Are the media drivers of R&D?

IF 10.1 1区社会学 Q1 SOCIAL ISSUES

Technology in Society Pub Date : 2024-07-22 DOI:10.1016/j.techsoc.2024.102665

Devora Peña-Martel, Nieves L. Díaz-Díaz, Jerónimo Pérez-Alemán, Domingo J. Santana-Martín

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引用次数: 0

Abstract

Research exploring how extra-legal institutional aspects might impact corporate investment policy in innovation is still in its early stages. This lack of research is even greater when it comes to studying the role of media attention in corporate innovation. This study extends prior literature by investigating the relationship between media visibility and research and development (R&D) investment in a continental European context. Using a sample of Spanish listed firms in the 2008–2022 period, results indicate that media attention has a positive effect on corporate innovation. The results provide support for arguments that the media reduce agency conflicts, facilitate fundraising, and increase the reputational risk of internal agents as well as the pressure to meet stakeholder demands and the chances of obtaining external help to develop new ideas and projects. Moreover, we show that media attention encourages innovation in companies who are more isolated from stakeholder demands, who face greater agency conflicts, or who suffer from financial difficulties.

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媒体是研发的驱动力吗？

探索法律之外的制度因素如何影响企业创新投资政策的研究仍处于早期阶段。在研究媒体关注在企业创新中的作用时，这种研究的匮乏就更为严重。本研究通过调查欧洲大陆背景下媒体知名度与研发（R&D）投资之间的关系，对之前的文献进行了扩展。结果表明，媒体关注度对企业创新有积极影响。这些结果为以下论点提供了支持：媒体减少了代理冲突，促进了筹资，增加了内部代理的声誉风险，以及满足利益相关者需求的压力和获得外部帮助以开发新想法和新项目的机会。此外，我们还发现，对于那些与利益相关者的要求较为隔绝、面临较大代理冲突或面临财务困难的公司，媒体的关注会鼓励其进行创新。

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

Technology in Society Multiple-

CiteScore

17.90

自引率

14.10%

发文量

316

审稿时长

60 days

期刊介绍： Technology in Society is a global journal dedicated to fostering discourse at the crossroads of technological change and the social, economic, business, and philosophical transformation of our world. The journal aims to provide scholarly contributions that empower decision-makers to thoughtfully and intentionally navigate the decisions shaping this dynamic landscape. A common thread across these fields is the role of technology in society, influencing economic, political, and cultural dynamics. Scholarly work in Technology in Society delves into the social forces shaping technological decisions and the societal choices regarding technology use. This encompasses scholarly and theoretical approaches (history and philosophy of science and technology, technology forecasting, economic growth, and policy, ethics), applied approaches (business innovation, technology management, legal and engineering), and developmental perspectives (technology transfer, technology assessment, and economic development). Detailed information about the journal's aims and scope on specific topics can be found in Technology in Society Briefings, accessible via our Special Issues and Article Collections.