题名 | Modeling innovation efficiency, its micro-level drivers, and its impact on stock returns |
作者 | |
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 | |
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). |
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