Abstract
AbstractThis study investigates the long‐term role of innovation in the Chinese IPO market. Innovation outcome (patent) has a promoting effect on the long‐term market, while innovation input (R&D) shows a variable inhibitory control, which turns into a favourable impact four years after the IPO due to lag and cumulative effects. Moreover, this inhibitory effect increases and has no positive turnback in firms with R&D myopic management. Furthermore, government subsidies strengthen the effect of innovation during different periods while weakening the positive effect of innovation input four years after the IPO due to firms' rent‐seeking behaviour aiming to obtain government funds.
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