Market-oriented institutional change and R&D investments: Do business groups enhance advantage?

被引：41

作者：

Choi, Young Rok ^{[1
]}

Yoshikawa, Toru ^{[2
]}

Zahra, Shaker A. ^{[3
]}

Han, Bong H. ^{[4
]}

机构：

[1] Natl Univ Singapore, Fac Engn, Div Engn & Technol Management, Singapore 117576, Singapore

[2] Singapore Management Univ, Lee Kong Chian Sch Business, Singapore 178899, Singapore

[3] Univ Minnesota, Carlson Sch Management, Minneapolis, MN 55455 USA

[4] Ajou Univ, Coll Business Adm, Suwon 443749, South Korea

来源：

JOURNAL OF WORLD BUSINESS | 2014年 / 49卷 / 04期

关键词：

Institutional change; Research and development; Business groups; Financing constraints; Governance reforms; INTERNAL CAPITAL-MARKETS; CORPORATE GOVERNANCE; EMERGING ECONOMIES; DIVERSIFICATION DISCOUNT; FINANCIAL CONSTRAINTS; AGENCY COSTS; CASH FLOW; FIRM; PERFORMANCE; INNOVATION;

D O I：

10.1016/j.jwb.2013.10.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Emerging market firms (EMFs) are increasingly relying on innovation to find their competitive advantage, but our understanding of how institutional change affects firm innovation has been limited. We analyzed Korean manufacturing firms from 1994 to 2006 to test the proposition that market-oriented institutional change in an emerging economy alleviates firms' financing constraints and monitoring problems and improves the effectiveness of their innovation activities. Institutional evolution in the economy was found to affect Korean business groups and independent firms differently. Institutional change reduced the financing constraints on independent firms more than for business group affiliates in R&D investment. Independent firms, however, appeared less capable than group affiliates of translating the benefits of improved institutional environments into efficient R&D investment. This asymmetry may lead to a wider gap in the efficiency of R&D investment between business group affiliates and independent firms. (C) 2013 Elsevier Inc.. All rights reserved.

引用

页码：466 / 475

页数：10

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