Abstract
China’s communication and cultural industry is an emerging industry at the primary stage of its development. Nowadays, the public’s increasing demand for cultural products, coupled with the strong support from the state and the government for the communication and cultural industry, have provided huge room for the development of this industry. However, some listed companies in the communication and cultural industry have not kept up with the constantly changing market and have not invested heavily in R&D and technological innovation, resulting in widespread product homogeneity and poor corporate performance. This paper empirically tests the impact of technological innovation on corporate performance of 56 listed companies from 2007 to 2016 in the communication and cultural industry. Along with variables that proxy technological innovation, variables that proxy solvency, profitability, operational capability, development capability, social responsibility, and shareholder indicators are included in the regression as explanatory variables. Empirical results show that technological innovation has a positive impact on the corporate performance of listed companies in the communication and cultural industry.
Highlights
In today’s era of rapid technological advancement and rapid informatization, the status and role of culture have become more and more important in the evaluation of comprehensive national strength
In order to further explore the influencing factors of corporate performance by companies in the communication and cultural industry, this paper investigates the impact of both financial factors and non-financial factors, with a focus on technological innovation
This paper investigates the impact of technological innovation on the corporate performance of companies in the communication and cultural industry
Summary
In today’s era of rapid technological advancement and rapid informatization, the status and role of culture have become more and more important in the evaluation of comprehensive national strength. Since China’s reform and opening up, its social structure, industrial configuration, and economic structure have undergone a series of changes In this period of rapid development and change, listed companies in the communication and cultural industry have served as the organizer of China’s cultural propaganda and the maker of market culture products, mass media have naturally received ardent attention from the public as a result. It is imperative to study the impact of technological innovation on the corporate performance of listed companies in the communication and cultural industry. Contributing to existing literature, this paper investigates the impact of non-financial factors on corporate performance, among which technological innovation is examined. Empirical results show that technological innovation has a positive impact on the corporate performance of listed companies in the communication and cultural industry.
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