Abstract
Promoting technological innovation is an essential issue for enterprises to maintain sustainable development in a highly competitive environment. Previous studies have focused on exploring the linear relationship between intellectual capital and technological innovation, ignoring the possibility of a non-linear relationship between them. This study draws on a dualistic view of intellectual capital and divides it into two elements: human capital and structural capital. Based on the factor endowment theory, we explored the non-linear relationship between intellectual capital and technological innovation, using the data of Chinese A-share listed companies from 2014 to 2019 as the sample, and then analyzed the moderating effect of corporate social responsibility (CSR) on their relationship. The results of the OLS regressions indicated a significant U-shaped relationship between intellectual capital and its elements on technological innovation. This means a “regressive” effect of low levels of intellectual capital on technological innovation and an “incremental” effect of high levels of intellectual capital on technological innovation. Improving CSR could positively enhance the U-shaped effect of intellectual capital on technological innovation. A further study found that the U-shaped effects of intellectual capital and human capital on technological innovation were still supported in state-owned and private enterprises. The U-shaped effect of structural capital on technological innovation was still supported in private enterprises but not in state-owned enterprises. This study explored the relationship between intellectual capital and technological innovation from a unique perspective. It provides a theoretical basis for enterprises to appropriately fulfill their social responsibility and actively promote technological innovation.
Highlights
In the era of the knowledge-based economy, intellectual capital based on knowledge has gradually become a vital strategic resource for enterprises to gain competitive advantages and realize value appreciation [1], which has a profound impact on their financial performance and technological innovation
We used intellectual capital efficiency (ICE), human capital efficiency (HCE), and structural capital efficiency (SCE) to measure intellectual capital, human capital, and structural capital, respectively, with definitions derived from the value-added intellectual coefficient (VAIC) method
The regression coefficient of ICE2 × corporate social responsibility (CSR) in Model 3 is 0.111 (p < 0.01), indicating that CSR positively moderates the U-shaped relationship between intellectual capital and technological innovation
Summary
In the era of the knowledge-based economy, intellectual capital based on knowledge has gradually become a vital strategic resource for enterprises to gain competitive advantages and realize value appreciation [1], which has a profound impact on their financial performance and technological innovation. Zhan and Li [15] examined empirical data from 39 developing countries using a threshold test model They found that the effect of intellectual capital on technological innovation showed a significant U-shaped relationship after controlling for variables such as economic level and R&D investment. We argue that it is necessary to explore what role CSR plays in the relationship between the effect of intellectual capital on enterprise technological innovation. As companies pay more and more attention to considering stakeholders when making decisions, it is more important for companies to consider the fulfillment of social responsibility when making technological innovation decisions through intellectual capital This helps reduce inefficient R&D investments and reasonably protect the interests of all parties.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
