The Crowding-out Effect of Innovation input of Leading Firms on Innovation input of Following Firms
A panel fixed-effects model was used to analyze the crowding-out effect of innovation input of leading firms on innova-tion input of following firms in the manufacturing industry from 2013 to 2020.The study also explored the moderating effect of the de-gree of industry competition and industry regulation on the above effect.The results indicate that the innovation input of leading firms in the industry has a crowding-out effect on the innovation input of following firms.Additionally,the degree of competition in the industry negatively regulates this effect.In other words,in industries with high competition,the crowding-out effect of the innovation input from leading firms is weakened.However,in industries with lower government control,the crowding-out effect is stronger and significant.Additionally,in industries with high government control,the innovation input from leading firms is weakened.The impact of innova-tion inputs from leading firms in industries with higher levels of government regulation on crowding-out effects is weak and insignificant.
Leading firmsfollowing firmsinnovation inputindustry competitiongovernment regulation
NETL
NSTL
万方数据
维普
