Combating the Wall Street Curse on Firm Product Innovation

最近的轶事证据引发了关于股市在多大程度上阻碍了企业创新努力的争论。以往的研究表明，进入股票市场后，企业的突破性产品创新受到抑制。这种效应归因于股票市场对企业施加的短期压力。可以说，学术研究还不知道如何防止创新能力的下降。因此，拟议项目的目标是检查是否有公司不屈服于股票市场的压力，尽管公开上市，但仍继续引入突破性创新，以及哪些公司因素解释了这种阻力。我提供了两个坚定的因素，反映了企业在IPO前后如何管理其创新战略的选择，这可能会缓冲它们在IPO后承担较少创新风险的倾向：公司在IPO前对公司文化固有的失败的容忍度和公司在IPO后的价值挪用能力。这些因素补充了现有的工作，这些工作主要关注ipo后行业或金融市场特定因素，这些因素与受威胁的创新结果无关。我的研究结果可以挑战股票市场本身导致企业以短期方式行事的观点，并可以提供一个更乐观和更真实的观点，即企业如何在进入股票市场后保持其创新性。

Recent anecdotal evidence has stimulated much debate about the extent to which the stock market impedes firm innovation efforts. Previous research shows that after accessing the stock market, firms curb their breakthrough product innovations. This effect is ascribed to the short-term pressures the stock market exerts on firms. Academic research, arguably, does not yet understand how to prevent this drop in innovativeness. The objective in the proposed project is hence to examine whether there are firms that do not succumb to stock market pressures and continue to introduce breakthrough innovations despite being publicly listed and what firm factors explain this resistance. I offer two firm factors that reflect choices in how firms manage their innovation strategy before and after the IPO that might buffer them from the tendency to take less innovation risk post-IPO: a firm’s pre-IPO tolerance for failure inherent in the firm’s culture and the firm’s post-IPO value appropriation capabilities. These factors complement extant work that has focused on post-IPO industry- or financial market-specific factors remote from the threatened innovation outcomes. My findings could challenge the view that the stock market, per se, causes firms to behave in a short-term manner and could offer a more optimistic and agentic view of how firms can maintain their innovativeness after accessing the stock market.