基地研究员何恭政副教授与合作者（Yu-En Lin, Center for Quantitative Economics, Jilin University; Jia-Qi Yu, School of Businesses and Management, Jilin University; Hsiang-Hsuan Chih, Department of Finance, National Dong Hwa University）的论文 "Near is more: learning efficiency in research and development innovation among interlocking firms"  在重要学术期刊Financial Innovation在线发表。

      Abstract:

     Research question/issue

    This study examines whether geographic proximity produces a proximity preference as interlocking firms observe each other and learn innovative behaviors through information transmission among interlocking directors.

     Research findings/insights

   We study the performance of A-share-listed companies in China from 2007 to 2017 on the basis of resource dependence theory, agglomeration effect theory, and Porter’s competitive theory. When target firms learn about research and development–related innovation behaviors from interlocking firms closer to them, they experience more efficient learning effects and have improved convergent traits. Moreover, this proximity advantage increases the willingness of the target firm to communicate with and learn from interlocking firms closer to them. Highly developed areas and research and development–intensive industries positively affect the learning efficiency of interlocking firms.

      Theoretical/academic implications

    Our conclusion is consistent with resource dependence theory; target firms in highly developed areas are more willing to imitate and study nearby interlocking firms to maintain their peer relations, innovation potential, and competitiveness. Our conclusion is also consistent with competition theory, which states that the exchange of information between target firms in highly research and development–intensive industries and distant interlocking firms increases innovation differentiation, innovation potential, and competitiveness, even when such exchange has a high cost.

       Practitioner/policy implications

    The results support resource dependence theory and peers' effects. The information obtained by interlocking directorates through external social relations guides firm decision-making, and closer distances reveal more obvious effects.

Keywords: Geographical distance, Interlocking directorates, R&D, Learning efciency

链接：https://jfin-swufe.springeropen.com/articles/10.1186/s40854-022-00357-2

教师简介

何恭政，男，台湾元智大学博士，金融学硕士生导师，金融工程学硕士生导师。主要研究方向为公司金融、信用风险管理、企业社会责任、信息不对称风险与跨交叉学科研究，在Asia-Pacific Journal of Accounting & Economics, Corporate Governance: An International Review, Emerging Markets Review, Energy Economics, International Review of Economics & Finance, International Review of Financial Analysis, Journal of Accounting, Auditing and Finance, Journal of Business Research, Journal of Corporate Finance, Journal of Forecasting, Pacific-Baisn Finance Journal, Review of Quantitative Finance and Accounting等国际SSCI期刊发表40多篇，其中包含ABS商学院4星级期刊1篇，三星级期刊12篇，SSCI一区期刊17篇。此外，在国内外数十场重要学术会议进行论文宣讲，包含中国金融年会、中国金融工程年会、中国管理学年会、CICF, American Accounting Association, Asian Finance Association, European Finance Association, Europe Financial Management Association, Financial Management Association, Taiwan Management Institute, Western Economic Association International等。此外，为国内外二十多家期刊进行审稿，包含Asia Pacific Journal of Management, Corporate Governance: An International Review, Economic Modelling, Emerging Markets Finance and Trade, Financial Innovation, Investment Analysts Journal, International Journal of   Emerging Markets, International Review of Economics and Finance, Managerial   and Decision Economics等。