Corporate ownership and firm performance: a mediating role of innovation efficiency

被引：19

作者：

Wu, Tai-Hsi ^{[1
]}

Ting, Pei Ju Lucy ^{[1
]}

Lin, Mei-Chen ^{[1
]}

Chang, Chia-Chi ^{[1
]}

机构：

[1] Natl Taipei Univ, Dept Business Adm, 151 Univ Rd, New Taipei 23741, Taiwan

来源：

ECONOMICS OF INNOVATION AND NEW TECHNOLOGY | 2022年 / 31卷 / 04期

关键词：

Corporate ownership; innovation efficiency; firm performance; mediator; RESEARCH-AND-DEVELOPMENT; SLACKS-BASED MEASURE; INSTITUTIONAL INVESTORS; NETWORK DEA; CONTROLLING SHAREHOLDERS; DEVELOPMENT INVESTMENTS; OPERATING PERFORMANCE; PRODUCT INNOVATION; AGENCY COSTS; RISK-TAKING;

D O I：

10.1080/10438599.2020.1799140

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using data from companies in Taiwan's electronics industry, this study examines the effect of corporate ownership on firm innovation efficiency and performance. We use a network-typed data envelopment analysis (DEA) approach to calculate firm-level innovation efficiency, which is composed of the R&D efficiency and the commercialization efficiency, respectively. We find that overall innovation efficiency is positively correlated with institutional ownership and directors' ownership. In addition, R&D efficiency is positively associated with ROA and commercialization efficiency positively correlates with Tobin's Q. R&D efficiency partially mediates the relationship between ownership-control deviation and ROA. However, commercialization efficiency plays a mediating role for institutional ownership on a firm's Tobin's Q. Our findings point to a bright side of the role of corporate governance in terms of its effects on corporate innovation and the effects of such innovation, in turn, on firm performance.

引用

页码：292 / 319

页数：28

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