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題名 政商關係與公司創新之關聯——以美國為例
Does political connection influence corporate innovation? Evidence from the U.S.
作者 許芳綺
Hsu, Fang-Chi
貢獻者 詹凌菁
Chan, Ling-Ching
許芳綺
Hsu, Fang-Chi
關鍵詞 政商連結
研發費用
專利數
專利引述數
創新效率
Political connection
R&D expense
Patents
Citations
Innovation efficiency
日期 2021
上傳時間 4-Aug-2021 14:29:31 (UTC+8)
摘要 本研究主要探討美國市場中，政商連結是否對於公司的創新投入、產出與效率有正向影響，而樣本係以西元2000年至2017年間之上市櫃公司進行實證研究與分析，由37,658筆觀察值構成。研究結果顯示政商連結確實對創新投入與產出皆有顯著的正向關係，創新效率的部分，則是在政商連結建立後之第三年才受其正向影響。除此之外，若對樣本進行高科技與非高科技之分類，亦發現政商連結對於高科技公司之專利數為正相關且顯著之影響。額外測試中，首先我們以外部資金依賴性作為樣本分組之依據，證據顯示政商連結對於低度外部資金依賴性公司之創新較有顯著的正向影響。此外，我們也針對政商連結與創新效率對於公司績效是否有正向及顯著執行新的迴歸分析，結果亦符合預期，對於公司績效而言，創新效率及政商連結皆有正向且顯著之影響。在穩健測試的部分，我們亦使用與主測試不同之政商連結判定，所取得之結果與主測試結果相似，皆可證明政商連結與公司創新有著正向的影響。另外，我們以對專利及引用數取自然對數的方式，並採用零膨脹模型（卜瓦松迴歸）進行測試，結果皆與主測試相互呼應。總結而言，本研究認為公司的政商連結可成為判定其創新部分績效之有價資訊。
This study investigates the relationship between political connection and innovation, including R&D expense, the number of patents granted, the number of patent citations, and innovation efficiency. Using a sample of 37,658 firm-year observations for the sample period of 2000 to 2017 in the U.S., we find that political connection positively and significantly affects firms’ innovation performance. Moreover, this positive association exists mainly in the high-tech sector. In addition, we find that the positive relationship between political connection and innovation exists mainly in the low external finance dependence group. we further show that politically connected firms with greater innovation are associated with better future performance. Our results are robust to alternative measures of innovation and the use of Poisson regressions. Taken together, firms with political connection perform better in innovation activities, especially those in the high-tech industry or with low dependence on external finance. Overall, the findings suggest that political connection plays an important role in corporate innovation performance.
參考文獻 Akcigit, U., S. Baslandze, F. Lotti. 2018. Connecting to Power Political Connections, Innovation and Firm Dynamics (NBER Working Paper No. w25136). NBER Working Paper.
Artz, K. W., P. M. Norman, D. E. Hatfiled, L. B. Cardinal. 2010. A Longitudinal Study of the Impact of R&D, Patents, and Product Innovation on Firm Performance. Journal of Product Innovation Management 27 (5): 725-740.
Atalay, M., N. Anafarta, F. Sarvan. 2013. The Relationship between Innovation and Firm Performance: An Empirical Evidence from Turkish Automotive Supplier Industry. Procedia - Social and Behavioral Sciences 75: 226-235.
Baumol, W. J. 1990. Entrepreneurship: Productive, Unproductive, and Destructive. Journal of Political Economy 98 (5): 893-921.
Basile, R. 2001. Export behaviour of Italian manufacturing firms over the nineties: the role of innovation. Research Policy 30: 1185-1201.
Brown, J. R., G. Martinsson, B. C. Petersen. 2013. Do financing constraints matter for R&D? European Economic Review 56(8): 1512-1529.
Boubakri, N., J. C. Cosset, W. Saffar. 2008. Political connections of newly privatized firms. Journal of Corporate Finance (5): 654-673.
Boubakri, N., J. C. Cosset, W. Saffar. 2012a. The Impact of Political Connection on Firms` Operating Performance and Financing Decisions. Journal of Financial Research 35 (3): 397-423.
Boubakri, N., O. Guedhami, D. Mishra, Saffar W. 2012b. Political connections and the cost of equity capital. Journal of Corporate Finance 18: 541–559.
Chan, A. L.-C. 2014. Innovation efficiency and asymmetric timeliness of earnings: Evidence from an emerging market. International Review of Financial Analysis 32: 132-142
Chan, L. K. J. Lakonishok, T. Sougiannis. 2001. The Stock Market Valuation of Research and Development Expenditures. Journal of Finance 56(6): 2431-2456.
Chaney, P. K., M. Faccio, D. Parsley. 2011. The Quality of Accounting Information in Politically Connected Firms. Journal of Accounting and Economics 51(1-2): 58-76.
Chen, K. C. W., Z. Chen, and K. C. J. Wei. 2009. Legal protection of investors, corporate governance, and the cost of equity capital. Journal of Corporate Finance 15 (3):273-289.
Chen, C.J.P., Y. Ding, C. Kim. 2010. High-level politically connected firms, corruption, and analyst forecast accuracy around the world. Journal of International Business Studies. 41: 1505–1524.
Chen, C. R., Li Y., Luo D., Zhang T. 2017. Helping hands or grabbing hands? An analysis of political connections and firm value. Journal of Banking and Finance 80: 71-89.
Claessens, S., Feijen E., Laeven L. 2008. Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics 88: 554–580.
Cooper, M. J., H. Gulen, A. V Ovtchinnikov. 2010. Corporate Political Contributions and Stock Returns. Journal of Finance 65: 687-724.
Crossan, M. M., M. Apaydin. 2010. A Multi-Dimensional Framework of Organizational Innovation: A Systematic Review of the Literature. Journal of Managements Studies 47(6): 1154-1191.
Cruz-Cázares, C., C. Bayona-Sáez, T. García-Marco, 2013. You can’t manage right what you can’t measure well: Technological innovation efficiency. Research Policy. 42 (6-7): 1239-1250.
Danguy, J., G. Rassenfosse, B. P. Potterie. 2013. On the Origins of the Worldwide Surge in Patenting: An Industry Perspective on the R&D-Patent Relationship. Industrial and Corporate Change 23 (2): 535-572.
Ernst, H. 2001. Patent applications and subsequent changes of performance: evidence from time-series cross-section analyses on the firm level. Research Policy 30 (1): 143-157.
Faccio, M., Masulis, R. W., McConnell, J. J., 2006. Political connections and corporate bailouts. Journal of Finance 61(6): 2597–2635.
Faccio, M. 2006. Political Connected Firms. The American Economic Review 96 (1): 369-386.
Fisman, R. 2001. Estimating the Value of Political Connections. American Economic Review 91(4): 1095-1102.
Goldman, E., J. Rocholl, J. So. 2009. Do Politically Connected Boards Affect Firm Value? The Review of Financial Studies 22 (6): 2331-2360.
Griliches, Z. 1990. Entrepreneurship: Productive, Unproductive, and Destructive. Journal of Economic Literature 28 (4): 1661-1707.
Hagedoorn, J. 1996. Innovation and Entrepreneurship: Schumpeter Revisited. Industrial and Corporate Change 5(3): 883-896.
Hagedoorn, J., M. Cloodt. 2003. Measuring innovative performance is there an advantage in using multiple indicators. Research Policy 32: 1365-1379.
Hillman, A. J., G. D. Keim, and D. Schuler. 2004. Corporate Political Activity/ A Review and Research Agenda. Journal of Management 30(6): 837-857.
Hillman, A. J. 2005. Politicians on the Board of Directors: Do Connections Affect the Bottom Line? Journal of Management 31(3): 464-481.
Hirshleifer, D., P.-H. Hsu, and D. Li. 2013. Innovative efficiency and stock returns. Journal of Financial Economics 107 (3):632-654.
Holmstrom, B. 1989. Agency Costs and Innovation. Journal of Economic Behavior and Organization 12(3): 305-327.
Houston, J. F., L. Jiang, C. Lin, Y. Ma 2014. Political Connections and the Cost of Bank Loans. Journal of Accounting Research. 52(1), 193-243.
Hsu, P.-H., X. Tian, Y. Xu. 2014. Financial development and innovation: Cross-country evidence. Journal of Financial Economics 112(1): 116-135.
Jayasekaraa, D. N., P. G. Fredriksson. 2021. Culture, intellectual property rights, and technology adoption. Quarterly Review of Economics and Finance 80: 317-330.
Khwaja, A. I., A. Mian. 2005. Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market. The Quarterly Journal of Economics 120 (4): 1371-1411.
Kile, C., M. E. Phillips. 2009. Using Industry Classification Codes to Sample High-Technology Firms: Analysis and Recommendations. Journal of Accounting, Auditing and Finance 24(1): 35-38.
Kim, C. F., L. Zhang. 2016. Corporate Political Connections and Tax Aggressiveness. Contemporary Accounting Research 33(1): 78-114.
Kogan, L., D. Papanikolaou, A. Seru, N. Stoffman. 2017. Technological innovation, resource allocation, and growth. Quarterly Journal of Economics, 132(2): 665-712.
Kürtössy, J. 2004. Innovation Indicators Derived from Patent Data. Periodica Polytechnica Social and Management Sciences 12(1): 91-101.
Lawton, T., McGuire S., Rajwani T. 2013. Corporate Political Activity: A Literature Review and Research Agenda. International Journal of Management Reviews 15: 86–105.
Liao, T. S., J. L. Rice. 2010. Innovation Investments, Market Engagement and Financial Performance: A Study among Australian Manufacturing SMEs. Research Policy 39 (1): 117-125.
Marku, E. 2018. Measuring Innovation Quality: A Patent Analysis. Journal of Business and Management 20 (8): 51-58.
Michael E. Porter. 2001. The Competitive Advantage of Nations. Harvard Business Review, 68(2): 73– 93.
Ovtchinnikov, A. V., S. W. Reza, Y. Wu. 2020. Political Activism and Firm Innovation. Journal of Financial and Quantitative Analysis 55(3): 989-1024.
Pandit, S., C. Wasley, and T. Zach. 2011. The Effect of Research and Development (R&D) Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures. Journal of Accounting, Auditing & Finance 26: 121-144.
Piotroski, J. D., T. Zhang 2014. Politicians and the IPO decision: The impact of impending political promotions on IPO activity in China. Journal of Financial Economics 111(1): 111-136.
Reboud, S., T. Mazzarol, G. Soutar. 2014. Low-Tech vs High-Tech Entrepreneurship A study in France and Australia. Journal of Innovation Economics & Management 14(2): 121.
Roberts, P. W. 1999. Product Innovation, Product-Market Competition and Persistent Profitability in the U.S. Pharmaceutical Industry. Strategic Management Journal 20(7): 655-670.
Science Technology Industry, OECD. 2003. Tax incentives for research and development: trends and issues. Working paper. Available at:
https://www.oecd.org/science/inno/2498389.pdf.
Shleifer, A., R. W. Vishny. 1994. Politicians and Firms. Quarterly Journal of Economics 109(4): 995–1025.
Sojli, E., W. W. Tham. 2017. Foreign political connections. Journal of International Business Studies, 48(2): 244-266.
Trajtenberg, M. 1990. A penny for your quotes: Patent citations and the value of information. Rand Journal of Economics 21(1): 172-187.
描述 碩士
國立政治大學
會計學系
108353017
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353017
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.advisor Chan, Ling-Chingen_US
dc.contributor.author (Authors) 許芳綺zh_TW
dc.contributor.author (Authors) Hsu, Fang-Chien_US
dc.creator (作者) 許芳綺zh_TW
dc.creator (作者) Hsu, Fang-Chien_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 14:29:31 (UTC+8)-
dc.date.available 4-Aug-2021 14:29:31 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 14:29:31 (UTC+8)-
dc.identifier (Other Identifiers) G0108353017en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136291-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 108353017zh_TW
dc.description.abstract (摘要) 本研究主要探討美國市場中，政商連結是否對於公司的創新投入、產出與效率有正向影響，而樣本係以西元2000年至2017年間之上市櫃公司進行實證研究與分析，由37,658筆觀察值構成。研究結果顯示政商連結確實對創新投入與產出皆有顯著的正向關係，創新效率的部分，則是在政商連結建立後之第三年才受其正向影響。除此之外，若對樣本進行高科技與非高科技之分類，亦發現政商連結對於高科技公司之專利數為正相關且顯著之影響。額外測試中，首先我們以外部資金依賴性作為樣本分組之依據，證據顯示政商連結對於低度外部資金依賴性公司之創新較有顯著的正向影響。此外，我們也針對政商連結與創新效率對於公司績效是否有正向及顯著執行新的迴歸分析，結果亦符合預期，對於公司績效而言，創新效率及政商連結皆有正向且顯著之影響。在穩健測試的部分，我們亦使用與主測試不同之政商連結判定，所取得之結果與主測試結果相似，皆可證明政商連結與公司創新有著正向的影響。另外，我們以對專利及引用數取自然對數的方式，並採用零膨脹模型（卜瓦松迴歸）進行測試，結果皆與主測試相互呼應。總結而言，本研究認為公司的政商連結可成為判定其創新部分績效之有價資訊。zh_TW
dc.description.abstract (摘要) This study investigates the relationship between political connection and innovation, including R&D expense, the number of patents granted, the number of patent citations, and innovation efficiency. Using a sample of 37,658 firm-year observations for the sample period of 2000 to 2017 in the U.S., we find that political connection positively and significantly affects firms’ innovation performance. Moreover, this positive association exists mainly in the high-tech sector. In addition, we find that the positive relationship between political connection and innovation exists mainly in the low external finance dependence group. we further show that politically connected firms with greater innovation are associated with better future performance. Our results are robust to alternative measures of innovation and the use of Poisson regressions. Taken together, firms with political connection perform better in innovation activities, especially those in the high-tech industry or with low dependence on external finance. Overall, the findings suggest that political connection plays an important role in corporate innovation performance.en_US
dc.description.tableofcontents 摘要 i
Abstract ii
Table of contents iii
List of tables iv
1. Introduction 1
2. Literature review and hypothesis development 4
2.1. Political connection 4
2.2. Innovation 6
2.3. Political connection and innovation 8
2.4. Hypothesis development 10
3. Research design 12
3.1. Regression analysis 12
3.2. Sample selection 15
4. Empirical findings 18
4.1. Summary statistics and correlation analysis 18
4.2. Main analyses 23
4.2.1. Test of hypothesis H1 23
4.2.2. Test of hypothesis H2 31
4.3. Robustness check and additional analyses 44
4.3.1. Robustness check 44
4.3.1.1. Natural logarithm of PATENTS and CITES 44
4.3.1.2. Zero-Inflated Poisson model 44
4.3.1.3. Alternative measure of political connection 44
4.3.1.4. Sample of removing observations without innovation 45
4.3.2. Test of high and low external finance dependence 57
4.3.3. Test of effect brought by political connection and innovation on company performance 64
4.3.4. Logistic regressions of political connection and innovation 84
5. Conclusion 90
References 92
Appendix A Variable definition 97
Appendix B Political connection of related positions 98
Appendix C Detail classification of high-tech and low-tech industry 99
Appendix D VIF table for the main test (H1) 100		zh_TW
dc.format.extent 1795539 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353017en_US
dc.subject (關鍵詞) 政商連結zh_TW
dc.subject (關鍵詞) 研發費用zh_TW
dc.subject (關鍵詞) 專利數zh_TW
dc.subject (關鍵詞) 專利引述數zh_TW
dc.subject (關鍵詞) 創新效率zh_TW
dc.subject (關鍵詞) Political connectionen_US
dc.subject (關鍵詞) R&D expenseen_US
dc.subject (關鍵詞) Patentsen_US
dc.subject (關鍵詞) Citationsen_US
dc.subject (關鍵詞) Innovation efficiencyen_US
dc.title (題名) 政商關係與公司創新之關聯——以美國為例zh_TW
dc.title (題名) Does political connection influence corporate innovation? Evidence from the U.S.en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Akcigit, U., S. Baslandze, F. Lotti. 2018. Connecting to Power Political Connections, Innovation and Firm Dynamics (NBER Working Paper No. w25136). NBER Working Paper.
Artz, K. W., P. M. Norman, D. E. Hatfiled, L. B. Cardinal. 2010. A Longitudinal Study of the Impact of R&D, Patents, and Product Innovation on Firm Performance. Journal of Product Innovation Management 27 (5): 725-740.
Atalay, M., N. Anafarta, F. Sarvan. 2013. The Relationship between Innovation and Firm Performance: An Empirical Evidence from Turkish Automotive Supplier Industry. Procedia - Social and Behavioral Sciences 75: 226-235.
Baumol, W. J. 1990. Entrepreneurship: Productive, Unproductive, and Destructive. Journal of Political Economy 98 (5): 893-921.
Basile, R. 2001. Export behaviour of Italian manufacturing firms over the nineties: the role of innovation. Research Policy 30: 1185-1201.
Brown, J. R., G. Martinsson, B. C. Petersen. 2013. Do financing constraints matter for R&D? European Economic Review 56(8): 1512-1529.
Boubakri, N., J. C. Cosset, W. Saffar. 2008. Political connections of newly privatized firms. Journal of Corporate Finance (5): 654-673.
Boubakri, N., J. C. Cosset, W. Saffar. 2012a. The Impact of Political Connection on Firms` Operating Performance and Financing Decisions. Journal of Financial Research 35 (3): 397-423.
Boubakri, N., O. Guedhami, D. Mishra, Saffar W. 2012b. Political connections and the cost of equity capital. Journal of Corporate Finance 18: 541–559.
Chan, A. L.-C. 2014. Innovation efficiency and asymmetric timeliness of earnings: Evidence from an emerging market. International Review of Financial Analysis 32: 132-142
Chan, L. K. J. Lakonishok, T. Sougiannis. 2001. The Stock Market Valuation of Research and Development Expenditures. Journal of Finance 56(6): 2431-2456.
Chaney, P. K., M. Faccio, D. Parsley. 2011. The Quality of Accounting Information in Politically Connected Firms. Journal of Accounting and Economics 51(1-2): 58-76.
Chen, K. C. W., Z. Chen, and K. C. J. Wei. 2009. Legal protection of investors, corporate governance, and the cost of equity capital. Journal of Corporate Finance 15 (3):273-289.
Chen, C.J.P., Y. Ding, C. Kim. 2010. High-level politically connected firms, corruption, and analyst forecast accuracy around the world. Journal of International Business Studies. 41: 1505–1524.
Chen, C. R., Li Y., Luo D., Zhang T. 2017. Helping hands or grabbing hands? An analysis of political connections and firm value. Journal of Banking and Finance 80: 71-89.
Claessens, S., Feijen E., Laeven L. 2008. Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics 88: 554–580.
Cooper, M. J., H. Gulen, A. V Ovtchinnikov. 2010. Corporate Political Contributions and Stock Returns. Journal of Finance 65: 687-724.
Crossan, M. M., M. Apaydin. 2010. A Multi-Dimensional Framework of Organizational Innovation: A Systematic Review of the Literature. Journal of Managements Studies 47(6): 1154-1191.
Cruz-Cázares, C., C. Bayona-Sáez, T. García-Marco, 2013. You can’t manage right what you can’t measure well: Technological innovation efficiency. Research Policy. 42 (6-7): 1239-1250.
Danguy, J., G. Rassenfosse, B. P. Potterie. 2013. On the Origins of the Worldwide Surge in Patenting: An Industry Perspective on the R&D-Patent Relationship. Industrial and Corporate Change 23 (2): 535-572.
Ernst, H. 2001. Patent applications and subsequent changes of performance: evidence from time-series cross-section analyses on the firm level. Research Policy 30 (1): 143-157.
Faccio, M., Masulis, R. W., McConnell, J. J., 2006. Political connections and corporate bailouts. Journal of Finance 61(6): 2597–2635.
Faccio, M. 2006. Political Connected Firms. The American Economic Review 96 (1): 369-386.
Fisman, R. 2001. Estimating the Value of Political Connections. American Economic Review 91(4): 1095-1102.
Goldman, E., J. Rocholl, J. So. 2009. Do Politically Connected Boards Affect Firm Value? The Review of Financial Studies 22 (6): 2331-2360.
Griliches, Z. 1990. Entrepreneurship: Productive, Unproductive, and Destructive. Journal of Economic Literature 28 (4): 1661-1707.
Hagedoorn, J. 1996. Innovation and Entrepreneurship: Schumpeter Revisited. Industrial and Corporate Change 5(3): 883-896.
Hagedoorn, J., M. Cloodt. 2003. Measuring innovative performance is there an advantage in using multiple indicators. Research Policy 32: 1365-1379.
Hillman, A. J., G. D. Keim, and D. Schuler. 2004. Corporate Political Activity/ A Review and Research Agenda. Journal of Management 30(6): 837-857.
Hillman, A. J. 2005. Politicians on the Board of Directors: Do Connections Affect the Bottom Line? Journal of Management 31(3): 464-481.
Hirshleifer, D., P.-H. Hsu, and D. Li. 2013. Innovative efficiency and stock returns. Journal of Financial Economics 107 (3):632-654.
Holmstrom, B. 1989. Agency Costs and Innovation. Journal of Economic Behavior and Organization 12(3): 305-327.
Houston, J. F., L. Jiang, C. Lin, Y. Ma 2014. Political Connections and the Cost of Bank Loans. Journal of Accounting Research. 52(1), 193-243.
Hsu, P.-H., X. Tian, Y. Xu. 2014. Financial development and innovation: Cross-country evidence. Journal of Financial Economics 112(1): 116-135.
Jayasekaraa, D. N., P. G. Fredriksson. 2021. Culture, intellectual property rights, and technology adoption. Quarterly Review of Economics and Finance 80: 317-330.
Khwaja, A. I., A. Mian. 2005. Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market. The Quarterly Journal of Economics 120 (4): 1371-1411.
Kile, C., M. E. Phillips. 2009. Using Industry Classification Codes to Sample High-Technology Firms: Analysis and Recommendations. Journal of Accounting, Auditing and Finance 24(1): 35-38.
Kim, C. F., L. Zhang. 2016. Corporate Political Connections and Tax Aggressiveness. Contemporary Accounting Research 33(1): 78-114.
Kogan, L., D. Papanikolaou, A. Seru, N. Stoffman. 2017. Technological innovation, resource allocation, and growth. Quarterly Journal of Economics, 132(2): 665-712.
Kürtössy, J. 2004. Innovation Indicators Derived from Patent Data. Periodica Polytechnica Social and Management Sciences 12(1): 91-101.
Lawton, T., McGuire S., Rajwani T. 2013. Corporate Political Activity: A Literature Review and Research Agenda. International Journal of Management Reviews 15: 86–105.
Liao, T. S., J. L. Rice. 2010. Innovation Investments, Market Engagement and Financial Performance: A Study among Australian Manufacturing SMEs. Research Policy 39 (1): 117-125.
Marku, E. 2018. Measuring Innovation Quality: A Patent Analysis. Journal of Business and Management 20 (8): 51-58.
Michael E. Porter. 2001. The Competitive Advantage of Nations. Harvard Business Review, 68(2): 73– 93.
Ovtchinnikov, A. V., S. W. Reza, Y. Wu. 2020. Political Activism and Firm Innovation. Journal of Financial and Quantitative Analysis 55(3): 989-1024.
Pandit, S., C. Wasley, and T. Zach. 2011. The Effect of Research and Development (R&D) Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures. Journal of Accounting, Auditing & Finance 26: 121-144.
Piotroski, J. D., T. Zhang 2014. Politicians and the IPO decision: The impact of impending political promotions on IPO activity in China. Journal of Financial Economics 111(1): 111-136.
Reboud, S., T. Mazzarol, G. Soutar. 2014. Low-Tech vs High-Tech Entrepreneurship A study in France and Australia. Journal of Innovation Economics & Management 14(2): 121.
Roberts, P. W. 1999. Product Innovation, Product-Market Competition and Persistent Profitability in the U.S. Pharmaceutical Industry. Strategic Management Journal 20(7): 655-670.
Science Technology Industry, OECD. 2003. Tax incentives for research and development: trends and issues. Working paper. Available at:
https://www.oecd.org/science/inno/2498389.pdf.
Shleifer, A., R. W. Vishny. 1994. Politicians and Firms. Quarterly Journal of Economics 109(4): 995–1025.
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dc.identifier.doi (DOI) 10.6814/NCCU202101029en_US