{"title":"The Impact of R&D Subsidies and Non-R&D Subsidies on Innovation Output of Biopharmaceutical Firms","authors":"Qing Li, Qingqing Liu, Jie Di","doi":"10.1177/09717218231161008","DOIUrl":null,"url":null,"abstract":"Government subsidies are important to the improvement of innovation level and sustainable development of biopharmaceutical firms. This paper empirically analyses the impact of government R&D and non-R&D subsidies on the innovation output of biopharmaceutical firms. We establish static, and dynamic panel mediation effect models using 2013–2019 data from China’s listed biopharmaceutical companies. Additionally, we further explore the mediating role of R&D investment between R&D subsidies and innovation output. The findings show that, first, R&D subsidies contribute to the innovation output of biopharmaceutical firms, while the effect of non-R&D subsidies is insignificant. Second, the study of the mechanism shows that R&D subsidies can significantly promote firms’ innovation output through R&D investment in the static mediating model; but interestingly, the R&D subsidies fail to promote innovation output in the dynamic mediating model through R&D investment, perhaps due to the sustainable impact of innovation. Based on the above results, this paper provides suggestions and insights for the formulation of different types of subsidy policies and the improvement of the innovation level of biopharmaceutical firms.","PeriodicalId":45432,"journal":{"name":"Science Technology and Society","volume":null,"pages":null},"PeriodicalIF":1.7000,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Science Technology and Society","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1177/09717218231161008","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"MANAGEMENT","Score":null,"Total":0}
引用次数: 0
Abstract
Government subsidies are important to the improvement of innovation level and sustainable development of biopharmaceutical firms. This paper empirically analyses the impact of government R&D and non-R&D subsidies on the innovation output of biopharmaceutical firms. We establish static, and dynamic panel mediation effect models using 2013–2019 data from China’s listed biopharmaceutical companies. Additionally, we further explore the mediating role of R&D investment between R&D subsidies and innovation output. The findings show that, first, R&D subsidies contribute to the innovation output of biopharmaceutical firms, while the effect of non-R&D subsidies is insignificant. Second, the study of the mechanism shows that R&D subsidies can significantly promote firms’ innovation output through R&D investment in the static mediating model; but interestingly, the R&D subsidies fail to promote innovation output in the dynamic mediating model through R&D investment, perhaps due to the sustainable impact of innovation. Based on the above results, this paper provides suggestions and insights for the formulation of different types of subsidy policies and the improvement of the innovation level of biopharmaceutical firms.
期刊介绍:
Science, Technology and Society is an international journal devoted to the study of science and technology in social context. It focuses on the way in which advances in science and technology influence society and vice versa. It is a peer-reviewed journal that takes an interdisciplinary perspective, encouraging analyses whose approaches are drawn from a variety of disciplines such as history, sociology, philosophy, economics, political science and international relations, science policy involving innovation, foresight studies involving science and technology, technology management, environmental studies, energy studies and gender studies. The journal consciously endeavors to combine scholarly perspectives relevant to academic research and policy issues relating to development. Besides research articles the journal encourages research-based country reports, commentaries and book reviews.