Financing constraints and innovation performance: the moderating role of the network location of cross-border innovation cooperation among Internet enterprises
European Journal of Innovation Management
ISSN: 1460-1060
Article publication date: 8 April 2022
Issue publication date: 23 November 2023
Abstract
Purpose
This study aims to explore the relationship between financing constraints and the innovation performance of Internet enterprises in the cross-border innovation cooperation network. The study also analyzes the moderating effect of the location of the cross-border innovation cooperation network.
Design/methodology/approach
The authors selected patent data, related transaction data and other data of A-share listed companies on Shanghai and Shenzhen stock exchanges from 2014 to 2019. The generalized moment estimation method of instrumental variables (IV-GMM) method was used to analyze the relationship between financing constraints and the innovation performance of Internet firms and the moderating effect of the cross-border innovation cooperation network location. The threshold value of the moderating effect of the network structure hole was calculated with the threshold model.
Findings
The empirical results show a significant inverted U-shaped relationship between financing constraints and the innovation performance in the cross-border innovation cooperation network of Internet enterprises. Network centrality positively moderates this relationship. There is a threshold for the adjustment effect of network-structural holes, and the adjustment intensity of structural holes changes before and after the threshold.
Originality/value
This study provides a new perspective for Internet firms in innovation cooperation networks to alleviate the negative impact of financing constraints on innovation performance. The inverted U-shaped relationship between financing constraints and the innovation performance of Internet enterprises is in two stages. The moderating range of network centrality and the structural hole besides the threshold of the moderating effect of a structural hole are detailed.
Keywords
Acknowledgements
This research was funded by the National Natural Science Foundation of China (NSFC) (no: 71774044, 71672050 and 71804035), the Humanities and Social Sciences program of the Ministry of Education (no: 18YJC630177) and Study on the Evolution Mechanism of Digital Platform Ecosystem in Heilongjiang Province (no: 20GLC203).
Citation
Zhang, Y., Gao, C. and Wang, J. (2023), "Financing constraints and innovation performance: the moderating role of the network location of cross-border innovation cooperation among Internet enterprises", European Journal of Innovation Management, Vol. 26 No. 6, pp. 1473-1499. https://doi.org/10.1108/EJIM-08-2021-0392
Publisher
:Emerald Publishing Limited
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