Political tie hot potato: The contingent effect of China's anti-corruption policy on cash and innovation

被引：26
|
作者：
Lu, Feifei [1 ,2 ]
Zhu, Zhu [3 ]
Zhu, Lina [4 ]
Gao, Hao [5 ]
机构：
[1] Shanghai Univ, SILC Business Sch, 99 Shangda Rd, Shanghai 200444, Peoples R China
[2] Univ Technol Sydney, Business Sch, Broadway, NSW 2007, Australia
[3] Montclair State Univ, Feliciano Sch Business, Dept Management, 1 Normal Ave, Montclair, NJ 07043 USA
[4] East China Univ Sci & Technol, Coll Business, 130 Meilong Rd, Shanghai 200237, Peoples R China
[5] Tsinghua Univ, PBC Sch Finance, 43 Chengfu Rd, Beijing 100083, Peoples R China
来源：
RESEARCH POLICY | 2022年 / 51卷 / 04期
关键词：
Cash holding; Political ties; Institutional theory; Anti-corruption policy; R & P; RESEARCH-AND-DEVELOPMENT; RESOURCE-BASED VIEW; COMPETITIVE ADVANTAGE; FIRM PERFORMANCE; CORPORATE GOVERNANCE; MANAGERIAL TIES; EMERGING-MARKET; PRODUCT INNOVATION; ASYMMETRIC ROLES; BUSINESS TIES;
D O I：
10.1016/j.respol.2022.104476
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
In this study, we combine the resource-based view (RBV) with institutional theory to examine how a firm's cash holding affects its innovation investments and outcomes and explore the contingent roles of political ties and the national anti-corruption policy. Using 18,125 firm-year observations of Chinese firms from 2007 to 2016, we reveal a three-way interactive effect of cash holding, political ties, and the anti-corruption policy on innovation. Before the policy is implemented, cash holding has the greatest positive effect on R&D investment for politically connected firms, and after the implementation this positive effect for these firms is strongest for R&D outcomes. We propose that the logic of resource utilization efficiency implied by the anti-corruption policy strongly motivates politically connected firms to convert their R&D investment into actual output. The theoretical and practical implications are discussed.
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页数：19
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