Abstract
According to the importance degree of technological innovation in different industries, factors and intensity influencing innovation are different. Enterprises should have a matching corporate governance structure to carry out effective innovation activities. Using data of Chinese listed companies from 2015 to 2018, this paper analyzes and compares the impact of corporate governance on technological innovation in labor-intensive, capital-intensive and technology-intensive industries. Results show both similarities and differences exist in the relationship between corporate governance and technological innovation in the three industries. Previous literatures mainly focused on the relationship between corporate governance and innovation in a single industry, ignoring the comparison among different industries. By analyzing differences among industries, this paper proposes corporate governance should be matched with the characteristics of industries to better improve innovation, which is the application and expansion of the corporate governance theory in the field of innovation.
Highlights
In the era of knowledge-based economy in the 21st century, with the acceleration of the process of global economic integration and the increasingly fierce competition in the international market, technological innovation has become a focus of economic and social issues
For relationship between corporate governance and innovation, scholars mainly focus on the influence of corporate governance factors such as equity structure, board structure and incentive mechanism on technological innovation of enterprises
Equity structure: Baysinger(1991) acknowledged equity concentration has a positive impact on technological innovation investment
Summary
In the era of knowledge-based economy in the 21st century, with the acceleration of the process of global economic integration and the increasingly fierce competition in the international market, technological innovation has become a focus of economic and social issues. China has entered the critical period of growth power conversion, facing the pressure of supply-side reform and production efficiency improvement internally, and confronting the uncertainty of trade conditions as well as financial environment transformations externally. The Nineteenth National Congress of the Party regarded innovation as "the first motive force leading development ". As one of concrete contents in the first motive, technological innovation is the core impetus to promote the rapid economic growth and the power of speeding up the development of enterprises. This paper analyzes relationship between corporate governance elements and technological innovation
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