Duan Liu , Tingfang Zhang , Yuntian Jiang , Hong Wan
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引用次数: 0
Abstract
Previous studies on behavioral additionality theory suggest that government R&D subsidies can positively influence R&D collaboration by enhancing firms' learning capabilities. However, few studies address the potential impact of R&D subsidies on firms' risk tolerance for innovation uncertainty. This study examines how government R&D subsidies influence R&D collaboration, using a sample of Chinese firms listed on the Growth Enterprises Market between 2009 and 2020. Our findings reveal a negative behavioral additionality of R&D subsidies on collaboration: subsidies increase firms' risk tolerance for innovation uncertainty, motivating them to pursue independent innovations and, in turn, reducing their engagement in R&D collaboration. Heterogeneity analysis further shows that this inhibitory effect of R&D subsidies is more pronounced in firms with lower financial constraints, in more competitive industries, and in non-state-owned enterprises.
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Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.
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