Marketization,Risk Preference,and the Enterprise's Innovation Efficiency
Risk preference,as a reflection of regional culture,has a crucial impact on corporate innovation.However,the literature related to the impact of risk preference on firm innovation has not given enough attention to the heterogeneity of regional marketization.In reality,since culture is influenced by the environment,the attributes of risk preference may differ among regions with varying degrees of marketization,resulting in different effects on corporate innovation.In order to explore this issue,this paper measures the risk preference using the lottery sales per capita and examines the impact of risk preference on corporate innovation efficiency in regions with different marketization degrees.The results show that in regions with a higher degree of marketization,risk preference significantly enhances corporate innovation efficiency.On the other hand,in regions with a lower degree of marketization,risk preference reduces corporate innovation efficiency,and the reduction is more pronounced compared to the enhancement in regions with higher marketization degrees.Mechanism analysis suggests that risk preference influences corporate innovation efficiency through investment efficiency and agency costs.Heterogeneity analysis reveals that in regions with higher marketization degrees,risk preference significantly enhances the innovation efficiency of non-state-owned firms,while having no significant effect on state-owned firms.In contrast,in regions with lower marketization degrees,risk preference significantly reduces the innovation efficiency of state-owned firms,while having no significant effect on non-state-owned firms.This paper offers three main contributions to current studies.Firstly,this paper theoretically clarifies the significantly different attributes of risk preference in different market environments,and empirically examines the impact of risk preference with different attributes on corporate innovation in varying market environments,thereby expanding the scope of related theories.Secondly,while previous studies have mainly focused on the mechanisms of corporate volatility,corporate value,and corporate risk-taking when examining the impact of risk preference on corporate innovation decision-making,this paper examines the effect of risk preference on corporate innovation efficiency through the mechanisms of investment efficiency and agency costs.Additionally,this paper analyzes the effect of risk preference on the mechanism variables under different market environments,revealing the intrinsic mechanisms of the heterogeneous effect of risk preference on corporate innovation efficiency.Finally,this paper further examines the effect of risk preference on the innovation efficiency of enterprises with different property rights in regions with varying degrees of marketization.The findings reveal that risk preference has pronounced negative effect on the innovation efficiency of state-owned firms compared to non-state-owned firms.The conclusion has important policy implications for high-quality development of state-owned firms.
MarketizationRisk preferenceInnovation efficiencyUnified large market
万方数据
维普
