Enterprise Internationalization and Enterprise Innovation Performance: The Regulating Effect of Equity Incentive
DOI:
https://doi.org/10.54097/7qz8ky33Keywords:
Internationalization depth; internationalization breadth; innovation performance; equity incentives.Abstract
Against the backdrop of globalization in today's era, Chinese enterprises are experiencing a flourishing trend of internationalization. With the rise of the Chinese economy and the continuous advancement of reform and opening up, an increasing number of Chinese enterprises are actively integrating into the global market, seeking the resources needed for their own development on a global scale, enhancing innovation capabilities, and striving to improve their position and influence in the global value chain. This article takes 647 manufacturing enterprises as the research objects, subdivides the measurement of internationalization into depth and breadth, quantitatively explores the impact of the depth and breadth of enterprise internationalization on innovation performance, and investigates the moderating effect of equity incentives. The results show that: the depth of internationalization significantly promotes innovation performance of enterprises, and equity incentives positively moderate the relationship between them; the breadth of internationalization significantly promotes innovation performance of enterprises, and equity incentives positively moderate the relationship between them.
Downloads
References
Mario I. Kafouros, Peter J. Buckley, et al. The role of internationalization in explaining innovation performance[J]. Technovation, 2008, 28(1–2): 63-74.
Filippetti A, Frenz M, Ietto-gillies G. The Impact of Internationalization on Innovation at Countries′ Level: the Role of Ab-sorptive Capacity[J]. Cambridge Journal of Economics, 2017, 41(2): 413-439.
Zhao Chuanwen, Zhu Chaofan, Song Haze. Research on the relationship between enterprise internationalization degree and innovation performance —— Empirical test based on the panel data of multinational high-tech enterprises [J]. Price Theory and Practice, 2020 (01): 147-150.
Zhai Xiaorong, Liu Yun. Internationalization strategy, resource base and innovation performance of new energy vehicle enterprises —— qualitative comparative analysis based on fuzzy set [J]. China Science and Technology Forum, 2023, (10): 95-104.
Yao Pengpeng. Research on the influence of start-up internationalization on innovation performance [D]. Zhejiang University. 2018.
Luo Xinyi. Research on the influence of enterprise internationalization degree on innovation performance [D]. Zhejiang University, 2021.
Cao Xin, Liu Dege. The dynamic relationship between enterprise internationalization and innovation performance and the regulation effect of the industry [J]. Reference for economic research, 2016 (70): 64-67.
Xiao Peng, Wen Lei. The regulatory effect of market environment on the relationship between enterprise internationalization and innovation performance [J]. Journal of Heihe College, 2020,11 (01): 70-74.
Wang Xiaoyan, Yu Feng, Zhong Changbiao. The impact of R & D internationalization on the innovation performance of Chinese enterprises —— is based on the perspective of "political correlation" [J]. Research on the World Economy, 2017 (03): 78-86 + 135.
Masaaki K, Srini S, Preet S A. Multinationality and Firm Performance: The Moderating Role of RD and Marketing Capabilities[J]. Journal of International Business Studies, 2002, 33(1): 220-245.
Tinguely X. Sectoral Distribution of Inventive Activity and Specialization Patterns— Towards an Identification of Switzerland’s Main Inventive Clusters[J]. The New Geography of Innovation,2013, (8), 181-207.
Ernst H. Patent applications and subsequent changes of performance: evidence from time-series cross-section analyses on the firm level[J]. Research Policy, 2001, 30(1): 143-157.
Tang Yuying, research on the influence of enterprise internationalization on Innovation performance [D]. Ningbo University, 2021.
Chen Yantai, Li Jiajia, Fan Yancheng. The internationalization diversity and innovation performance of Chinese enterprises —— the adjustment effect of the host country system and the state-owned equity [J]. Scientific and technological Progress and Countermeasures, 2019,36 (07): 91-97.
Makino S, Delios A. Local Knowledge Transfer and Performance: Implications for Alliance Formation in Asia[J]. Journal of International Business Studies, 1996, 27(5): 905-927.
Sha Wenbing. OFDI, reverse technology spillover and domestic innovation capability —— Empirical study based on inter-provincial panel data in China [J]. Research on the World Economy, 2012, (03): 69-74 + 89.
Manso G.Motivating Innovation[]J. The Journal of Finance, 2011,(66): 1823-1860.
Zahra S A, Neubaum D O, Huse M. Entrepreneurship in Medium-Size Companies, Exploring the Effects of Ownership and Governance Systems[J]. Journal of Management. 2000, 26(5): 947-970.
Huang Yuhong, Huang Lin. Financial knowledge and innovation awareness and innovation vitality of small and micro enterprises —— Empirical research based on China Small and Micro Enterprises Survey (CMES) [J]. Financial Research, 2019, (04): 149-167.
Li Xiaorong, Zhang Ruijun. Equity incentive affects risk bearing: is the agency cost or risk aversion?[J]. Accounting Research, 2014, (01): 57-63 + 95.
Zhu Gaofeng, Wang Di. Let innovation truly drive economic development [J]. Research in Higher Engineering Education, 2017, (02): 1-5.
Zhu Gaofeng, Wang Di. Analysis and prospect of the Current development situation of China's manufacturing industry: Based on the evaluation index system of manufacturing power [J]. Journal of Management Engineering, 2017,31 (04): 1-7.
Peng Songlin, Zhou Chao. Can enterprise internationalization enhance enterprise innovation ability?—— Based on the panel data test of Chinese listed companies [J]. Science and Technology Management Research, 2017,37 (14): 6-13.
Li Xuesong, Dang Lin, Zhao Chenyu. Digital transformation, integration into global innovation networks, and innovation performance [J]. Industrial Economy of China, 2022, (10): 43-61
Bai Yun, Liu Ziwei. Implement the spirit of the 19th National Congress of the Party and accelerate the construction of an innovative country —— The role of enterprise internationalization on the innovation performance of enterprises [J]. Business Research, 2018 (01): 10-18.
Yang Lili, Sheng Bin, Zhao Jin. International dynamic ability, international expansion strategy and enterprise performance: based on the experience of manufacturing enterprises in Jiangsu province [J]. International Business (Journal of the University of International Business and Economic Affairs), 2015 (03): 151-160.
Hitt M A, Hoskisson R E, Kim H. international diversification: effects on innovation and firm performance in product- diversified firms. The Academy of Management Journal, 1997, 40(4).
Li Dongyang, Zheng Lei, Yuan Xiuxiu. The influence of internationalization degree on enterprise innovation ability —— Based on the empirical test of listed Chinese manufacturing companies [J]. Research on Financial Issues, 2019, (04): 122-128.
Li Yang, Huang Guoliang. Senior executive equity incentive, major shareholder control and stock liquidity [J]. Accounting Monthly, 2016 (23): 118-121.
Filippetti A, Frenz M, Ietto-gillies G. The Impact of Internationalization on Innovation at Countries′ Level: the Role of Ab-sorptive Capacity[J]. Cambridge Journal of Economics, 2017, 41(2): 413-439.
Wang Jingyu, Wang Yuanyue. Research on the influence of internationalization behavior on enterprise innovation performance: evidence from China's listed manufacturing industry companies [J]. Research on Technical Economics and Management, 2018 (4): 61-66.
Zhang Jie, Zheng Wenping, a new husband. China's banking deregulation, structural competition and corporate innovation [J]. Industrial Economy of China, 2017, (10): 118-136.
Yu Yihua, Zhao Qifeng, Ju Xiaosheng. Inventor executives and corporate innovation [J]. Industrial Economy of China, 2018, (03): 136-154.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
How to Cite
