Foreign equity, exporting and firm innovation: an emerging market perspective

Jianghua Zhou, Zixu Liu (), Jizhen Li and Gupeng Zhang
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Jianghua Zhou: Beijing Normal University
Zixu Liu: Tsinghua University
Jizhen Li: Tsinghua University
Gupeng Zhang: University of Chinese Academy of Sciences

The Journal of Technology Transfer, 2021, vol. 46, issue 3, No 3, 606-628

Abstract: Abstract This study aims to understand how different types of global engagement influence firms’ innovation, and also to explore the boundary condition of the global engagement-innovation relationship. We use 3-year panel data from the National High-growth Firms in High-tech Zones Database to test our hypotheses. Our finding shows that foreign equity has an inverted U-shaped effect on firm innovation, while exporting positively affects innovation. Local R&D effort sharpens the effects of foreign equity and positively moderates the effects of exporting on firm innovation; while academic collaboration flattens the effects of foreign equity. Our study provides an integrated framework for analyzing different influence mechanisms of the two types of global engagement. We also construct a contingency model by confirming that firms’ local R&D activities greatly moderate firms’ international innovation process.

Keywords: Foreign equity; Exporting; Local R&D effort; Academic collaboration; Innovation performance (search for similar items in EconPapers)
JEL-codes: F23 O32 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s10961-020-09813-6

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