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学者姓名：邹鸿辉
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Abstract ：
Internal R&D and outward foreign direct investment in developed economies (OFDI-in-DE) are recognized as two important elements for emerging economy firms (EEFs) attempting to innovate. However, it is less clear whether these elements act as complements or substitutes to each other. Building on the attention-based view, we explore how OFDI-in-DE affects internal R&D in terms of input scale and output efficiency. Using a longitudinal sample of Chinese listed firms from 2006 to 2018, we find that OFDI-in-DE not only leads to a reduction in EEFs' R&D investment, but also weakens the positive effect of the investment on firms' innovation performance, measured by the number of patent applications filed during a specific period. This suggests that EEFs' OFDI-in-DE substitutes for internal R&D investments in both scale and efficiency aspects. Our results also show that these effects vary depending on market competition and organizational slack. Specifically, the substitution effects become stronger in EEFs operating in highly competitive industries, but weaker in those with ample organizational slack. Our study sheds light on the interrelation between internal R&D and OFDI-in-DE activities for EEFs.
Keyword ：
Emerging economy firms Emerging economy firms Innovation Innovation Internal R &D Internal R &D OFDI-in-DE OFDI-in-DE
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| GB/T 7714 | Xie, En , Lin, Jiaxin , Zou, Honghui . How does outward FDI in developed economies affect the R&D of emerging economy firms? An attention-based view [J]. | JOURNAL OF INTERNATIONAL MANAGEMENT , 2025 , 31 (1) . |
| MLA | Xie, En 等. "How does outward FDI in developed economies affect the R&D of emerging economy firms? An attention-based view" . | JOURNAL OF INTERNATIONAL MANAGEMENT 31 . 1 (2025) . |
| APA | Xie, En , Lin, Jiaxin , Zou, Honghui . How does outward FDI in developed economies affect the R&D of emerging economy firms? An attention-based view . | JOURNAL OF INTERNATIONAL MANAGEMENT , 2025 , 31 (1) . |
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Abstract ：
Digital transformation in public sectors has become a prominent trend in economic development and public management. This paper utilizes a difference-in-differences (DID) approach based on the Chinese digital government (DG) policy to explore the impact of DG transformation on venture capital (VC) investment. The results show that DG transformation improves the likelihood and amount of VC investment for startups. These results remain robust after accounting for potential endogeneity concerns and conducting various robust checks. Additionally, this positive effect is driven by enhanced government efficiency and increased innovation activities. Furthermore, the study finds that DG policy shortens VC investment duration, underscoring the impact on investment strategies. This study contributes to the literature by providing novel insights into the effects of public sector digitalization and its role in stimulating private capital markets.
Keyword ：
Digital government Digital government Government efficiency Government efficiency Innovation Innovation Venture capital Venture capital
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| GB/T 7714 | Wei, Xiaokun , Jiang, Yan , Gan, Tian et al. One click into capital: The impact of digital government on venture capital [J]. | PACIFIC-BASIN FINANCE JOURNAL , 2025 , 91 . |
| MLA | Wei, Xiaokun et al. "One click into capital: The impact of digital government on venture capital" . | PACIFIC-BASIN FINANCE JOURNAL 91 (2025) . |
| APA | Wei, Xiaokun , Jiang, Yan , Gan, Tian , Zou, Honghui . One click into capital: The impact of digital government on venture capital . | PACIFIC-BASIN FINANCE JOURNAL , 2025 , 91 . |
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