Innovation scholars highlight the economic benefits to firms,while research findings on the relationship between innovation output and economic returns remain mixed.In this study,we develop the profiting from innovati...Innovation scholars highlight the economic benefits to firms,while research findings on the relationship between innovation output and economic returns remain mixed.In this study,we develop the profiting from innovation(PFI)framework and address the crucial role of financial constraints in the relationship between innovation output and financial performance.We argue that the liability of newness differentiates firms’financial performance during the commercialization of innovation,leading to a U-shaped relationship between firms’innovation output and financial performance.We further document the moderating impact of individual financial constraints(IFC)and market-based financial constraints(MFC)on this curvilinear relationship.Empirical tests based on the 142,972 firm-year observations of the multi-source dataset of Chinese manufacturing firms from 1999–2009 support our hypotheses.The additional analysis shows that non-state-owned enterprises and small and medium enterprises benefit more from the synergistic effect of reductions of IFC and MFC than state-owned enterprises and large firms.Our study enriches the literature of the PFI framework by uncovering the mechanism between innovation output and economic returns where financial constraints play an essential role.To the best of our knowledge,we are among the first to investigate the processes and mechanisms between innovation output and financial performance,generating novel insights for business practitioners and policymakers.展开更多
To obtain a sustainable competitive advantage and achieve global innovation leadership,firms in China and other emerging economies must develop strong indigenous innovation capabilities through the coevolution of stra...To obtain a sustainable competitive advantage and achieve global innovation leadership,firms in China and other emerging economies must develop strong indigenous innovation capabilities through the coevolution of strategy,organization,resources,and culture.Drawing on current innovation management theories and practices,this study proposes four systematic paths for improving firm innovation systems(FISs),namely,the R&D-based internal collaborative FIS,the strategic vision-driven FIS,the open and user-driven FIS,and the holistic ecosystemdriven FIS.This study contributes to the systematic approach for enhancing corporate indigenous innovation capability based on FISs.Moreover,this study provides theoretical and practical insights for China as well as other developing countries to cultivate world-class enterprises and build an innovative nation.展开更多
This paper systematically reviews the current typical innovation paradigms worldwide and their shortcomings.Based on eastern wisdom and best innovation practices,this paper introduces a new paradigm of innovation,holi...This paper systematically reviews the current typical innovation paradigms worldwide and their shortcomings.Based on eastern wisdom and best innovation practices,this paper introduces a new paradigm of innovation,holistic innovation(HI).It provides a definition and theoretical framework for HI,discusses its connotations,and summarizes the theoretical contribution and policy implications.HI is total and collaborative innovation driven by strategic vision.This new innovation paradigm is a complex of strategic innovation,collaborative innovation,total innovation,and open innovation,which reflects wisdom from the Chinese context and Eastern culture.The four core elements of holistic innovation,“strategic,”“total,”“open,”and“collaborative,”are inter-related with an organic integration with the helix of HI.HI is an original innovation paradigm that conforms to the needs of firms'technological innovation management in the strategic innovation era and supports the implementation of the Innovation-Driven Development Strategy.It also helps China's enterprises build global innovation leadership and improves national innovation ability.Finally,it optimizes the innovation policy design and action mindset to achieve global peace and sustainable development.展开更多
基金supported by the National Natural Science Foundation of China(Nos.72104027,71772142,U1404703)National Social Science Foundation of China(No.18AGL005)+2 种基金National Postdoctoral Science Foundation of China(No.2021M690388)Social Science Innovation Team of Henan Province(No.2022CXTD03)Key Research Project of Beijing Institute of Technology(No.2021CX13003).
文摘Innovation scholars highlight the economic benefits to firms,while research findings on the relationship between innovation output and economic returns remain mixed.In this study,we develop the profiting from innovation(PFI)framework and address the crucial role of financial constraints in the relationship between innovation output and financial performance.We argue that the liability of newness differentiates firms’financial performance during the commercialization of innovation,leading to a U-shaped relationship between firms’innovation output and financial performance.We further document the moderating impact of individual financial constraints(IFC)and market-based financial constraints(MFC)on this curvilinear relationship.Empirical tests based on the 142,972 firm-year observations of the multi-source dataset of Chinese manufacturing firms from 1999–2009 support our hypotheses.The additional analysis shows that non-state-owned enterprises and small and medium enterprises benefit more from the synergistic effect of reductions of IFC and MFC than state-owned enterprises and large firms.Our study enriches the literature of the PFI framework by uncovering the mechanism between innovation output and economic returns where financial constraints play an essential role.To the best of our knowledge,we are among the first to investigate the processes and mechanisms between innovation output and financial performance,generating novel insights for business practitioners and policymakers.
文摘To obtain a sustainable competitive advantage and achieve global innovation leadership,firms in China and other emerging economies must develop strong indigenous innovation capabilities through the coevolution of strategy,organization,resources,and culture.Drawing on current innovation management theories and practices,this study proposes four systematic paths for improving firm innovation systems(FISs),namely,the R&D-based internal collaborative FIS,the strategic vision-driven FIS,the open and user-driven FIS,and the holistic ecosystemdriven FIS.This study contributes to the systematic approach for enhancing corporate indigenous innovation capability based on FISs.Moreover,this study provides theoretical and practical insights for China as well as other developing countries to cultivate world-class enterprises and build an innovative nation.
基金The research reported was supported by the Ministry of Education(Grant No.13JJD630006)National Philosophy and Social Science Fund Project“National Strategy and Path Comparison of Building Strong Innovative Country”(Grant No.17ZDA082)National Philosophy and Social Science Fund Project“Global Value Chain Evolution and China's National Innovation Strategy”(Grant No.15AZD005).
文摘This paper systematically reviews the current typical innovation paradigms worldwide and their shortcomings.Based on eastern wisdom and best innovation practices,this paper introduces a new paradigm of innovation,holistic innovation(HI).It provides a definition and theoretical framework for HI,discusses its connotations,and summarizes the theoretical contribution and policy implications.HI is total and collaborative innovation driven by strategic vision.This new innovation paradigm is a complex of strategic innovation,collaborative innovation,total innovation,and open innovation,which reflects wisdom from the Chinese context and Eastern culture.The four core elements of holistic innovation,“strategic,”“total,”“open,”and“collaborative,”are inter-related with an organic integration with the helix of HI.HI is an original innovation paradigm that conforms to the needs of firms'technological innovation management in the strategic innovation era and supports the implementation of the Innovation-Driven Development Strategy.It also helps China's enterprises build global innovation leadership and improves national innovation ability.Finally,it optimizes the innovation policy design and action mindset to achieve global peace and sustainable development.
