Firm Innovation in Emerging Markets

Ayyagari, Meghana ; Demirgü ; ç ; -Kunt, Asli ; Maksimovic, Vojislav

World Bank, Washington, DC

关键词: CAPACITY UTILIZATION;    COMMERCIAL BANKS;    COMPANY;    COMPETITORS;    CORPORATE GOVERNANCE;   

DOI  :  10.1596/1813-9450-4157
RP-ID  :  WPS4157

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors investigate the determinantsof firm innovation in over 19,000 firms across 47 developingeconomies. They define the innovation process broadly, toinclude not only core innovation such as the introduction ofnew products and new technologies, but also other types ofactivities that promote knowledge transfers andadaptproduction processes. The authors find that more innovativefirms are large exporting firms characterized by privateownership, highly educated managers with mid-levelmanagerial experience, and access to external finance. Incontrast, firms that do not innovate much are typicallystate-owned firms without foreign competitors. The identityof the controlling shareholder seems to be particularlyimportant for core innovation, with those private firmswhose controlling shareholder is a financial institutionbeing the least innovative. While the use of externalfinance is associated with greater innovation by all privatefirms, it does not make state-owned firms more innovative.Financing from foreign banks is associated with higherlevels of innovation compared with financing from domestic banks.