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Intellectual capital and firm innovation: incentive effect and selection effect

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  • Shuming Ren
  • Ziyu Song

Abstract

We examine the relationship between intellectual capital (measured by manually constructed human capital and organizational capital) and firm innovation of Chinese listed firms. Empirical results show that human capital and organizational capital positively affect the R&D investment and the number of various patent applications. Moreover, the relationship between intellectual capital and innovation activities is influenced by macroeconomic factors, industry characteristics and firm heterogeneity. Therefore, intellectual capital has incentive effect and selection effect on firm innovation in typical developing countries, such as China.

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  • Shuming Ren & Ziyu Song, 2021. "Intellectual capital and firm innovation: incentive effect and selection effect," Applied Economics Letters, Taylor & Francis Journals, vol. 28(7), pages 617-623, April.
    • Handle: RePEc:taf:apeclt:v:28:y:2021:i:7:p:617-623
    DOI: 10.1080/13504851.2020.1767281
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    Cited by:

    1. Huynh, Nhan & Le, Quynh Nga & Tran, Quang Thien, 2024. "Firm-level political risk and intellectual capital investment: Does managerial ability matter?," International Review of Financial Analysis, Elsevier, vol. 91(C).
    2. Jin, Chenfei & Monfort, Abel & Chen, Feng & Xia, Neng & Wu, Bao, 2024. "Institutional investor ESG activism and corporate green innovation against climate change: Exploring differences between digital and non-digital firms," Technological Forecasting and Social Change, Elsevier, vol. 200(C).

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