https://scholars.lib.ntu.edu.tw/handle/123456789/414387
標題: | The catalytic effect of internationalization on innovation | 作者: | Chang, Ching Hsing CHING-HUNG CHANG Hsu, Pi Kun Yang, Sheng Yung |
關鍵字: | Competition | Financial flexibility | Innovation | Internationalization | Technological appropriability | 公開日期: | 2019 | 卷: | 25 | 期: | 4 | 起(迄)頁: | 942-977 | 來源出版物: | European Financial Management | 摘要: | © 2018 John Wiley & Sons, Ltd. This paper examines how internationalization spurs corporate innovation. Internationalization heightens the competitive environment of firms, while increasing financial flexibility. The increased competition reduces agency problems and motivates innovation projects which are supported by improved financial flexibility. We obtain robust evidence with the difference-in-differences and instrumental variable approaches. The passage of antitakeover laws and the 1989 Loma Prieta earthquake are treated as exogenous variations to corporate governance; shocks on firm capital supply measured by mutual fund redemptions are also considered. A less positive finding is that internationalization motivates firms to focus on the appropriability of innovation rather than on basic research. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414387 | ISSN: | 13547798 | DOI: | https://api.elsevier.com/content/abstract/scopus_id/85051135423 10.1111/eufm.12190 |
顯示於: | 財務金融學系 |
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