Do political connections enhance or impede corporate innovation?
Do political connections enhance or impede corporate innovation?
复制标题
政治联系会增强还是阻碍企业创新？
DOI：
10.1016/j.iref.2018.08.012
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发表时间：
2019
影响因子：
4.5
通讯作者：
Yu L
中科院分区：
文献类型：
--
作者：
Su Z;Xiao Z;Yu L
本文基于人工收集的企业高管或董事会成员的个人资料，构建了一个综合的政治关联指数，考察了政治关联对企业创新的贡献以及这种关联的渠道。我们的研究结果表明，有政治关系的企业往往比无政治关系的企业有更多的创新，政府补贴调解这种关系。此外，政治关系的创新促进价值对于那些获得较少政府支持的企业（如非国有企业和低科技企业）尤为重要。
We establish a comprehensive political connection index based on manually collected personal profiles of top firm managers or board members to examine the contribution of political connections to corporate innovation and the channels of this relation. Our results indicate that politically connected firms tend to have more innovation than non-connected firms, and government subsidies mediate this relation. Moreover, the innovation-enhancing value of political connections is especially important for firms that receive less government support, such as non-SOEs and low-tech companies.