Pub Date : 2024-11-05DOI: 10.1016/j.asieco.2024.101837
Ruoyu He , Ruxue Dong , Ruiqi Zhu , Z.Y. Shen , Tomas Baležentis , Lixin Cui
While economic growth in a country can be spurred by the expansion of the transportation sector, traffic accidents resulting from an increase in vehicle numbers negatively impact social wellbeing. To integrate both the beneftis and costs in evaluating the transportation sector, this study incorporates traffic accidents as a risk factor (undesirable output) in analyzing the performance of road transportation across Chinese provinces. We propose a shadow price model to estimate the revenue generated and the losses incurred from the addition of each vehicle. The potential improvements in desirable outputs (freight and passenger traffic) and the possible reduction in risks (traffic accident losses) are assessed using a nonparametric approach. Our findings indicate that the overall performance of the Chinese transportation sector improved between 2001 and 2018. During this period, the shadow revenue of vehicles increased, while the shadow loss from traffic accidents showed a declining trend, attributed to enhanced transportation infrastructure and effective government regulations. However, we observe regional disparities in performance and offer targeted policy recommendations.
{"title":"Transport development performance with hazard-inducing variables: A frontier-based shadow pricing approach","authors":"Ruoyu He , Ruxue Dong , Ruiqi Zhu , Z.Y. Shen , Tomas Baležentis , Lixin Cui","doi":"10.1016/j.asieco.2024.101837","DOIUrl":"10.1016/j.asieco.2024.101837","url":null,"abstract":"<div><div>While economic growth in a country can be spurred by the expansion of the transportation sector, traffic accidents resulting from an increase in vehicle numbers negatively impact social wellbeing. To integrate both the beneftis and costs in evaluating the transportation sector, this study incorporates traffic accidents as a risk factor (undesirable output) in analyzing the performance of road transportation across Chinese provinces. We propose a shadow price model to estimate the revenue generated and the losses incurred from the addition of each vehicle. The potential improvements in desirable outputs (freight and passenger traffic) and the possible reduction in risks (traffic accident losses) are assessed using a nonparametric approach. Our findings indicate that the overall performance of the Chinese transportation sector improved between 2001 and 2018. During this period, the shadow revenue of vehicles increased, while the shadow loss from traffic accidents showed a declining trend, attributed to enhanced transportation infrastructure and effective government regulations. However, we observe regional disparities in performance and offer targeted policy recommendations.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"95 ","pages":"Article 101837"},"PeriodicalIF":2.9,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142656404","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-29DOI: 10.1016/j.asieco.2024.101835
Li Wang , Siyan Chen , Yanan Wang , Yuhan Wu
Considering the goal of green development, this study examines the role of Confucian culture in low-carbon corporate transformation. This study shows that Confucian culture can effectively promote the low-carbon transformation of companies. The greater the influence of Confucianism on a company, the higher its level of low-carbon transformation is. Confucian culture takes effect in three ways: by improving corporate environmental awareness, by promoting social responsibility, and by strengthening corporate governance. Heterogeneity research shows that state-owned and low-capital-intensity companies, low-competition and high-attention industries, non-low-carbon pilot programs, and low-marketization areas all increase the extent of influence. The findings shed light on the influence of Confucians on low-carbon transformation at the firm level and enrich the ideas surrounding Confucian culture and corporate development.
{"title":"From ancient philosophy to modern governance: Confucian culture shaping low-carbon corporate transformation in China’s listed companies","authors":"Li Wang , Siyan Chen , Yanan Wang , Yuhan Wu","doi":"10.1016/j.asieco.2024.101835","DOIUrl":"10.1016/j.asieco.2024.101835","url":null,"abstract":"<div><div>Considering the goal of green development, this study examines the role of Confucian culture in low-carbon corporate transformation. This study shows that Confucian culture can effectively promote the low-carbon transformation of companies. The greater the influence of Confucianism on a company, the higher its level of low-carbon transformation is. Confucian culture takes effect in three ways: by improving corporate environmental awareness, by promoting social responsibility, and by strengthening corporate governance. Heterogeneity research shows that state-owned and low-capital-intensity companies, low-competition and high-attention industries, non-low-carbon pilot programs, and low-marketization areas all increase the extent of influence. The findings shed light on the influence of Confucians on low-carbon transformation at the firm level and enrich the ideas surrounding Confucian culture and corporate development.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"95 ","pages":"Article 101835"},"PeriodicalIF":2.9,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142656405","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-28DOI: 10.1016/j.asieco.2024.101836
Caiquan Bai , Yan Zhang , Chao Wang , Qihang Xue , Chen Feng
Continuously raising farmers’ income is important for poverty reduction. In a multilevel government system, institutional arrangements can influence the role of grassroots governments in economic and social development. Based on the rural statistical data of 743 townships in Province A in central China from 2001 to 2012, we use the difference-in-differences (DID) approach to investigate the effect of the reform of flattening governmental hierarchy at the township level on increasing farmers’ income. We find that the reform of grassroots flattening hierarchies significantly promotes the growth of farmers’ income. Specifically, in the face of economic-assessment pressure from the higher-level government and the incentives of fiscal excess revenue in the reform, the township government will make full use of the greater administrative power and resources endowed by the reform to vigorously attract investment to increase the number of enterprises and provide farmers with more non-agricultural employment opportunities, thus raising their wage income. Moreover, this reform’s income-increasing effect is more obvious in townships that are closer to the county seat and have more convenient transportation, a higher level of human capital, and a stronger ability to exercise administrative power.
不断提高农民收入对减贫十分重要。在多层次政府体系中，制度安排会影响基层政府在经济社会发展中的作用。基于 2001-2012 年中国中部 A 省 743 个乡镇的农村统计数据，我们采用差分法（DID）研究了乡镇一级政府层级扁平化改革对农民增收的影响。我们发现，基层扁平化改革显著促进了农民收入的增长。具体而言，面对上级政府的经济考核压力和改革中财政超收的激励，乡镇政府会充分利用改革赋予的更大行政权力和资源，大力招商引资增加企业数量，为农民提供更多的非农就业机会，从而提高农民的工资性收入。而且，在距离县城较近、交通便利、人力资本水平较高、行政权力行使能力较强的乡镇，这项改革的增收效果更为明显。
{"title":"Flattening of government hierarchies and growth of farmers’ income","authors":"Caiquan Bai , Yan Zhang , Chao Wang , Qihang Xue , Chen Feng","doi":"10.1016/j.asieco.2024.101836","DOIUrl":"10.1016/j.asieco.2024.101836","url":null,"abstract":"<div><div>Continuously raising farmers’ income is important for poverty reduction. In a multilevel government system, institutional arrangements can influence the role of grassroots governments in economic and social development. Based on the rural statistical data of 743 townships in Province A in central China from 2001 to 2012, we use the difference-in-differences (DID) approach to investigate the effect of the reform of flattening governmental hierarchy at the township level on increasing farmers’ income. We find that the reform of grassroots flattening hierarchies significantly promotes the growth of farmers’ income. Specifically, in the face of economic-assessment pressure from the higher-level government and the incentives of fiscal excess revenue in the reform, the township government will make full use of the greater administrative power and resources endowed by the reform to vigorously attract investment to increase the number of enterprises and provide farmers with more non-agricultural employment opportunities, thus raising their wage income. Moreover, this reform’s income-increasing effect is more obvious in townships that are closer to the county seat and have more convenient transportation, a higher level of human capital, and a stronger ability to exercise administrative power.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"95 ","pages":"Article 101836"},"PeriodicalIF":2.9,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142578165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-24DOI: 10.1016/j.asieco.2024.101834
Ruigang Bi , Zonglai Kou , Min Zhou
Venture capital (VC) plays a vital role in supporting startups. However, in many developing economies, venture capitalists' tendency to prioritize later-stage over early-stage investments constrains their capacity to fund startups. China's recent Science and Technology Innovation Board (STAR) market establishment, with its focus on innovation ability over profitability, enables high-tech startups to list at early stages. This improves exit prospects for VCs investing to the early-stage startups. Employing a regression discontinuity design, our empirical analysis demonstrates that the STAR market establishment attracts additional capital to the VC market and guides VCs toward earlier-stage startups. Mechanism analysis indicates these effects stem from improved VC exit returns rather than heightened exit activities. Our findings underscore the efficacy of specialized stock markets for startups in channeling venture capital towards small and early-stage enterprises. These findings provide valuable insights for developing countries seeking to leverage VC for startup growth.
{"title":"How to guide venture capital to startups? Evidence from China's Science and Technology Innovation Board","authors":"Ruigang Bi , Zonglai Kou , Min Zhou","doi":"10.1016/j.asieco.2024.101834","DOIUrl":"10.1016/j.asieco.2024.101834","url":null,"abstract":"<div><div>Venture capital (VC) plays a vital role in supporting startups. However, in many developing economies, venture capitalists' tendency to prioritize later-stage over early-stage investments constrains their capacity to fund startups. China's recent Science and Technology Innovation Board (STAR) market establishment, with its focus on innovation ability over profitability, enables high-tech startups to list at early stages. This improves exit prospects for VCs investing to the early-stage startups. Employing a regression discontinuity design, our empirical analysis demonstrates that the STAR market establishment attracts additional capital to the VC market and guides VCs toward earlier-stage startups. Mechanism analysis indicates these effects stem from improved VC exit returns rather than heightened exit activities. Our findings underscore the efficacy of specialized stock markets for startups in channeling venture capital towards small and early-stage enterprises. These findings provide valuable insights for developing countries seeking to leverage VC for startup growth.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"95 ","pages":"Article 101834"},"PeriodicalIF":2.9,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142573304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-18DOI: 10.1016/j.asieco.2024.101833
Ping Li , Yujing Wang , Meng Li , Haoyu Gao
This paper investigates the impact opening of high-speed railways (HSR) on scientific research competitiveness using data from the National Natural Science Foundation of China (NSFC) research grants. We employ a difference-in-differences framework to estimate the causal effects of the treatment universities located in cities connected by HSR. Our results indicate that the treatment universities experience significant improvements in their scientific research competitiveness. To understand the underlying mechanisms, we reveal the extensive positive effects of HSR on human capital accumulation, government funding, and information resources. These findings shed light on the microscopic mechanisms that facilitate positive spillover of knowledge creation and innovation resources from large cities to small cities through transportation infrastructure.
{"title":"The power of speed: High-speed railways and scientific research competitiveness in China","authors":"Ping Li , Yujing Wang , Meng Li , Haoyu Gao","doi":"10.1016/j.asieco.2024.101833","DOIUrl":"10.1016/j.asieco.2024.101833","url":null,"abstract":"<div><div>This paper investigates the impact opening of high-speed railways (HSR) on scientific research competitiveness using data from the National Natural Science Foundation of China (NSFC) research grants. We employ a difference-in-differences framework to estimate the causal effects of the treatment universities located in cities connected by HSR. Our results indicate that the treatment universities experience significant improvements in their scientific research competitiveness. To understand the underlying mechanisms, we reveal the extensive positive effects of HSR on human capital accumulation, government funding, and information resources. These findings shed light on the microscopic mechanisms that facilitate positive spillover of knowledge creation and innovation resources from large cities to small cities through transportation infrastructure.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"95 ","pages":"Article 101833"},"PeriodicalIF":2.9,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142561218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-17DOI: 10.1016/j.asieco.2024.101831
Kwangyong Park
Although we have recently seen fiscal stress rising in many countries due to an increase in government spending and a rapidly aging population, there has been little research into fiscal sustainability while explicitly taking into account the fiscal stress caused by population aging. In this paper, we follow the same methodology as seen in Bi (2012) and examine the fiscal space of Korea, which has one of the fastest aging populations. This analysis shows that ignoring population aging leads to an over-estimation of fiscal space as large as 130% of GDP. Both increasing social security spending and supporting the National Pension significantly affect fiscal space. Finally, it is shown that fiscal sustainability and National Pension reform are closely related.
尽管我们最近看到，由于政府支出增加和人口迅速老龄化，许多国家的财政压力都在上升，但在明确考虑人口老龄化造成的财政压力的同时，对财政可持续性的研究却很少。在本文中，我们采用与 Bi（2012）相同的方法，研究了韩国的财政空间，韩国是人口老龄化速度最快的国家之一。分析表明，忽视人口老龄化会导致财政空间被高估，高估幅度高达 GDP 的 130%。增加社会保障支出和支持国民养老金都会对财政空间产生重大影响。最后，分析表明，财政可持续性与国民养老金改革密切相关。
{"title":"An aging population and sustainable government debt: The case of Korea","authors":"Kwangyong Park","doi":"10.1016/j.asieco.2024.101831","DOIUrl":"10.1016/j.asieco.2024.101831","url":null,"abstract":"<div><div>Although we have recently seen fiscal stress rising in many countries due to an increase in government spending and a rapidly aging population, there has been little research into fiscal sustainability while explicitly taking into account the fiscal stress caused by population aging. In this paper, we follow the same methodology as seen in Bi (2012) and examine the fiscal space of Korea, which has one of the fastest aging populations. This analysis shows that ignoring population aging leads to an over-estimation of fiscal space as large as 130% of GDP. Both increasing social security spending and supporting the National Pension significantly affect fiscal space. Finally, it is shown that fiscal sustainability and National Pension reform are closely related.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"95 ","pages":"Article 101831"},"PeriodicalIF":2.9,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-16DOI: 10.1016/j.asieco.2024.101832
Qianbin Feng , Ying Ge , Lexin Zhao
Corporate digital transformation is a significant path for industrial upgrading and sustainable development. This study employs China’s accelerated depreciation (AD) policy as a quasi-natural experiment to explore the impacts of tax incentives on the digital transformation of enterprises. Using panel data of China’s listed companies from 2010 to 2019, we find that AD policy significantly promotes firms to engage in digitization practices through the channels of firm investment and firm innovation. We also find that the policy effects are more pronounced for firms with a higher level of digitization, firms with stronger financial constraints, non-state-owned enterprises, and firms located in East China. Moreover, we also present a positive relationship betweendigital transformation and firm performance. Our study supplements the literature on the determinants of digital transformation and provides insights into how tax policy shapes firms’ incentives to be more digitized.
{"title":"Tax incentives and corporate digital transformation: Evidence from China’s accelerated depreciation policy","authors":"Qianbin Feng , Ying Ge , Lexin Zhao","doi":"10.1016/j.asieco.2024.101832","DOIUrl":"10.1016/j.asieco.2024.101832","url":null,"abstract":"<div><div>Corporate digital transformation is a significant path for industrial upgrading and sustainable development. This study employs China’s accelerated depreciation (AD) policy as a quasi-natural experiment to explore the impacts of tax incentives on the digital transformation of enterprises. Using panel data of China’s listed companies from 2010 to 2019, we find that AD policy significantly promotes firms to engage in digitization practices through the channels of firm investment and firm innovation. We also find that the policy effects are more pronounced for firms with a higher level of digitization, firms with stronger financial constraints, non-state-owned enterprises, and firms located in East China. Moreover, we also present a positive relationship betweendigital transformation and firm performance. Our study supplements the literature on the determinants of digital transformation and provides insights into how tax policy shapes firms’ incentives to be more digitized.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"95 ","pages":"Article 101832"},"PeriodicalIF":2.9,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-11DOI: 10.1016/j.asieco.2024.101825
Yongmin Luo, Shenqi Ding, Fuzheng Xiang, Lujun Wang
With the rapid industrialization and the growing demand for male labor in urban industries, agricultural production in many developing countries presents obvious feminization features. Accordingly, improving the education level of rural women is the key to increasing farmland return and reducing farmland abandonment. Using data from the China Labor-force Dynamics Survey (CLDS), this study examines the effect of rural women’s education on farmland abandonment. The results reveal that for each increase in the education level of a hostess in a rural household, the abandoned farmland of that household decreases by 40 m2. The increase in women’s education level can promote the use of the Internet, help households access credit, and better control the costs of agricultural production, thus curbing farmland abandonment. In addition, women’s education can play a stronger role in reducing farmland abandonment for rural areas where the land rental market is well developed, as well as for families whose male hosts go out to join non-farm work.
{"title":"Reducing farmland abandonment by raising women’s education levels: Evidence from China","authors":"Yongmin Luo, Shenqi Ding, Fuzheng Xiang, Lujun Wang","doi":"10.1016/j.asieco.2024.101825","DOIUrl":"10.1016/j.asieco.2024.101825","url":null,"abstract":"<div><div>With the rapid industrialization and the growing demand for male labor in urban industries, agricultural production in many developing countries presents obvious feminization features. Accordingly, improving the education level of rural women is the key to increasing farmland return and reducing farmland abandonment. Using data from the China Labor-force Dynamics Survey (CLDS), this study examines the effect of rural women’s education on farmland abandonment. The results reveal that for each increase in the education level of a hostess in a rural household, the abandoned farmland of that household decreases by 40 m<sup>2</sup>. The increase in women’s education level can promote the use of the Internet, help households access credit, and better control the costs of agricultural production, thus curbing farmland abandonment. In addition, women’s education can play a stronger role in reducing farmland abandonment for rural areas where the land rental market is well developed, as well as for families whose male hosts go out to join non-farm work.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"95 ","pages":"Article 101825"},"PeriodicalIF":2.9,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142444967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-11DOI: 10.1016/j.asieco.2024.101829
Kyunam Kim , Hyuk Chung
We investigate the effects of adopting digital technology on export performance of Korean manufacturing firms amidst the digital transformation. We recognize firm-level capabilities should be closely associated with adoption of rapidly progressing digital technology but also with export performance. And our data indicates that the most common purpose of digital technology adoption is to launch new products to the market. Hence, we consider that technology adoption is a strategic and purposeful decision to gain competitive edge mostly by producing new product, and treating technology adoption exogenous can be misleading. Due to the endogeneity and selection issues in technology adoption, the endogenous switching regression is applied to this study as Coad et al. (2020). On technology adoption decision, we find external innovative resources from strategic alliance in addition to internal innovative capabilities stand out. Given technology adoption decision, internal capabilities like patent rights and international affiliation are complementary factors to export growth. The treatment effect analysis has implications as follows: the result on contribution of technology adoption to export growth for actually adopting firms is rather small, and shows heterogenous innovation, organizational, and external capabilities are still critical factors as much as new products embedding high-end digital technology; the result on non-adopting firms indicates potential of advanced digital technology to improve export performance by helping to produce such new products if they were actually capable to do it. In sum, our findings provide another evidence that structurally positive interaction between innovative activities and export performance as Aw et al. (2011), since adoption of digital technology to products itself is innovative in the digital transformation. Furthermore, the result is consistent with the capability theory in that heterogenous innovative and complementary capabilities determine strategic technology adoption and export performance simultaneously. Finally, our findings indicate that the digital transformation might be still at the early stage. The fact that Korean firms have adopted advanced digital technology mainly for new products can be interpreted as an indicator of early development stage of transformation, since firms concentrate on product innovation than process innovation to gain competitive edge at the early stage (Utterback and Abernathy, 1975). Thus, we expect that further evolution of digital transformation can facilitate process innovation, then contribute to firm performance by improving cost efficiency that should be tackled in the upcoming study.
我们研究了韩国制造业企业在数字化转型中采用数字技术对出口绩效的影响。我们认为，企业层面的能力不仅与采用快速发展的数字技术密切相关，也与出口绩效密切相关。我们的数据表明，采用数字技术最常见的目的是向市场推出新产品。因此，我们认为采用技术是一种战略性的、有目的的决策，主要是通过生产新产品来获得竞争优势，而将采用技术视为外生因素可能会产生误导。由于技术采用中的内生性和选择问题，本研究采用了 Coad 等人（2020 年）的内生转换回归。在技术采用决策方面，我们发现除了内部创新能力外，来自战略联盟的外部创新资源也非常突出。在技术采用决策方面，专利权和国际关联等内部能力是出口增长的补充因素。处理效应分析具有以下意义：对于实际采用技术的企业，技术采用对出口增长的贡献结果相当小，这表明异质创新、组织和外部能力与嵌入高端数字技术的新产品一样，仍然是关键因素；对于未采用技术的企业，结果表明，如果它们确实有能力生产此类新产品，先进的数字技术有可能帮助它们提高出口绩效。总之，我们的研究结果提供了另一个证据，证明创新活动与出口绩效之间存在结构性的正向互动，正如 Aw 等人（2011 年）所言，因为产品采用数字技术本身就是数字化转型中的创新。此外，这一结果也符合能力理论，即异质创新能力和互补能力同时决定了战略技术的采用和出口绩效。最后，我们的研究结果表明，数字化转型可能仍处于早期阶段。韩国企业主要在新产品上采用先进的数字技术，这可以解释为转型处于早期发展阶段的一个指标，因为在早期阶段，企业集中于产品创新，而不是流程创新，以获得竞争优势（Utterback 和 Abernathy，1975 年）。因此，我们期待数字化转型的进一步发展能促进流程创新，进而通过提高成本效率来提升企业绩效，这也是下一步研究要解决的问题。
{"title":"Impact of heterogenous capabilities on export performance amid the digital transformation","authors":"Kyunam Kim , Hyuk Chung","doi":"10.1016/j.asieco.2024.101829","DOIUrl":"10.1016/j.asieco.2024.101829","url":null,"abstract":"<div><div>We investigate the effects of adopting digital technology on export performance of Korean manufacturing firms amidst the digital transformation. We recognize firm-level capabilities should be closely associated with adoption of rapidly progressing digital technology but also with export performance. And our data indicates that the most common purpose of digital technology adoption is to launch new products to the market. Hence, we consider that technology adoption is a strategic and purposeful decision to gain competitive edge mostly by producing new product, and treating technology adoption exogenous can be misleading. Due to the endogeneity and selection issues in technology adoption, the endogenous switching regression is applied to this study as Coad et al. (2020). On technology adoption decision, we find external innovative resources from strategic alliance in addition to internal innovative capabilities stand out. Given technology adoption decision, internal capabilities like patent rights and international affiliation are complementary factors to export growth. The treatment effect analysis has implications as follows: the result on contribution of technology adoption to export growth for actually adopting firms is rather small, and shows heterogenous innovation, organizational, and external capabilities are still critical factors as much as new products embedding high-end digital technology; the result on non-adopting firms indicates potential of advanced digital technology to improve export performance by helping to produce such new products if they were actually capable to do it. In sum, our findings provide another evidence that structurally positive interaction between innovative activities and export performance as Aw et al. (2011), since adoption of digital technology to products itself is innovative in the digital transformation. Furthermore, the result is consistent with the capability theory in that heterogenous innovative and complementary capabilities determine strategic technology adoption and export performance simultaneously. Finally, our findings indicate that the digital transformation might be still at the early stage. The fact that Korean firms have adopted advanced digital technology mainly for new products can be interpreted as an indicator of early development stage of transformation, since firms concentrate on product innovation than process innovation to gain competitive edge at the early stage (Utterback and Abernathy, 1975). Thus, we expect that further evolution of digital transformation can facilitate process innovation, then contribute to firm performance by improving cost efficiency that should be tackled in the upcoming study.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"95 ","pages":"Article 101829"},"PeriodicalIF":2.9,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142433224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-11DOI: 10.1016/j.asieco.2024.101824
Chunxiao Si , Changyuan Luo
Foreign divestment in China is garnering increasing social attention. This study investigates the productivity spillover effects of foreign divestment based on Chinese industrial enterprise data from 2000 to 2007. Our findings indicate that foreign divestment negatively impacts the total factor productivity (TFP) of incumbent enterprises, especially through backward linkages. We examine potential mechanisms based on the characteristics of divested and incumbent enterprises. The closure of foreign-invested enterprise disrupts industrial connections, whereas the sale of foreign equity to domestic shareholders strengthens local industrial linkages, thus presenting an opposite effect. Hong Kong, Macau, and Taiwan (HMT)-invested enterprises tend to local sourcing, leading to divestment effects through backward linkages. Conversely, non-HMT enterprises, with a higher capability to provide differentiated intermediate goods, primarily exhibit forward linkage effects. Further analysis reveals that incumbent enterprises with lower technological capabilities are more dependent on their foreign suppliers and customers. Domestic non-state-owned enterprises and those in regions with lower economic development or marketization levels also have less stable input-output relationships. As a result, these enterprises are more susceptible to the vertical spillover effects of foreign divestment.
{"title":"The productivity spillover effect of foreign divestment: Evidence from Chinese industrial enterprises","authors":"Chunxiao Si , Changyuan Luo","doi":"10.1016/j.asieco.2024.101824","DOIUrl":"10.1016/j.asieco.2024.101824","url":null,"abstract":"<div><div>Foreign divestment in China is garnering increasing social attention. This study investigates the productivity spillover effects of foreign divestment based on Chinese industrial enterprise data from 2000 to 2007. Our findings indicate that foreign divestment negatively impacts the total factor productivity (TFP) of incumbent enterprises, especially through backward linkages. We examine potential mechanisms based on the characteristics of divested and incumbent enterprises. The closure of foreign-invested enterprise disrupts industrial connections, whereas the sale of foreign equity to domestic shareholders strengthens local industrial linkages, thus presenting an opposite effect. Hong Kong, Macau, and Taiwan (HMT)-invested enterprises tend to local sourcing, leading to divestment effects through backward linkages. Conversely, non-HMT enterprises, with a higher capability to provide differentiated intermediate goods, primarily exhibit forward linkage effects. Further analysis reveals that incumbent enterprises with lower technological capabilities are more dependent on their foreign suppliers and customers. Domestic non-state-owned enterprises and those in regions with lower economic development or marketization levels also have less stable input-output relationships. As a result, these enterprises are more susceptible to the vertical spillover effects of foreign divestment.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"95 ","pages":"Article 101824"},"PeriodicalIF":2.9,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142444965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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