Can stakeholders’ attention to innovation promote corporate innovation?

IF 1.8 Q3 MANAGEMENT
Haixia Yang, Hongbo Pan
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引用次数: 0

Abstract

Purpose

Given the significance of innovation in enabling firms to maintain a long-term competitive edge and secure excess profits, this paper aims to investigate whether and how stakeholders’ attention to innovation (SATI) influences corporate innovation.

Design/methodology/approach

This paper introduces a novel variable, SATI, which is achieved by segmenting stakeholders’ attention into two categories: attention to innovation and attention to other facets, using textual analysis methods. Subsequently, this paper empirically examines the influence of SATI on corporate innovation.

Findings

This paper finds that SATI positively affects corporate innovation input, and the result remains true after addressing possible endogeneity issues using instrumental variable regression. Furthermore, the positive effect of SATI on corporate innovation is stronger in firms facing greater financing constraints, thus verifying the financing constraints hypothesis. The positive effect is also stronger in firms with lower risk-taking levels, thus confirming the innovation failure tolerance hypothesis. Further analysis suggests that SATI increases both corporate innovation output and efficiency, thus ruling out the catering hypothesis.

Originality/value

This paper highlights the importance of SATI in driving corporate innovation. It enriches the literature on the repercussions of stakeholders’ attention and determinants of corporate innovation. In addition, it provides practical suggestions for further implementing China’s national innovation-driven development strategy.

利益相关者对创新的关注能否促进企业创新?
目的鉴于创新对企业保持长期竞争优势和确保超额利润的重要意义,本文旨在研究利益相关者对创新的关注(SATI)是否以及如何影响企业创新。本文引入了一个新变量--SATI,通过文本分析方法将利益相关者的关注分为两类:对创新的关注和对其他方面的关注。结果本文发现,SATI 对企业创新投入有正向影响,在使用工具变量回归法解决了可能存在的内生性问题后,结果依然如此。此外,SATI 对企业创新的积极影响在面临较大融资约束的企业中更强,从而验证了融资约束假说。在风险承担水平较低的企业中,正效应也更强,从而证实了创新失败容忍度假说。进一步的分析表明,SATI 既提高了企业创新产出,也提高了企业创新效率,从而排除了迎合假说。它丰富了有关利益相关者关注的反响和企业创新决定因素的文献。此外,它还为进一步实施中国国家创新驱动发展战略提供了切实可行的建议。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
2.30
自引率
3.60%
发文量
32
期刊介绍: Nankai Business Review International (NBRI) provides insights in to the adaptation of American and European management theory in China, the differences and exchanges between Chinese and western management styles, the relationship between Chinese enterprises’ management practice and social evolution and showcases the development and evolution of management theories based on Chinese cultural characteristics. The journal provides research of interest to managers and entrepreneurs worldwide with an interest in China as well as research associations and scholars focusing on Chinese problems in business and management.
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