论文作者：1. Duan Liu（Business School, Hunan University）

2. Yuntian Jiang（Business School, Hunan University）

3. Qianzhen Zhou（Business School, Hunan University）

4. Shujie Yao（Liaoning University）

期刊名：《International Review of Economics and Finance》

发表时间：2023年7月

文章摘要：Firm-level technological innovation is in part driven by R&D management motivation. This paper studies the effect of Chinese listed firms’ R&D investment management on their ambidextrous technological innovation performance. In the prospective of internal financial constraints and earnings management, three R&D motivations are identified: strategically proactive intervention, resource-constrained passive adjustment, and R&D manipulation for earnings purposes. Based on the Chinese listed firm level data during 2007–2019, this paper analyzes the effects of these three different R&D management motivations on the ambidextrous innovation patent portfolio, cuttingedge innovation possibility and patent diversification. The empirical results reveal that R&D management significantly promotes ambidextrous innovation, particularly exploration innovation. Firms with more internal financial resources are more likely to engage in proactive R&D activities than those with less financial resources who are more likely to place earnings before R&D investment as the top priority. A robustness test that controls for the 2008 financial crisis also verifies our results.

关键词：R&D management; Earnings manipulation; Ambidextrous innovation; Patent diversification