Modeling innovation efficiency, its micro-level drivers, and its impact on stock returns

doi:10.1016/j.chaos.2021.111303

科研成果详情

题名	Modeling innovation efficiency, its micro-level drivers, and its impact on stock returns
作者	Atta Mills, Ebenezer Fiifi Emire 1,4; Zeng, Kailin 2,4; Fangbiao, Liu 3,4; Fangyan, Li 2,4
发表日期	2021-11
发表期刊	CHAOS SOLITONS & FRACTALS 影响因子和分区
语种	英语
原始文献类型	Article
关键词	Innovation efficiency Data envelopment analysis Dynamic network DEA model Panel regression Pharmaceutical manufacturing companies
其他关键词	RESEARCH-AND-DEVELOPMENT ; CROSS-AUTOCORRELATIONS ; CHINA ; DEA ; CEOS
摘要	Motivated by the COVID-19 pandemic and ensuing challenges to human and economic welfare, this re-search seeks to evaluate innovation efficiency, its micro-level drivers, and its impact on stock returns. This study considers innovation-related activities during two growth phases experienced by 138 listed pharmaceutical manufacturing companies in China: research and development (R&D) and marketing. A dynamic two-phase network data envelopment analysis (DEA) model measured R&D efficiency, marketing efficiency, and dynamic integrated innovation efficiency. A projection difference analysis was presented to offer a feasible solution to address inefficient companies. Then, panel regression methods were adopted to examine micro-level drivers of innovation efficiency. Additionally, a portfolio formation test was used to investigate innovation efficiency as a characteristic impacting stock returns. The results indicate that the listed companies are generally innovation inefficient. Only two are DEA innovation efficient. Low market-ing and R&D efficiencies are impeding innovation efficiency amelioration, with the most losses attributed to the marketing phase. Most companies lack good conditions for R&D and the commercialization of scientific and technological breakthroughs. Institutional investors and financial analysts' coverage have a positive and significant impact on innovation efficiency. Foreign institutional ownership and stock mar-ket overvaluation impact listed companies with high innovation efficiency positively. There is a negative and significant effect of size on innovation efficiency. However, growth in pharmaceutical manufacturing company size positively influences innovation efficiency at higher levels. The portfolio formation test re-sults reveal that investors consider companies with high innovation efficiency as high-profile targets that provide high stock returns. The findings of this study offer stakeholders avenues to shape the initiation, process, and outcome of innovation. (c) 2021 Elsevier Ltd. All rights reserved.
资助项目	Ganzhou Academy of Financial Research (GAFR), Ganzhou, China; Management Science Project of the Science and Technology Department of Jiangxi Province, China [20192BAA208018]; 2019 high-level overseas talents returning project of the Ministry of Human Resources and Social Security of the People's Republic of China [201916010]; School of Economics and Management, Jiangxi University of Science and Technology, Ganzhou, China
出版者	PERGAMON-ELSEVIER SCIENCE LTD
出版地	OXFORD
ISSN	0960-0779
EISSN	1873-2887
卷号	152
DOI	10.1016/j.chaos.2021.111303
页数	85
WOS类目	Mathematics, Interdisciplinary Applications ; Physics, Multidisciplinary ; Physics, Mathematical
WOS研究方向	Mathematics ; Physics
WOS记录号	WOS:000702901300017
收录类别	SCIE ; EI ; SCOPUS
EI入藏号	20213510837968
EI主题词	Efficiency
URL	查看原文
SCOPUSEID	2-s2.0-85113766971
通讯作者地址	[Atta Mills, Ebenezer Fiifi Emire]School of Mathematical Sciences,Wenzhou-Kean University,Wenzhou,China
Scopus学科分类	Statistical and Nonlinear Physics;Mathematics (all);Physics and Astronomy (all);Applied Mathematics
引用统计	被引频次：6[WOS] [WOS记录] [WOS相关记录]
文献类型	期刊论文
条目标识符	https://kms.wmu.edu.cn/handle/3ETUA0LF/8916
专题	计划财务处
通讯作者	Atta Mills, Ebenezer Fiifi Emire
作者单位	1.School of Mathematical Sciences,Wenzhou-Kean University,Wenzhou,China; 2.School of Economics and Management,Jiangxi University of Science and Technology,Ganzhou,China; 3.Department of Planning and Finance,Wenzhou Medical University,Wenzhou,China; 4.Ganzhou Academy of Financial Research (GAFR),Ganzhou,China
推荐引用方式 GB/T 7714	Atta Mills, Ebenezer Fiifi Emire,Zeng, Kailin,Fangbiao, Liu,et al. Modeling innovation efficiency, its micro-level drivers, and its impact on stock returns[J]. CHAOS SOLITONS & FRACTALS,2021,152.
APA	Atta Mills, Ebenezer Fiifi Emire, Zeng, Kailin, Fangbiao, Liu, & Fangyan, Li. (2021). Modeling innovation efficiency, its micro-level drivers, and its impact on stock returns. CHAOS SOLITONS & FRACTALS, 152.
MLA	Atta Mills, Ebenezer Fiifi Emire,et al."Modeling innovation efficiency, its micro-level drivers, and its impact on stock returns".CHAOS SOLITONS & FRACTALS 152(2021).