Innovation diversity, product diversity and innovation performance

IF 5.4 3区材料科学 Q2 CHEMISTRY, PHYSICAL

ACS Applied Energy Materials Pub Date : 2024-09-07 DOI:10.1016/j.iref.2024.103619

Yanzhi A. Wang , Hsiao-Lin Yang

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引用次数: 0

Abstract

Innovation diversity has the potential to enhance a firm's technological capabilities and output by facilitating the sharing of know-how across teams. However, the diversification of corporate business segments can lead to management deterioration due to agency problems, ultimately resulting in damage to firm performance and innovation output. Therefore, this paper investigates the impact of diversified innovation and multi-segment firms on innovation outcomes.

We show that when a firm with multiple business segments exhibits a higher degree of innovation diversification, the positive impact of the internal knowledge spillover can mitigate resource inefficiency, resulting in higher levels of innovation performance. To address potential endogeneity concerns, we employ a quasi-natural experiment suggested by Seru (2014), and make a comparison between completed mergers and withdrawn mergers in order to examine the effects of merger-driven diversification on innovation performance. We further conduct three conditional tests, including institutional ownership, trade secrets legal protection and financial constraint. We find that the positive impact of innovation diversity and diversity of business segments on innovation performance will be more significant when firms have better corporate governance, face weaker trade secret legal protection and when firms are financially unconstrained.

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创新多样性、产品多样性和创新绩效

创新多元化有可能通过促进各团队之间的知识共享来提高企业的技术能力和产出。然而，企业业务板块的多元化可能会因代理问题导致管理恶化，最终导致企业绩效和创新产出受损。因此，本文研究了多元化创新和多业务板块企业对创新结果的影响。我们的研究表明，当一家拥有多个业务板块的企业表现出较高的创新多元化程度时，内部知识溢出的积极影响可以缓解资源效率低下的问题，从而带来更高水平的创新绩效。为了解决潜在的内生性问题，我们采用了 Seru（2014）建议的准自然实验，并对完成的兼并和撤销的兼并进行比较，以考察兼并驱动的多元化对创新绩效的影响。我们进一步进行了三个条件检验，包括机构所有权、商业秘密法律保护和财务约束。我们发现，当企业拥有较好的公司治理、面临较弱的商业秘密法律保护以及企业无财务约束时，创新多元化和业务板块多元化对创新绩效的积极影响将更加显著。

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

ACS Applied Energy Materials Materials Science-Materials Chemistry

CiteScore

10.30

自引率

6.20%

发文量

1368

期刊介绍： ACS Applied Energy Materials is an interdisciplinary journal publishing original research covering all aspects of materials, engineering, chemistry, physics and biology relevant to energy conversion and storage. The journal is devoted to reports of new and original experimental and theoretical research of an applied nature that integrate knowledge in the areas of materials, engineering, physics, bioscience, and chemistry into important energy applications.