: 99%

Managerial Competence and Corporate Financialization

Qiu¹

2023

FBEM

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“…Yang H. C. et al (2021) found that EPU has a positive effect on R&D input and innovation output of family business. The literature holds negative views believes that EPU will increase the bank credit risk and make the enterprise have to face strong financing constraints, thus having obvious inhibitory effect on enterprise technological innovation (Zhang and Feng, 2018). The lack of financing capacity caused by macroeconomic uncertainties will limit the improvement of enterprises' R&D and innovation (Pan and Dong, 2021).…”

Section: Literature Reviewmentioning

confidence: 99%

Policy Uncertainty, Financialization and Enterprise Technological Innovation: A Way Forward Towards Economic Development

Zhang

Zhuo

Deng

2022

Front. Environ. Sci.

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Technological innovation is the core factor for enterprises to maintain competitiveness. This paper aims to investigate how policy uncertainty affect enterprises’ innovation. On the basis of theoretical analysis, this study selects data from 2008–2017- and a share of non-financial listed companies as the research sample. Using patent data of listed companies and China’s economic policy uncertainty (EPU) index, the study examines the impact of EPU on enterprise innovation. In addition, the regulatory effect of enterprise financialization has been investigated. The results show that the EPU can promote the quantity growth of enterprise innovation but inhibit the improvement of enterprise innovation quality. The impact of EPU on enterprise innovation will be affected by enterprise ownership, financing constraint level, life cycle, regional administrative level and regional economic level. Furthermore, enterprise financialization shows a negative regulatory effect in the process of EPU affecting enterprise innovation. This study provides policy enlightenment for reasonably formulating economic policies and promoting enterprise financialization, so as to effectively improve enterprise innovation ability and economic development.

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“…Zhang et al [ 2 ] proposed that innovation is the primary productive force for enterprises in the face of external competition and internal sustainable development. Improving the level of enterprise innovation is an effective method for enterprises to effectively cope with uncertainty in the business environment, and it is also an important way for China to move toward high-quality and high-level economic development and enhance its international competitiveness.…”

Section: Introductionmentioning

confidence: 99%