Does continuous innovation failure lead firm innovation to hesitate to press forward?: Evidence from Chinese-listed technology-intensive industries firms

IF 10.5 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2024-09-26 DOI:10.1016/j.jbusres.2024.114986

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Abstract

Continuous innovation failure is a common phenomenon in the process of firm innovation. However, little is known about how continuous innovation failure affects firm innovation, and what factors moderate the relationship between them. Using the empirical data from China’s technology-intensive industries listed firms, we find that continuous innovation failure doesn’t lead firm innovation to hesitate to press forward but promotes firms to increase innovation. Managerial overconfidence strengthens the positive impact of continuous innovation failure on firm innovation. Interestingly, managerial power does not enhance but weakens the regulatory role of managerial overconfidence. Further analysis shows that continuous innovation failure will prompt firms to increase exploratory innovation and reduce exploitative innovation. Heterogeneity analysis finds that the promotion effect of continuous innovation failure on firm innovation will be enhanced in firms with higher financial redundancy, but will be weakened in firms with higher R&D subsidies.

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连续的创新失败是否会导致企业创新裹足不前？来自中国上市技术密集型企业的证据

持续创新失败是企业创新过程中的一种常见现象。然而，人们对持续创新失败如何影响企业创新，以及是哪些因素调节了二者之间的关系知之甚少。利用中国技术密集型行业上市公司的经验数据，我们发现持续创新失败并没有导致企业创新裹足不前，反而促进了企业加大创新力度。管理者的过度自信加强了持续创新失败对企业创新的积极影响。有趣的是，管理者权力并没有增强而是削弱了管理者过度自信的调节作用。进一步的分析表明，持续创新失败会促使企业增加探索性创新，减少开发性创新。异质性分析发现，持续创新失败对企业创新的促进作用在财务冗余较高的企业中会增强，但在研发补贴较高的企业中会减弱。

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

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.