R&D Investment and Debt Financing of High-Tech Firms in Emerging Economies: The Role of Patents and State Ownership

2022 ◽  
pp. 1-18
Author(s):  
Haixiao Wei ◽  
En Xie ◽  
Jingzhe Gao
Keyword(s):  
Emerging Economies ◽  
State Ownership ◽  
Debt Financing ◽  
High Tech ◽  
D Investment

scholarly journals Corporate Social Responsibility and Operating Performance: The Role of Local Character in Emerging Economies

2020 ◽  
Vol 12 (12) ◽  
pp. 4874 ◽  
Author(s):  
Fang He ◽  
Xin Miao ◽  
Christina W.Y. Wong ◽  
Yanhong Tang
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Emerging Economies ◽  
Operating Performance ◽  
Resource Dependence Theory ◽  
State Ownership ◽  
Local Character ◽  
Corporate Social ◽  
Performance Results

Local character can shape corporate resource accumulation and utilization, especially in emerging economies, and accordingly plays an important role in affecting the performance results of corporate social responsibility (CSR) practices. This paper thus aims to examine how local character affects the performance results of CSR practices. Drawing on the resource dependence theory and resource orchestration view, this study empirically investigates the effects of internal character (in terms of state ownership) and external local character (in terms of eight-dimension infrastructure) on the relationship between CSR and operating performance. Using samples of firms listed in the Chinese CSI 300 (capitalization weighted stock market index) in the years 2012 and 2016 and applying hierarchical multiple regression analysis, this study empirically verifies that CSR has a positive effect on corporate operating performance, and state ownership and infrastructure positively moderate the performance results of CSR efforts. Additionally, the results show that three dimensions (environmental, social, and governance) of CSR practices impact performance differently. Overall, this study unveils the crucial role of the local character on CSR to achieve performance and carries important theoretical and practical implications. Future research should include long panel data to increase statistical power as well as explore the linkage and synergy effect of CSR and governmental social responsibility (GSR).

scholarly journals Linkage Between Inclusive Digital Finance and High-Tech Enterprise Innovation Performance: Role of Debt and Equity Financing

2021 ◽  
Vol 12 ◽  
Author(s):  
Huiyuan Han ◽  
Xiaomin Gu
Keyword(s):  
Resource Dependence ◽  
Resource Dependence Theory ◽  
Debt Financing ◽  
Innovation Performance ◽  
Financial Inclusion ◽  
High Tech ◽  
External Financing ◽  
Equity Financing ◽  
Peking University

This study investigates the relationship between digital financial inclusion, external financing, and the innovation performance of high-tech enterprises in China. The choice of corporate financing methods is an important part of organizational behavioral psychology, and different financing models will have a certain effect on organizational performance, especially in the digital economy environment. Therefore, based on resource dependence theory and financing constraint theory, the present study utilizes the panel data collected from the China Stock Market & Accounting Research (CSMAR) database from 2011 to 2020 of 112 companies in the Yangtze River Delta region and the “The Peking University Digital Financial Inclusion Index of China (PKU-DFIIC)” released by the Peking University Digital Finance Research Center and Ant Financial Group. The results show that the Digital Financial Inclusion Index (DFIIC) has a significant positive correlation with the innovation performance of high-tech enterprises. The higher the level of debt financing, the stronger the role of digital financial inclusion in promoting innovation performance. Investigating the DFIIC in terms of coverage breadth and usage depth, we find that usage depth does not significantly encourage innovation performance. The effect of the interaction between coverage breadth and external financing is consistent with the results for the DFIIC. The study suggests that equity financing promotes the usage depth of the DFIIC in state-owned enterprises. In contrast, debt financing promotes the coverage breadth of non-state-owned enterprises. Finally, we propose relevant policy recommendations based on the research results. It includes in-depth popularization of inclusive finance in the daily operations of enterprises at the technical level, refinement of external financing policy incentives for enterprises based on the characteristics of ownership, and strengthening the research of technologies such as big data, artificial intelligence (AI), and cloud computing. The paper presents a range of theoretical and practical implications for practitioners and academics relevant to high-tech enterprises.

Size and value effects in high-tech industries: The role of R&D investment

2020 ◽  
Vol 51 ◽  
pp. 100853 ◽  
Author(s):  
Lin Yu ◽  
Xiaoquan Liu ◽  
Hung-Gay Fung ◽  
Wai Kin Leung
Keyword(s):  
High Tech ◽  
D Investment

Exploration Versus Exploitation in Emerging Economies: The Role of State Ownership

2020 ◽  
Vol 2020 (1) ◽  
pp. 18629
Author(s):  
Yudi Hou ◽  
Yuchen Zhang ◽  
Shenghui Wang ◽  
Xue Wan ◽  
Kaicheng Liao
Keyword(s):  
Emerging Economies ◽  
State Ownership ◽  
Exploration Versus Exploitation

The Indices of Creative Cities: the Global and Local Aspects

2015 ◽  
Vol 4 (1) ◽  
pp. 95 ◽  
Author(s):  
Tomas Kačerauskas
Keyword(s):  
High Tech ◽  
Melting Pot ◽  
Creative Cities ◽  
Global And Local

The paper deals with the indices of creative cities. Author analyses the different creativity indices suggested by both the followers and the critics of R. Florida. The author criticizes the Florida’s indices such as Bohemian, Melting pot, Gay, High tech, Innovation, Talent indices, as well as Minor integrative (diversity) and Major integrative indices. The indices of other authors presuppose the questions about the role of the region in defining certain creativity indices. The author makes conclusion that the uniform formula of creativity indices is impossible for two reasons. First, the creativity indices depend on the region of a city. Second, the very strategy to have the uniform creativity indices makes the cities similar to each other and no more unique, consequently, no more creative; as result, this strategy is anti-creative.

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