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ID:
075545
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| Publication |
London, Routledge, 2007.
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| Description |
202p.Hbk
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| Standard Number |
9780415365826
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Copies: C:1/I:0,R:0,Q:0
Circulation
| Accession# | Call# | Current Location | Status | Policy | Location |
| 052046 | 629.40951/HAN 052046 | Main | On Shelf | General | |
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| 2 |
ID:
182715
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| Summary/Abstract |
The human capital in management teams plays an increasingly important role in firms' governance and policies. We construct a comprehensive index of top management quality using a principal component analysis to empirically prove top management quality's positive impacts on corporate innovation. This study finds that higher-quality management teams tend to invest more in research and development projects and apply for more and higher-quality of patents. These results are consistent after conducting a series of robustness checks. We control for potential endogeneity using a firm fixed-effects model, the instrumental variable approach, and the propensity score-matching method. Three main channels are tested through which higher-quality top management teams will lead to higher innovation: higher tolerance for failure, easing of financial constraints, and more hiring of high-quality inventors. Finally, further analyses reveal that the positive effects of top management quality on innovation are more obvious for high-tech, state-owned, and growing enterprises.
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| 3 |
ID:
183581
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| Summary/Abstract |
The effective government mandatory energy-biased technological progress and its transition to price-induced or R&D-induced technological progress is critical to achieving sustainable development in developing countries such as China. Based on a quasi-natural experiment of cleaner production standards in China, this study investigated the impact of government mandatory energy-biased technological progress on enterprises' environmental performance using the difference-in-differences method. Highly robust benchmark results indicated that the implementation of cleaner production standards effectively reduced the SO2 emissions intensity of enterprises, but failed to reduce the aggregate SO2 emissions. Mechanism analysis showed that the SO2 emissions intensity reduction effect is achieved by introducing advanced production process and desulfurization equipment and thus increasing fixed investment. Nevertheless, it “squeezes out” enterprises' R&D expenditures and increases the amount of coal consumption. Moreover, it can improve the degree of resource misallocation through affecting the entry and exit decisions of companies with heterogeneous productivity. Heterogeneity analysis revealed that the implementation of cleaner production standards is affected by enterprise ownership, industry characteristics, etc. This study suggests that the government should develop a market-oriented energy price regime, optimize the energy factor market, and improve the dual control system of energy consumption intensity and aggregate energy consumption.
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