{"title":"Alien merchant chambers and enterprise innovation: Evidence from China","authors":"Ran Zhou, Yali Zhao","doi":"10.1111/ajes.12559","DOIUrl":null,"url":null,"abstract":"<p>Based on social capital theory, this paper aims to investigate the impact of member enterprises of alien merchant chambers on enterprise innovation, within A-share listed companies on the Shanghai and Shenzhen Stock Exchanges of China from 2010 to 2020. Additionally, the study seeks to explore the role played by social capital resulting from participation in these alien merchant chambers. Furthermore, we delve into the moderating effects of the number of alien merchant chambers and the degree of marketization in the enterprise's location. Moreover, we analyze the influence of heterogeneity in firm ownership and firm type. Our findings reveal that member enterprises of alien merchant chambers can increase their social capital and consequently promoting innovation; both the quantity of alien merchant chambers and the level of marketization in an enterprise's location positively influence this enhancement. Furthermore, the impact of state-owned enterprises and non-high-tech enterprises on enterprise innovation, following their engagement with alien merchant chambers, surpasses that of non-state-owned enterprises and high-tech enterprises. This research bridges the gap in understanding the corporate governance implications of alien merchant chambers, provides empirical evidence concerning Chinese alien merchant chambers, and addresses inquiries regarding the influence of merchant chambers' social capital. Additionally, it proposes a novel approach for listed companies to overcome resource constraints and to collaboratively pursue development, especially in light of the challenges posed by the COVID-19 pandemic.</p>","PeriodicalId":47133,"journal":{"name":"American Journal of Economics and Sociology","volume":"83 3","pages":"527-554"},"PeriodicalIF":0.9000,"publicationDate":"2023-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Journal of Economics and Sociology","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ajes.12559","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Based on social capital theory, this paper aims to investigate the impact of member enterprises of alien merchant chambers on enterprise innovation, within A-share listed companies on the Shanghai and Shenzhen Stock Exchanges of China from 2010 to 2020. Additionally, the study seeks to explore the role played by social capital resulting from participation in these alien merchant chambers. Furthermore, we delve into the moderating effects of the number of alien merchant chambers and the degree of marketization in the enterprise's location. Moreover, we analyze the influence of heterogeneity in firm ownership and firm type. Our findings reveal that member enterprises of alien merchant chambers can increase their social capital and consequently promoting innovation; both the quantity of alien merchant chambers and the level of marketization in an enterprise's location positively influence this enhancement. Furthermore, the impact of state-owned enterprises and non-high-tech enterprises on enterprise innovation, following their engagement with alien merchant chambers, surpasses that of non-state-owned enterprises and high-tech enterprises. This research bridges the gap in understanding the corporate governance implications of alien merchant chambers, provides empirical evidence concerning Chinese alien merchant chambers, and addresses inquiries regarding the influence of merchant chambers' social capital. Additionally, it proposes a novel approach for listed companies to overcome resource constraints and to collaboratively pursue development, especially in light of the challenges posed by the COVID-19 pandemic.
期刊介绍：
The American Journal of Economics and Sociology (AJES) was founded in 1941, with support from the Robert Schalkenbach Foundation, to encourage the development of transdisciplinary solutions to social problems. In the introduction to the first issue, John Dewey observed that “the hostile state of the world and the intellectual division that has been built up in so-called ‘social science,’ are … reflections and expressions of the same fundamental causes.” Dewey commended this journal for its intention to promote “synthesis in the social field.” Dewey wrote those words almost six decades after the social science associations split off from the American Historical Association in pursuit of value-free knowledge derived from specialized disciplines. Since he wrote them, academic or disciplinary specialization has become even more pronounced. Multi-disciplinary work is superficially extolled in major universities, but practices and incentives still favor highly specialized work. The result is that academia has become a bastion of analytic excellence, breaking phenomena into components for intensive investigation, but it contributes little synthetic or holistic understanding that can aid society in finding solutions to contemporary problems. Analytic work remains important, but in response to the current lop-sided emphasis on specialization, the board of AJES has decided to return to its roots by emphasizing a more integrated and practical approach to knowledge.
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