The DOI matches its Crossref record; 125 of the 125 references it cites were found in a registry or an index.
Varieties in state capitalism and corporate innovation: Evidence from an emerging economy
Abstract
Abstract This paper contributes to the literature by examining the impact of different forms of state ownership on corporate innovation and the moderating effects of environmental, social, and governance (ESG) practices, economic policy uncertainty (EPU), and corruption in this ownership–innovation nexus. Building on both agency theory and institutional theory, we identify and divide the ultimate controlling shareholders into three types: central government, local government, and private shareholders. This study draws on data from 2629 listed firms in China between 2007 and 2015. Our results suggest that state-owned enterprises (SOEs) controlled by the central government show the strongest innovation performance in all scenarios. In addition, private firms outperform local SOEs in terms of patent quantity in both manufacturing and nonmanufacturing sectors and in high-economic-development regions, whereas local SOEs outperform their private peers with respect to patent quality, mainly in the manufacturing sector and high-economic-development regions. Such an ownership–innovation nexus is then found to be more pronounced for firms engaging in more ESG practices, during periods of higher EPU, and when less corruption is present. These findings demonstrate the value of diversity in state capitalism in guiding SOEs' heterogeneous innovation activities in emerging economies.
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Citations
Cites
Theory of the firm: Managerial behavior, agency costs and ownership structure
Jensen, M. C., & Meckling, W. H. (1976) · Journal of Financial Economics · doi:10.1016/0304-405x(76)90026-x · Cited by 71,491
Sample Selection Bias as a Specification Error
Heckman, J. J. (1979) · Econometrica · doi:10.2307/1912352 · Cited by 28,779
(2010) · Cited by 24,023
Measuring Economic Policy Uncertainty*
Baker, S. R., Bloom, N., & Davis, S. J. (2016) · The Quarterly Journal of Economics · doi:10.1093/qje/qjw024 · Cited by 12,458
The Social Responsibility of Business Is to Increase Its Profits
Friedman, M. (2007) · Corporate Ethics and Corporate Governance · doi:10.1007/978-3-540-70818-6_14 · Cited by 11,529 · cited 1×
“Based on the agency theory developed by Friedman (1970), the shareholder expense view argues that firms ’ ESG activities may negatively affect their innovation performance because managers may engage in ESG activities at the expense of shareholders.”
MethodCorporate Ownership Around the World
La Porta, R., Lopez‐De‐Silanes, F., & Shleifer, A. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00115 · Cited by 10,541
Schwartz, E. S., Dixit, A. K., & Pindyck, R. S. (1994) · The Journal of Finance · doi:10.2307/2329279 · Cited by 9,498
Economic Welfare and the Allocation of Resources for Invention
Arrow, K. J. (1962) · The Rate and Direction of Inventive Activity · doi:10.1515/9781400879762-024 · Cited by 8,635
Estimation of Relationships for Limited Dependent Variables
Tobin, J. (1958) · Econometrica · doi:10.2307/1907382 · Cited by 6,996
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848
Metadata
- Authors
- Lin, Y., Fu, X., & Fu, X.
- Venue
- Journal of Corporate Finance
- Publisher
- Elsevier BV
- Published
- 2021-04
- Volume
- 67
- Pages
- 101919
- ISSN
- 0929-1199 (ISSN-L)
- OpenAlex
- W3135135111
- Cited by
- 359
- References
- 125
- FWCI
- 71.76
- Type
- journal article
- Language
- en
- Open access
- closed
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- Lin, Y., Fu, X., & Fu, X. (2021). Varieties in state capitalism and corporate innovation: Evidence from an emerging economy. Journal of Corporate Finance. https://doi.org/10.1016/j.jcorpfin.2021.101919
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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