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Enterprise financialization and technological innovation: Mechanism and heterogeneity

PloS one, 2022-12, Vol.17 (12), p.e0275461-e0275461 [Peer Reviewed Journal]

Copyright: © 2022 Liu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. ;COPYRIGHT 2022 Public Library of Science ;2022 Liu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;2022 Liu et al 2022 Liu et al ;ISSN: 1932-6203 ;EISSN: 1932-6203 ;DOI: 10.1371/journal.pone.0275461 ;PMID: 36508424

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  • Title:
    Enterprise financialization and technological innovation: Mechanism and heterogeneity
  • Author: Liu, Yue ; Failler, Pierre ; Ding, Yan
  • Subjects: Asset allocation ; Behavior ; Business enterprises ; China ; Computer and Information Sciences ; Ecology and Environmental Sciences ; Econometrics ; Financial services ; Forecasts and trends ; Heterogeneity ; Innovations ; International finance ; Inventions ; Manufacturing ; People and Places ; Physical Sciences ; Profit margins ; R&D ; Regression analysis ; Research & development ; Social Sciences ; Stockholders ; Technological change ; Technology ; Technology and civilization ; Variables
  • Is Part Of: PloS one, 2022-12, Vol.17 (12), p.e0275461-e0275461
  • Description: After the 2008 financial crisis, under the double effects of enterprise value maximization and the decline of real economy marginal profit, the relationship between enterprise financialization and technological innovation is worth exploring in depth. On the basis of testing the impact of non-financial enterprise financialization on technological innovation, this paper explores the impact mechanism as well as the heterogeneity among different types of enterprises. This paper selects non-financial listed enterprises in China from 2007 to 2017 as samples to study the influence of enterprise financialization on technological innovation and its mechanism through panel regression and mediating effect models. Moreover, the heterogeneity among different types of enterprises is further studied. The main conclusions are as follows. First, the financialization of enterprises has a significant "crowding out" effect on technological innovation. Second, the "crowding out" effect of enterprise financialization on technological innovation is formed through capital structure rather than performance. Third, enterprises are faced with different attributes and external environment, thus the influence of financialization on technological innovation is heterogeneous. Fourth, there are significant differences in the impact of financialization on technological innovation between enterprises' attributes and the external environment they face, and the deviation degree caused by attributes is much greater than that caused by the external environment.
  • Publisher: United States: Public Library of Science
  • Language: English
  • Identifier: ISSN: 1932-6203
    EISSN: 1932-6203
    DOI: 10.1371/journal.pone.0275461
    PMID: 36508424
  • Source: Public Library of Science (PLoS) Journals Open Access
    Geneva Foundation Free Medical Journals at publisher websites
    MEDLINE
    PubMed Central
    ProQuest Central
    DOAJ Directory of Open Access Journals
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