The Influence of High-Tech Enterprise Certification Policy on Exploratory Innovation:The Dual Moderating Roles of Financing Constraints and Motivation Constraints
The Influence of High-Tech Enterprise Certification Policy on Exploratory Innovation:The Dual Moderating Roles of Financing Constraints and Motivation Constraints
This study employs a difference-in-differences model and data for A-share listed companies from 2003 to 2019.The study includes a textual analysis to determine the impact of the"High-tech Enterprise Certification Policy"on exploratory innovation using a behavioral perspective;the dual moderating roles of financing constraints and motivation constraints are also tested,and the findings are as follows:(1)On the whole,the certification policy has a significant role in promoting exploratory innovation;(2)It has a stronger promotional effect on exploratory innovation on enterprises with greater financing constraints;(3)Compared with enterprises that experience low levels of market competition,those that experience high levels of competition have a stronger incentive to engage in exploratory innovation as a result of the policy;(4)Even if the enterprise faces a high level of competition(lower motivation constraints),the policy only promotes exploratory innovation for enterprises with high financing constraints.However,as long as there are high financing constraints,even if the pressure of market competition is low(higher motivation constraints),the policy still has a significant role in promoting exploratory innovation.
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