Innovation in Business Groups: Evidence from China

被引：16

作者：

Dou, Huan ^{[1
]}

Li, Antai ^{[2
]}

Luo, Yonggen ^{[3
,4
,5
]}

机构：

[1] Jinan Univ, Management Sch, Dept Accounting, Guangzhou, Peoples R China

[2] Huazhong Univ Sci & Technol, Sch Management, Dept Finance, Wuhan, Peoples R China

[3] Guangdong Univ Finance & Econ, Sch Accounting, Guangzhou, Peoples R China

[4] GDUFE, Inst Capital Market, Guangzhou, Guangdong, Peoples R China

[5] GDUFE, Audit Governance Studies Great Bay Area, Guangzhou, Guangdong, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2021年 / 57卷 / 09期

基金：

中国国家自然科学基金;

关键词：

Business groups; innovation; cash flow; peer effect; INTERNAL CAPITAL-MARKETS; PYRAMIDAL OWNERSHIP; FIRMS; COMPETITION; CREATION;

D O I：

10.1080/1540496X.2020.1859365

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the innovation in companies within business groups. Compared with stand-alone companies, companies within business groups invest more in innovation activities. Further analysis shows that companies within business groups are supported by stronger cash flow from their parent companies and under competition pressure from peer firms within business groups. The effect is more pronounced in the firms in the high-tech industry and competitive regions. The results are consistent with various endogenous and robustness tests.

引用

页码：2503 / 2513

页数：11

共 46 条

[1] TECHNOLOGY AND FINANCIAL STRUCTURE: ARE INNOVATIVE FIRMS DIFFERENT? [J].

Aghion, Philippe ;

Klemm, Alexander ;

Bond, Stephen ;

Marinescu, Ioana .

JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION, 2004, 2 (2-3) :277-288

[2] A theory of pyramidal ownership and family business groups [J].

Almeida, Heitor V. ;

Wolfenzon, Daniel .

JOURNAL OF FINANCE, 2006, 61 (06) :2637-2680

[3]

[Anonymous], 2014, Journal of Management World, DOI DOI 10.19744/J.CNKI.11-1235/F.2014.07.014

[4] Pyramidal ownership and the creation of new firms [J].

Bena, Jan ;

Ortiz-Molina, Hernan .

JOURNAL OF FINANCIAL ECONOMICS, 2013, 108 (03) :798-821

[5] COMPETITIVE PRESSURE AND INNOVATION AT THE FIRM LEVEL [J].

Beneito, Pilar ;

Coscolla-Girona, Paz ;

Rochina-Barrachina, Maria Engracia ;

Sanchis, Amparo .

JOURNAL OF INDUSTRIAL ECONOMICS, 2015, 63 (03) :422-457

[6] Do Unions Affect Innovation? [J].

Bradley, Daniel ;

Kim, Incheol ;

Tian, Xuan .

MANAGEMENT SCIENCE, 2017, 63 (07) :2251-2271

[7] Cash holdings and R&D smoothing [J].

Brown, James R. ;

Petersen, Bruce C. .

JOURNAL OF CORPORATE FINANCE, 2011, 17 (03) :694-709

[8] Peer Effects of Corporate Social Responsibility [J].

Cao, Jie ;

Liang, Hao ;

Zhan, Xintong .

MANAGEMENT SCIENCE, 2019, 65 (12) :5487-5503

[9] Is the growth of small firms constrained by internal finance? [J].

Carpenter, RE ;

Petersen, BC .

REVIEW OF ECONOMICS AND STATISTICS, 2002, 84 (02) :298-309

[10] Do Antitakeover Provisions Spur Corporate Innovation? A Regression Discontinuity Analysis [J].

Chemmanur, Thomas J. ;

Tian, Xuan .

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2018, 53 (03) :1163-1194

← 1 2 3 4 5 →