Finally, a heterogeneity test regarding the firm ownership shows that technological innovation has a significantly stronger negative impact on the performance of non-state-owned enterprises than on that of state-owned enterprises. The analysis of the impact mechanism shows that risk-taking is an important transmission path of corporate technological innovation affecting corporate performance and that technological innovation reduces firm performance by improving the risk-taking capacity. The research shows that technological innovation significantly reduces firm performance, and that conclusion holds after an endogeneity test and a robustness test. ![]() Taking 1166 listed companies in China from 2012 to 2020 as research samples, this study systematically investigates and reveals the impact of technological innovation on firm performance and its internal impact mechanism. This study focuses on the practical issue of the impact of technology innovation on firm performance. ![]() ![]() Technological innovation can restructure the production factors of enterprises, and it is an important factor for enterprises to meet market demand, improve competitiveness, form long-term competitive advantages and obtain sustainable development.
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