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Autor
Khan Safi Ullah (Universiti Teknologi Brunei, Brunei Darussalam)
Tytuł
How Funding Matters: Reinitiating of New Product Development and the Moderating Effect of Extramural R&D
Źródło
Journal of Entrepreneurship, Management and Innovation (JEMI), 2022, vol. 18, nr 4, s. 185-219, tab., bibliogr. s. 212-218
Tytuł własny numeru
Financial Ecologies Framed by Fintech
Słowa kluczowe
Rozwój produktu, Nowe produkty, Ograniczenia finansowe, Sfera B+R w przedsiębiorstwie, Współpraca uczelni z przedsiębiorstwami
Product development, New products, Financial limitations, R&D in the enterprise, University-Business Cooperation (UBC)
Uwagi
Klasyfikacja JEL: J21, J24, M12
streszcz., summ.
Abstrakt
CEL: Badamy, czy ograniczenia finansowe wpływają na prawdopodobieństwo podjęcia przez firmę wcześniej zawieszonych (lub porzuconych) projektów innowacyjnych w zakresie rozwoju nowych produktów (NPD) oraz czy niestacjonarne B+R, a także zakres rodzajów współpracy B+R (tj. źródła wiedzy), moderują związek między ograniczeniami finansowania a prawdopodobieństwem ponownego uruchomienia zawieszonych wcześniej NPD z wybranych gospodarek Azji Południowej. METODYKA: Badanie to kontroluje potencjalną endogeniczność skłonności do innowacji i dostępu do finansów poprzez zastosowanie rekurencyjnego dwuwymiarowego modelu probitowego. Przyjmujemy również podejście oparte na zmiennych instrumentalnych, stosując model probitowy z ciągłym endogenicznym regresorem, aby uwzględnić potencjalną endogeniczność między szerokością współpracujących partnerów a skłonnością do innowacji. WYNIKI: Ograniczenia finansowe znacząco wpływają na zawieszone wcześniej NPD. Ponadto niestacjonarne B+R pozytywnie wpływają na prawdopodobieństwo podjęcia przez firmę projektów NPD i łagodzą związek między ograniczeniami finansowymi a prawdopodobieństwem wznowienia porzuconych/zawieszonych projektów NPD, co sugeruje, że niestacjonarne B+R łagodzą ograniczenia finansowe, co zwiększa prawdopodobieństwo wznowienia NPD. Jednak liczba współpracujących partnerów nie jest pozytywnie związana z prawdopodobieństwem wznowienia NPD przez firmę. Jest to zgodne z poglądem, że niestacjonarne B+R z różnymi grupami partnerów są narażone na ryzyko "paradoksu dwóch światów" wynikającego ze współpracy firmy z uniwersytetami, instytucjami badawczymi i firmami konsultingowymi. IMPLIKACJE: Odkrycia potwierdzają pogląd, że firmy muszą zachować równowagę między wewnętrzną bazą wiedzy a zewnętrznymi badaniami i rozwojem, aby zoptymalizować wyniki innowacji. Niemniej jednak zaoczne badania i rozwój zmniejszają zależność firm o ograniczonych finansach od zapotrzebowania na zasoby, poprawiają dostęp do finansowania i zwiększają produktywność badań i rozwoju w NPD. ORYGINALNOŚĆ I WARTOŚĆ: Dostarczamy pierwszy na poziomie firmy i wielu krajów dowód na znaczenie przeszkód finansowych w prawdopodobieństwie ponownego zainicjowania zawieszonych wcześniej NPD na etapie realizacji. Po drugie, zgodnie z naszą najlepszą wiedzą, jest to pierwsze badanie, w którym zbadano związek między różnorodnością współpracy między organizacjami w zakresie B+R a prawdopodobieństwem ponownego zainicjowania przez firmę porzuconych (lub zawieszonych) NPD. (abstrakt oryginalny)

PURPOSE: We examine whether financial obstacles affect the probability of a firm undertaking previously suspended (or abandoned) innovation projects for new product development (NPD), and whether extramural R&D, as well as the breadth of the types of R&D collaboration (i.e., knowledge sources), moderate the relationship between financing constraints and the probability of restarting previously suspended NPD from selected South Asian economies. METHODOLOGY: This study controls for potential endogeneity in innovation propensity and finance access by employing a recursive bivariate probit model. We also adopt an instrumental variable approach by employing a probit model with continuous endogenous regressor to account for the potential endogeneity between the breadth of collaboration partners and innovation propensity. FINDINGS: Financial obstacles significantly impact previously suspended NPD. Furthermore, extramural R&D positively affects the probability of a firm undertaking NPD projects and attenuates the relationship between financing constraints and the likelihood of restarting abandoned/suspended NPD projects, suggesting that extramural R&D alleviates financing constraints, which increases the likelihood of NPD restarts. However, the breadth of collaborating partners is not positively associated with the probability of a firm restarting NPD. This is consistent with the view that extramural R&D with diverse sets of partners is exposed to the risks of the "two worlds paradox" arising from a firm's collaboration with universities, research institutions, and consulting firms. IMPLICATIONS: The findings corroborate the view that firms must maintain a balance between their internal knowledge base and extramural R&D to optimize innovation outcomes. Nevertheless, extramural R&D reduces the reliance of financially constrained firms on resource requirements, improves access to financing, and enhances R&D productivity in NPD. ORIGINALITY AND VALUE: We provide the first firm-level and multi-country evidence of the importance of financial obstacles in the probability of reinitiating previously suspended NPD at the execution phase. Second, to the best of our knowledge, this is the first study to examine the relationship between inter-organizational R&D collaboration diversity and the probability of a firm reinitiating previously abandoned (or suspended) NPD. (original abstract)
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Bibliografia
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Cytowane przez
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ISSN
2299-7075
Język
eng
URI / DOI
https://doi.org/10.7341/20221846
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