The Effect of Strategic Differentiation on Firms'Risk-Taking Behavior
Drawing on the theory of corporate behavior and optimal distinctiveness theory,the panel data of A-share listed companies in China from 2010 to 2020 are used to investigate the effects of strategic differentiation on the firms'innovation investment(aspirational risk-taking behavior)and rent-seeking expenditure(deviant risk-taking behavior).The results show that,first,the greater the deviation of strategic positioning from the industry norm,the higher the level of innovation invest-ment and the lower the level of rent-seeking expenditure,exhibiting a tendency of"cautiously aggres-sive"risk-taking.Second,institutional investors'shareholding and state ownership weaken both the positive effect of strategic differentiation on innovation investment and its negative effect on rent-see-king expenditure.
NETL
NSTL
万方数据
