Facilitator or figurehead? The impact of academician shareholder on corporate innovation: Evidence from China

IF 11.1 1区 管理学 Q1 ENGINEERING, INDUSTRIAL Technovation Pub Date : 2024-11-06 DOI:10.1016/j.technovation.2024.103138
Liangcheng Wang, Yizheng Chen, Wendi Li
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Abstract

Investment by academicians with resource advantages can serve as a vital channel for promoting innovation. In this study, we investigate whether and how academician shareholders who are esteemed fellows or candidates of the Chinese Academy of Sciences and the Chinese Academy of Engineering impact corporate innovation. Using a sample from China, we document a positive association between academician shareholders and corporate innovation. Our channel analysis reveals four potential channels through which academician shareholders promote corporate innovation: innovative human capital, investor protection, top management team attention to innovation and reduction in innovation uncertainty. Moreover, in line with the resource-based view and incomplete contract theory, our findings indicate that the positive association is more pronounced in firms with directors appointed by academician shareholders, without state ownership, and with multiple large shareholders. Finally, our findings indicate that academician shareholders can enhance open innovation, attract government subsidies, shorten the time it takes for corporate patent applications to be granted, and improve firm performance.
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促进者还是形象代言人?院士股东对企业创新的影响:来自中国的证据
具有资源优势的院士投资可以成为促进创新的重要渠道。在本研究中,我们调查了身为中国科学院和中国工程院受人尊敬的研究员或候选人的院士股东是否以及如何影响企业创新。通过中国的样本,我们记录了院士股东与企业创新之间的正相关关系。我们的渠道分析揭示了院士股东促进企业创新的四个潜在渠道:创新型人力资本、投资者保护、高层管理团队对创新的关注以及创新不确定性的降低。此外,与基于资源的观点和不完全契约理论相一致,我们的研究结果表明,在董事由院士股东任命、无国有股权和有多个大股东的企业中,正相关关系更为明显。最后,我们的研究结果表明,院士股东可以加强开放式创新,吸引政府补贴,缩短企业专利申请获得授权的时间,提高企业绩效。
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来源期刊
Technovation
Technovation 管理科学-工程:工业
CiteScore
15.10
自引率
11.20%
发文量
208
审稿时长
91 days
期刊介绍: The interdisciplinary journal Technovation covers various aspects of technological innovation, exploring processes, products, and social impacts. It examines innovation in both process and product realms, including social innovations like regulatory frameworks and non-economic benefits. Topics range from emerging trends and capital for development to managing technology-intensive ventures and innovation in organizations of different sizes. It also discusses organizational structures, investment strategies for science and technology enterprises, and the roles of technological innovators. Additionally, it addresses technology transfer between developing countries and innovation across enterprise, political, and economic systems.
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