Innovation, external technological environment and the total factor productivity of enterprises

Zumian Xiao, Hongfeng Peng and Zheyao Pan

Accounting and Finance, 2022, vol. 62, issue 1, 3-29

Abstract: In this paper, we study the impact of endogenous innovation and the external technological environment on total factor productivity. We first develop an endogenous growth model and derive a testable empirical model. We then estimate the empirical model based on the World Bank’s worldwide enterprise survey data for 119 countries spanning 2007–2017. Our results suggest that: (i) enterprises’ R&D activity increases their total factor productivity; (ii) a higher level of external technology weakens the impact of the R&D activity on total factor productivity; and (iii) enterprises located in low‐ and middle‐income countries often lack continuous innovation.

Date: 2022
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https://doi.org/10.1111/acfi.12779

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