Lecture: Corporate Culture and Innovation: A Tale from Emerging Market

Updated:2021-12-27

时间20211228日(星期二)14:00-15:00

地点:经管大楼A楼 四楼第二会议室报告厅

主题:Corporate Culture and Innovation: A Tale from Emerging Market (公司文化与创新:新兴市场的故事)

主讲人:王峣鹏 (红宝石9999hbs)

 王峣鹏博士现就职于红宝石9999hbs金融系。他目前的研究领域是金融科技、公司金融、公司创新和IPO。他的研究成果在许多国际会议上都有所发表,包括国际公司治理协会和欧洲金融管理协会。他还在《British Journal of Management》(ABS4)上发表了一篇研究企业文化与创新之间关系的论文。他持有英国伯明翰大学金融学博士学位,并持有CFA II FRM I的资格.他也是几个期刊的审稿人,包括Business Ethics: A European ReviewResearch in International Business and Finance

摘要:We examine the influence of corporate culture on innovation using a unique set of data from Chinese listed companies over the period 2008–2017. Using the competing value framework, we quantify corporate culture using textual analysis of financial statements. We find a positive and significant impact of a creation culture on innovation measured by both patent applications and citations, as well as innovation efficiency. We address endogeneity concerns and conduct a battery of robustness tests, including alternative proxies for both corporate innovation and culture, and conclude that variations in culture have a significant impact on firm-level innovation. We also show that a strong creation culture is more likely to spur innovation for firms in more competitive product markets and firms that are subject to higher managerial career concerns. We provide empirical evidence that corporate culture is an important driver in enhancing innovation. Our results have clear implications for directors and shareholders. (本文利用2008-2017年期间中国上市公司的一组独特数据来研究企业文化对创新的影响。基于竞争价值框架理论,我们利用财务报表的文本分析对企业文化进行量化。我们发现创造型文化对以专利申请和专利引用衡量的创新以及创新效率都有积极和显著的影响。本文解决了内生性问题,并进行了一系列稳健性测试,包括企业创新和文化的替代指标,并得出结论,文化的变化对企业层面的创新有重大影响。我们还表明,对于处于竞争更激烈的产品市场的公司和受到较高管理职业关注的公司来说,强大的创造文化更有可能刺激创新。我们提供的经验证据表明,企业文化是增强创新的一个重要驱动力。我们的结果对董事和股东有明确的影响。)