Institutional Environment, Executive Equity Incentive, and Enterprise Innovation: The Case of China

IF 2 4区管理学 Q3 BUSINESS Entrepreneurship Research Journal Pub Date : 2023-06-26 DOI:10.1515/erj-2022-0383

Haijie Yu, Hong Li

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Abstract

Abstract The increase in national-level innovation driven by corporate innovation is an inherent requirement for the current shift from high-speed growth to high-quality development in China’s economy. In this study, we empirically analysed the influence of the institutional environment on corporate innovation and its underlying mechanism based on panel data of Chinese A-share listed companies from 2008 to 2016. The empirical results demonstrated that the institutional environment is conducive to the improvement of corporate innovation, and this result is validated by further robustness tests. The analysis of the companies’ subsamples showed that the stimulation effect of the institutional environment on corporate innovation is more significant in Central and Western China than in Eastern China. The role of the institutional environment is also more evident in non-state-owned small and medium-sized enterprises. Further analysis demonstrated that investment in R&D plays a mediator role in the context where the institutional environment promotes corporate innovation, and the executive equity incentives in this process have a moderating effect.

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制度环境、高管股权激励与企业创新:以中国为例

以企业创新为驱动的国家级创新水平的提高，是当前中国经济由高速增长向高质量发展转变的内在要求。本文基于2008 - 2016年中国a股上市公司面板数据，实证分析了制度环境对企业创新的影响及其深层机制。实证结果表明，制度环境有利于企业创新的提升，并通过进一步的稳健性检验验证了这一结果。对企业子样本的分析表明，制度环境对企业创新的激励作用在中西部地区比东部地区更为显著。制度环境的作用在非国有中小企业中也更为明显。进一步分析表明，在制度环境促进企业创新的背景下，研发投入起到中介作用，高管股权激励在这一过程中起到调节作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Entrepreneurship Research Journal BUSINESS-

CiteScore

4.50

自引率

21.10%

发文量

期刊介绍： Entrepreneurship Research Journal (ERJ) was launched with an Inaugural Issue in 2011. Professor Ramona Zachary at Baruch College and Professor Chandra Mishra at Florida Atlantic University introduce a new forum for scholarly discussion on entrepreneurs and their activities, contexts, processes, strategies, and outcomes. Positioned as the premier new research journal within the field of entrepreneurship, ERJ seeks to encourage a scholarly exchange between researchers from any field of study who focus on entrepreneurs, and will include both theoretical and empirical articles, with priority being given to high quality theoretical and empirical papers that have managerial or public policy orientation as well as ramifications for entrepreneurship research overall. Topics: -Research Modeling, Design, and Methods: entrepreneurship theories and conceptualizations, entrepreneurship research methods. -The Individuals-Opportunities-Resources Nexus: nascent entrepreneurs, opportunity recognition, drivers of value creation, and emergence, innovation and technology entrepreneurs, entrepreneurial risk and reward, entrepreneurial cognition and behavior. -Inclusive of Near Environments: family entrepreneurship, networks, teams and alliances, venture capital and angel investor groups, entrepreneurial communities, hubs, clusters and public policy, social entrepreneurship. -Distinct Entrepreneurial Stage or Setting: entrepreneurial growth and strategy, boards, governance and leadership, corporate entrepreneurship, international and emerging market entrepreneurship.