Economics of Innovation and New Technology最新文献

{"title":"Innovation, asymmetric information and the capital structure of new firms","authors":"Jonathan Taglialatela, Andrea Mina","doi":"10.1080/10438599.2023.2265821","DOIUrl":"https://doi.org/10.1080/10438599.2023.2265821","url":null,"abstract":"ABSTRACTStart-ups are essential contributors to economic development, but they often face several barriers to growth, including access to finance. We study their capital structure in their early years of operation through the lens of Pecking Order Theory, exploring how the pursuit of innovation influences firms’ reliance on different types of finance. Panel analyses of 8273 German start-ups show that innovation activities are relevant predict start-ups’ revealed preferences for finance. Effects on the type and order of financing sources depend on the degree of information asymmetries specific to research and development activities, human capital endowments, and the market introduction of new products and processes. New firms focused on research and development activities and with better human capital are less likely to receive informationally complex finance such as debt and will rely relatively more on owner and equity finance. Mixed evidence is found, instead, on the role of new products or processes. Our results suggest that the traditional pecking order theory does not hold for new firms, implying that owner and external equity play a much more prominent role for such firms. Then, managers and entrepreneurs should consider specific sources of finance and financial instruments in light of their innovative activities.KEYWORDS: Innovationinformation asymmetriesstart-uppecking orderentrepreneurial financeJEL CODES: G32O16O30 Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 For a broader discussion on the relationship between Schumpeterian innovation and firm financial constraints see Hajivassiliou and Savignac (Citation2008), Hottenrott and Peters (Citation2012) and Lahr and Mina (Citation2021).2 Following this perspective, several contributions have explored the effect of innovation on investment selection behaviours in venture capital markets (Audretsch, Bönte, and Mahagaonkar Citation2012; Baum and Silverman Citation2004; Conti, Thursby, and Thursby Citation2013; Conti, Thursby, and Rothaermel Citation2013; Häussler, Harhoff, and Müller Citation2012; Hsu and Ziedonis Citation2013; Mann and Sager Citation2007; Lahr and Mina Citation2016).3 Before 2014 this database was known as KfW/ZEW Start-up Panel.4 The first two years of data (i.e., 2005-2006) only contain information about the firm’s cost, investments and revenues and exclude information on innovation. Therefore, they cannot serve the purpose of this study.5 We stress that our data indicate the types of financing obtained by firms, but contain no information on whether firms have applied for other types of finance and were rejected. In other words, without observation of finance-seeking behaviours, we can only observe the “revealed preferences” of firms.6 The results of simple Logit models are available upon request. All the statistical tests confirmed the better fit of all panel specifications.","PeriodicalId":51485,"journal":{"name":"Economics of Innovation and New Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136354169","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}

{"title":"Impact of technological change on growth trajectory of India: a multivariate-BVAR analysis","authors":"Debasis Rooj, Rituparna Kaushik","doi":"10.1080/10438599.2023.2267994","DOIUrl":"https://doi.org/10.1080/10438599.2023.2267994","url":null,"abstract":"ABSTRACTThis paper examines the impact of technological change on Indian economic growth using the Bayesian Vector Auto-Regressive (BVAR) methodology. We use a comprehensive annual time series dataset covering the period of 1980 to 2019 on real economic activity, gross fixed capital formation, and employment. Technological innovation is measured by the number of patents filed by resident Indians. Technological innovation positively impacts both economic growth and gross fixed capital formation. Our findings indicate that increasing the number of patents leads to higher investment, which drives India's economic growth. However, our results also point towards the possible negative influence of technological innovation on the aggregate employment scenario in India. Our main findings are robust to alternative identification strategies and variable transformation. The asymmetric analysis also corroborates the positive influence of patents on driving investment and economic growth in India.KEYWORDS: Economic growthtechnological changepatentsBayesian VARJEL CLASSIFICATION: E44E31 AcknowledgmentWe thank the Managing Editor, Prof. Cristiano Antonelli, for providing invaluable suggestions in helping us improve the manuscript. We also thank three anonymous reviewers of our manuscript for their detailed comments and suggestions. We also thank Dr. Reshmi Sengupta, Dr. Nilanjan Banik, and Dr. Arnab Chakrabarti for their suggestions and comments in improving certain sections of the paper.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 Antonelli and Scellato provide comprehensive discussions on the idea of \"Innovation.\"2 Although the data is available until 2020, we restrict our sample to 2019 and exclude 2020 to avoid the problem that can arise due to the COVID-19 pandemic.3 Normal-Wishart prior constraints λ2 to the value of 1. We have estimated the baseline model with different set values for the hyperparameters. The finding suggests that IRFs are not qualitatively different due to changes in the values of the hyperparameters. However, for some choices, the confidence intervals become wider or narrower, and these are only indicative of the shape of the posterior distribution and have no statistical significance. Therefore, we can conclude that the findings from these specifications are robust to choices of different hyperparameter values for the priors.4 We have considered slightly lower values of the AR(1) parameter, such as 0.9 and 0.8, but it has a negligible impact on the results.5 The DIC value for our baseline model is -969.84.6 BVAR estimation is conducted by employing the BEAR toolbox in MATLAB developed by Dieppe et al. (Citation2016)7 Sims and Zha (Citation1999) assert that the traditional frequentist error bands may be misleading as they mix parameter location information with model fit information. The authors propose using likelihood-based bands and argue that 68% interval bands provide a more precise es","PeriodicalId":51485,"journal":{"name":"Economics of Innovation and New Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136352432","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}

{"title":"Firm survival and innovation: direct and indirect effects of knowledge for SMEs","authors":"Sergio Destefanis, Ornella Wanda Maietta, Fernanda Mazzotta, Lavinia Parisi","doi":"10.1080/10438599.2023.2263371","DOIUrl":"https://doi.org/10.1080/10438599.2023.2263371","url":null,"abstract":"ABSTRACTThis paper explores the effects of innovation on firm survival by using data from a representative survey of small and medium manufacturing firms in the province of Salerno, Italy. We innovate upon the literature by (a) comparing the impact of different sources of internal and external knowledge (including universities) on the probability of firm survival; (b) assessing the mediating impact of the human capital of workers and entrepreneurs on learning from these knowledge sources. Finally, we measure the impact of different types of innovation on firm survival. Our evidence upholds the link between innovation and firm survival, particularly for product and organisational innovation. Results regarding the impact of different sources of knowledge highlight the roles of employee training, the human capital of entrepreneurs and workers and the productivity of university departments providing relevant knowledge. Other elements of external knowledge, such as proximity to the University of Salerno or being in the city of Salerno, are significant facilitators of survival only if mediated through high levels of the human capital of entrepreneurs and workers.KEYWORDS: Internal and external knowledge; absorptive capacitySMEsuniversity collaborationhuman capitalJEL CLASSIFICATIONS: L20O3D22I2 Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 There is a common presumption that firm survival is ‘good’. However the literature on firm exit emphasises the distinction between voluntary entrepreneurial closure and failure (Bates Citation2005; Coad Citation2014; DeTienne, McKelvie, and Chandler Citation2015; Headd Citation2003; Khelil Citation2016; Wennberg, Delmar, and McKelvie Citation2016).2 Hyytinen, Pajarinen, and Rouvinen (Citation2015) and Fernandes and Paunov (Citation2015) also apply probit models to the study of innovation and survival. Their analyses, however, do not allow for the joint determination of innovation and survival and hence do not yield estimates of the direct and indirect effects of innovation on survival.3 It is worth noting that in 2016, 93% of EU manufacturing firms had fewer than ten employees (Muller et al. Citation2017).4 Note however that Trushin and Ugur (Citation2021) find that firms in hazardous environments can mitigate the detrimental effects of these environments on survival through R&D expenditure.5 Interestingly, Holl, Peters, and Rammer (Citation2023) report a similar spatial range for German manufacturing firms in a related context (the impact of patents on innovation persistence).6 This finding is consistent with the theoretical model of Desmet and Parente (Citation2012), where a large firm size is essential for the introduction of effective cost-saving technologies.7 The survey was conducted by the Centre for Economic and Labour Policy Evaluation at the University of Salerno and funded by the Sichelgaita Foundation in Salerno.8 LMAs, akin to British travel to work areas, are","PeriodicalId":51485,"journal":{"name":"Economics of Innovation and New Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135093685","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}

{"title":"Can the development of digital finance stimulate enterprise innovation? Empirical evidence from China","authors":"Kai Zhao, Haonan Shan, Zeping Chen, Wanshu Wu","doi":"10.1080/10438599.2023.2266376","DOIUrl":"https://doi.org/10.1080/10438599.2023.2266376","url":null,"abstract":"ABSTRACTBased on the data of China A-share listed enterprises, this paper examines the actual effect and mechanism of the development of digital finance on different innovation behaviors of enterprises, by using the panel data model and regression-based mediation analysis. It is found that the development of digital finance not only promotes the R&D investment of enterprises but also improves the quantity and quality of enterprise innovation output. The incentive effect of digital finance on enterprise R&D investment is stronger than that on innovation output, while the incentive effect of digital finance on enterprise breakthrough innovation is stronger than that of incremental innovation. Both the ‘broadening’ and the ‘deepening’ of digital finance have a significant positive effect on enterprise innovation, while the ‘digitalization degree’ of digital finance has no significant effect on enterprise innovation, and even may hinder the improvement of innovation quality. The incentive effect of digital finance on the innovation output of state-owned enterprises is reflected in ‘quantity’, while the incentive effect on innovation of non-state-owned enterprises is reflected in ‘quality’. Digital finance can stimulate enterprise innovation by easing the financing constraints of enterprises, optimizing the government subsidy system, and improving the business environment.KEYWORDS: Digital financeenterprise innovationinnovation qualitybusiness environmentgovernment subsidies Disclosure statementNo potential conflict of interest was reported by the author(s).Additional informationFundingThis work was supported by Shandong Provincial Natural Science Foundation [Grant Number ZR2023MG075]; National Planning Office of Philosophy and Social Sciences of China [Grant Number 20FJYB017].","PeriodicalId":51485,"journal":{"name":"Economics of Innovation and New Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134975509","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}

{"title":"The alienability of innovation: evidence from patent transfers","authors":"Šimon Trlifaj","doi":"10.1080/10438599.2023.2261871","DOIUrl":"https://doi.org/10.1080/10438599.2023.2261871","url":null,"abstract":"ABSTRACTThis paper examines the conceptualization of innovation as a public good using an empirical analysis of patent transfers. It proposes that patents make inventions both excludable and alienable, in contrast to secrecy which only makes them excludable. A survival analysis finds that 10% higher complexity of patent descriptions is associated with 9% higher patent transfer hazard. This suggests that inventors more often patent complex inventions for the alienability motive – as opposed to the excludability motive. Small inventors transfer their patents less likely, but they do so sooner than other inventors. This suggests that patents enable an exchange of inventions that would otherwise be kept secret, but small inventors may not benefit from this function disproportionately more than others. These findings have implications for the conceptualization of innovation.KEYWORDS: Innovationpatentssecrecyalienabilityexcludabilitypublic goods Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 Appropriability defined as the ability to protect the firm's competitive advantage from its inventions in the prior three years (Cohen, Nelson, and Walsh Citation2000, p. 5).2 Arrow (Citation1962) generalizes the observation to information, while this paper focuses on innovation.3 Akcigit, Alp Celik, and Greenwood (Citation2016) model an extreme scenario where patented are not transferable. Although this is sub-optimal for patents, it is the case of some intellectual property rights. Copyright may not be re-sold in some countries (WIPO Citation2016). Regional agricultural indicators, such as those on the Parmigiano Reggiano cheese, may not be licensed or sold to producers outside a specific region (WTO Citation1994).4 Private email communication with the USPTO, available from the author upon request.5 For consistency, micro-entities, introduced in 2013, are treated as small entities (see USPTO Citation2020, for details).","PeriodicalId":51485,"journal":{"name":"Economics of Innovation and New Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199343","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}

{"title":"IPO underpricing and corporate innovation: evidence from China","authors":"Di Wu, Qifeng Zhao","doi":"10.1080/10438599.2023.2258355","DOIUrl":"https://doi.org/10.1080/10438599.2023.2258355","url":null,"abstract":"ABSTRACTThe functions of the stock market such as investment exit mechanism (IPO), interest incentive and capital allocation are beneficial for corporate to engage in innovation activities with higher risk and longer cycle, but IPO underpricing will hinder the realization of such functions. This paper uses the fixed effect model for empirical analysis and finds that the long-term innovation performance of corporate s with IPO underpricing is poor. Mechanism analysis shows that IPO underpricing corporates will have management myopia, lack of R&D enthusiasm that inhibit corporate innovation. Further analysis shows that the improvement of corporate information transparency and institutional investor field research can alleviate this negative impact can alleviate this negative impact. The conclusion of this paper aims to improve efficiency of the capital market, promote the effective pricing of the capital market, and provide certain reference significance for the relevant policies of the capital market to support the high-quality development of the real economy.KEYWORDS: Corporate innovationIPO underpricingmanagement myopiaR&D enthusiasmcorporate information transparencyJEL CLASSIFICATION: G32O31 Disclosure statementNo potential conflict of interest was reported by the author(s).Additional informationFundingQifeng Zhao acknowledges support from the National Natural Science Foundation of China [grant number 72302229]; Di Wu acknowledges support from the Social Science Planning Fund Program, Shandong Province [grant number 22DGLJ13].","PeriodicalId":51485,"journal":{"name":"Economics of Innovation and New Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135014882","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}

{"title":"Unanticipated consequences: concerns about the sale of taxpayer-funded technologies to foreign entities","authors":"Albert N. Link, Christopher A. Swann","doi":"10.1080/10438599.2023.2258065","DOIUrl":"https://doi.org/10.1080/10438599.2023.2258065","url":null,"abstract":"ABSTRACTAn unanticipated consequence from the U.S. Small Business Innovation Research (SBIR) program is the propensity of U.S. firms to sell their SBIR-funded and developed technology rights to foreign entities. While such sales are factually documented in reports from both the U.S. National Academies and from the Department of Defense, the U.S. Congress has only recently shown concern about such activity. Using project-level data, we document the extent of foreign sales of technology rights. We also highlight the role of foreign development funding during the commercialization phase. Our statistical analysis finds a positive association between the probability of selling technology rights to foreign firms or investors and the receipt of foreign development funding. This finding might be a bellwether to the U.S. Congress and to other countries that have adopted programs that mirror the U.S. program.KEYWORDS: SBIR programsale of technology rightsforeign development fundingR&DJEL CODES: H11H32H44 Authorship Contribution StatementBoth authors contributed equally at all stages of this study.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 See https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions.2 This act is one of a number of Congressional responses to the productivity slowdown in the economy that began in the early – to mid-1970 and raised its head again in the early 1980s.3 See also Bastiat (original Citation1848, Citation1995, 1) who wrote: ‘There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen. Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.'4 Unanticipated consequences associated with a legislated subsidy, such as the SBIR program, are not necessarily at odds with the concept of government failure for which the rules set by government are too broad (Dolfsma Citation2011).5 These countries, and the date of the enabling legislation, are: Republic of Turkey (1995), Australia (1996), Brazil (1997), South Korea (1998), Japan (1999), Taiwan (1999), United Kingdom (2001), The Netherlands (2004), and New Zealand (2012). A detailed summary of the programs in each of these countries is forthcoming in a special issue of Annals of Science and Technology Policy.6 For example, Cunningham and Link (Citation2021, 40) wrote that a comparable program in the United Kingdom is the Small Business Research Initiative (SBRI), and it was initiated in 2001 to mirror the U.S. SBIR program. The aut","PeriodicalId":51485,"journal":{"name":"Economics of Innovation and New Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135396759","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}

{"title":"Cross-ownership on R&D and welfare in a mixed oligopoly: revisiting with convex cost","authors":"Hao Cheng, Xiaoyuan Ding, Chenhang Zeng","doi":"10.1080/10438599.2023.2255975","DOIUrl":"https://doi.org/10.1080/10438599.2023.2255975","url":null,"abstract":"This paper revisits how private cross-ownership affects cost-reducing R&D, production quantities, consumer surplus, firms’ profits and social welfare in a mixed oligopoly with a convex cost function. We show that increasing cross-ownership reduces private firms’ R&D but increases the semi-public firm’s R&D. Further, both consumer surplus and social welfare could be enhanced through cross-ownership when the convexity of cost function is small. However, increasing cross-ownership could hurt consumers and social welfare when the convexity of cost function is large. Our finding highlights that the convexity of cost function is very important to the welfare implications of cross-ownership. Hence, antitrust authorities should be more careful when assessing the welfare effects of partial ownership in different industries.","PeriodicalId":51485,"journal":{"name":"Economics of Innovation and New Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135740561","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}

{"title":"The U-shaped relationship between patent age and patent value: evidence from assigned patents in China","authors":"Li-ming Li, Yu-Hang Liu, Ya-feng Zhang","doi":"10.1080/10438599.2023.2255978","DOIUrl":"https://doi.org/10.1080/10438599.2023.2255978","url":null,"abstract":"","PeriodicalId":51485,"journal":{"name":"Economics of Innovation and New Technology","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41857857","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}

{"title":"Complementarity between product and process innovation in small and micro-enterprises in Johannesburg, South Africa","authors":"Godfrey Kamutando, Fiona Tregenna","doi":"10.1080/10438599.2023.2254241","DOIUrl":"https://doi.org/10.1080/10438599.2023.2254241","url":null,"abstract":"","PeriodicalId":51485,"journal":{"name":"Economics of Innovation and New Technology","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48841329","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}