Booming house prices: friend or foe of innovative firms?

Zhen Chu, Xuanwei Chen (), Mingwang Cheng, Xin Zhao and Zhouxiang Wang
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Zhen Chu: Shanghai Normal University
Xuanwei Chen: Tongji University
Mingwang Cheng: Tongji University
Xin Zhao: Anhui University of Finance and Economics
Zhouxiang Wang: Anhui University

The Journal of Technology Transfer, 2024, vol. 49, issue 2, No 9, 642-659

Abstract: Abstract Using threshold and quantile regression methods, this paper explores the nonlinear relationship between housing prices and corporate innovation. In our sample, we find that a single threshold exists when the growth rate of housing prices is at 2.82%, above which the negative impact of housing prices on corporate innovation significantly increases. Results from the quantile regression further suggest that corporate innovation suffers from a stronger negative effect of surging housing prices when firms are at a lower level of innovation. Therefore, policymakers designing innovation policy should consider that housing price beyond certain levels is a nonnegligible obstacle to corporate innovative activity, especially for firms with insufficient enthusiasm for innovation.

Keywords: Housing prices; Corporate innovation; Threshold regression; Quantile regression (search for similar items in EconPapers)
JEL-codes: O31 O33 O38 R30 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10961-023-10005-1

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