报告信息
报告题目：Are Political Connections Really Conducive to Corporate Innovation? A Regression Discontinuity Design
报告时间：2023年8月29日 10:00-11:30
报告地点：大玩家彩票B305
报告人：吴志岩 助理教授
邀请人：孙玉涛 教授
报告内容和摘要
This study investigates the causal impact of political connections on corporate innovation. Using a regression discontinuity design with a sample of U.S. firms from 1990 to 2020, we find that a quasi-random connection with politicians will lead firms to shirk innovation efforts (relative to those without connections), both quantitatively and qualitatively. Instead, politically connected firms acquire patents through M&A activities. We interpret these stylized facts as an indication that managerial short-termism might be a key yet understudied mechanism underlying the relationship between political connections and corporate innovation. Heterogeneous analyses further plausiblize the managerial short-termism mechanism, as the treatment effect appears stronger (weaker) when firms are led by short-term-oriented CEOs or when firms encounter situational pressures that encourage short-term actions for immediate payoffs (when disciplining forces are present to curb managerial short-termism). The findings of this research add important nuances to our understanding of how political connections impact corporate innovation, and synthesize the resource-based theory and managerial short-termism literature.
报告人简介
吴志岩，荷兰伊拉斯谟大学鹿特丹管理学院战略管理与创业学系助理教授。他于浙江大学管理学院获得博士学位，目前主要基于行为决策科学进行企业的创新、创业和战略管理方向的研究工作。他的研究成果已被Academy of Management Journal、Organization Science、Management Science、《管理世界》录用及发表。他也是Strategic Management Journal，Organization Science，Journal of Management，Journal of Management Studies，Journal of Business Venturing，Entrepreneurship Theory and Practice等期刊的匿名审稿人。曾获美国管理学会战略管理分部（AOM STR Division）优秀审稿人等荣誉。
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