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Innovation decisions through firm life cycle: A new evidence from emerging markets

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  • Shahzad, Farrukh
  • Ahmad, Munir
  • Fareed, Zeeshan
  • Wang, Zhenkun

Abstract

This paper empirically evaluates how different firm life cycle stages influence managers while making firms' input and output innovation decisions under asset liquidity constraints, idiosyncratic risk, and cash flow risk. We find that firms make more investments in input innovation activities during the introduction, growth, and decline stages in the presence of more asset liquidity; in contrast, less investment is made during the mature stage. Concerning the output innovation, the introduction and decline (growth and mature) stages show a negative (positive) relationship for more asset liquidity in place. Our findings also predict that firms are more likely to invest in input innovation activities during the introduction, growth, and decline stages under more idiosyncratic and cash flow volatilities; however, such investment is less prospective during the mature stage. Both volatilities support reciprocal linkages for firm output innovation. Aside from moderating effects, the firms' asset liquidity positively affects output innovation opportunities during current and future periods, while idiosyncratic and cash flow volatilities negatively contribute to both firms' input and output innovation. These findings not only assist managers in making firms' innovation decisions but also enhance investors' understanding of making investment decisions through the different firm life cycle stages.

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  • Shahzad, Farrukh & Ahmad, Munir & Fareed, Zeeshan & Wang, Zhenkun, 2022. "Innovation decisions through firm life cycle: A new evidence from emerging markets," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 51-67.
    • Handle: RePEc:eee:reveco:v:78:y:2022:i:c:p:51-67
    DOI: 10.1016/j.iref.2021.11.009
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    2. Maxwell Chukwudi Udeagha & Marthinus Christoffel Breitenbach, 2023. "The Role of Fiscal Decentralization in Limiting CO2 Emissions in South Africa," Biophysical Economics and Resource Quality, Springer, vol. 8(3), pages 1-30, September.
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    5. Yuying Gao & Shanyue Jin, 2022. "Corporate Nature, Financial Technology, and Corporate Innovation in China," Sustainability, MDPI, vol. 14(12), pages 1-22, June.
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    7. Bikki Jaggi & Alessandra Allini & Raffaela Casciello & Fiorenza Meucci, 2022. "Firm life cycle stages and earnings management," Review of Quantitative Finance and Accounting, Springer, vol. 59(3), pages 1019-1049, October.
    8. Lamei, Yin & Zhou, Yue & Shan, Liu, 2023. "Environmental efficiency, climate innovation, and resource rent in Chinaʼs SDGs: Insights from quantile regressions," Resources Policy, Elsevier, vol. 86(PA).
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    Keywords

    Firm innovation; Firm life cycle; Asset liquidity; Idiosyncratic risk; Cash flow risk;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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