Tạp chí đã xuất bản
2004
ISSN
ISSN 2615-9813
ISSN (số cũ) 1859-3682

SỐ 211 | Tháng 10/2023

Tác động của đổi mới quốc gia và xuất khẩu đến đầu tư doanh nghiệp: Bằng chứng thực nghiệm từ bộ dữ liệu WBES

Phan Quỳnh Trang, Nguyễn Văn Điệp

Tóm tắt:

Nghiên cứu đánh giá tác động của xuất khẩu và đổi mới quốc gia lên đầu tư doanh nghiệp tại các quốc gia trên thế giới. Bằng việc sử dụng mẫu khảo sát doanh nghiệp được thu thập bởi Ngân hàng Thế giới (WBES) trong giai đoạn 2019–2020 tại 45 quốc gia, kết quả hồi quy Logistic chỉ ra rằng, hoạt động xuất khẩu và mức độ đổi mới của quốc gia có tác động cùng chiều đến hoạt động đầu tư vào nghiên cứu và phát triển cũng như đầu tư vào mua sắm tài sản mới của các doanh nghiệp. Cụ thể, xác suất thực hiện các quyết định vào đầu tư của các doanh nghiệp xuất khẩu thì cao hơn so với các doanh nghiệp khai thác thị trường nội địa hoàn toàn. Thêm vào đó, khi chỉ số đổi mới được cải thiện thì xác suất thực hiện đầu tư của doanh nghiệp cũng cao hơn.

 

Tài liệu tham khảo:

  1. Afrifa, G. A., Tingbani, I., Yamoah, F., & Appiah, G. (2020). Innovation input, governance and climate change: Evidence from emerging countries. Technological Forecasting and Social Change, 161, 120256. https://doi.org/10.1016/j.techfore.2020.120256
  2. Aivazian, V. A., Ge, Y., & Qiu, J. (2005a). The impact of leverage on firm investment: Canadian evidence. Journal of Corporate Finance, 11(1), 277–291. https://doi.org/10.1016/S0929-1199(03)00062-2
  3. Aivazian, V. A., Ge, Y., & Qiu, J. (2005b). Debt Maturity Structure and Firm Investment. Financial Management, 34(4), 107–119. https://doi.org/10.1111/j.1755-053X.2005.tb00120.x
  4. Allison, L., Liu, Y., Murtinu, S., & Wei, Z. (2023). Gender and firm performance around the world: The roles of finance, technology and labor. Journal of Business Research, 154, 113322. https://doi.org/10.1016/j.jbusres.2022.113322
  5. Aw, B. Y., Roberts, M. J., & Winston, T. (2007). Export Market Participation, Investments in R&D and Worker Training, and the Evolution of Firm Productivity. The World Economy, 30(1), 83–104. https://doi.org/10.1111/j.1467-9701.2007.00873.x
  6. Barrios, S., Görg, H., & Strobl, E. (2003). Explaining Firms’ Export Behaviour: R&D, Spillovers and the Destination Market. Oxford Bulletin of Economics and Statistics, 65(4), 475–496. https://doi.org/10.1111/1468-0084.t01-1-00058
  7. Baum, C. F., Caglayan, M., & Talavera, O. (2010). On the sensitivity of firms’ investment to cash flow and uncertainty. Oxford Economic Papers, 62(2), 286–306. https://doi.org/10.1093/oep/gpp015
  8. Bernard, A. B., & Jensen, J. B. (2004). Why Some Firms Export. The Review of Economics and Statistics, 86(2), 561–569. https://doi.org/10.1162/003465304323031111
  9. Cai, K., Fairchild, R., & Guney, Y. (2008). Debt maturity structure of Chinese companies. Pacific-Basin Finance Journal, 16(3), 268–297. https://doi.org/10.1016/j.pacfin.2007.06.001
  10. Campa, J. M., & Shaver, J. M. (2002). Exporting and capital investment: On th stratgic behavior of exporters (No. D/469). Spain: IESE Business School Barcelona Research Papers.
  11. Chavis, L. W., Klapper, L. F., & Love, I. (2011). The Impact of the Business Environment on Young Firm Financing. The World Bank Economic Review, 25(3), 486–507. https://doi.org/10.1093/wber/lhr045
  12. Dauda, L., Long, X., Mensah, C. N., Salman, M., Boamah, K. B., Ampon-Wireko, S., & Kofi Dogbe, C. S. (2021). Innovation, trade openness and CO2 emissions in selected countries in Africa. Journal of Cleaner Production, 281, 125143. https://doi.org/10.1016/j.jclepro.2020.125143
  13. De Long, J. B., & Summers, L. H. (1991). Equipment Investment and Economic Growth. The Quarterly Journal of Economics, 106(2), 445–502. https://doi.org/10.2307/2937944
  14. Duong, K. D., Huynh, T. N., Nguyen, D. V., & Le, H. T. P. (2022). How innovation and ownership concentration affect the financial sustainability of energy enterprises: evidence from a transition economy. Heliyon8(9), e10474. https://doi.org/10.1016/j.heliyon.2022.e10474
  15. Ehie, I. C., & Olibe, K. (2010). The effect of R&D investment on firm value: An examination of US manufacturing and service industries. International Journal of Production Economics, 128(1), 127–135. https://doi.org/10.1016/j.ijpe.2010.06.005
  16. Eilon, S., & Cosmetatos, G. (1982). The effect of investment on unit cost and on profit. Omega, 10(1), 35–42. https://doi.org/10.1016/0305-0483(82)90083-4
  17. Esteve-Pérez, S., & Rodríguez, D. (2013). The dynamics of exports and R&D in SMEs. Small Business Economics, 41(1), 219–240. https://doi.org/10.1007/s11187-012-9421-4
  18. Farooq, U., Ahmed, J., & Khan, S. (2021). Do the macroeconomic factors influence the firm’s investment decisions? A generalized method of moments (GMM) approach. International Journal of Finance & Economics, 26(1), 790–801. https://doi.org/10.1002/ijfe.1820
  19. Farooq, U., Tabash, M. I., Al-Rdaydeh, M., & Al-Faryan, M. A. S. (2022a). Measuring the Impact of Country-level Governance on Corporate Investment: A New Panel Data Evidence. Global Business Review, 09721509221112993. https://doi.org/10.1177/09721509221112993
  20. Farooq, U., Tabash, M. I., Anagreh, S., & Saleh Al-Faryan, M. A. (2022b). Economic policy uncertainty and corporate investment: Does quality of governance matter?. Cogent Economics & Finance10(1), 2157118. https://doi.org/10.1080/23322039.2022.2157118
  21. Fazzari, S. M., Hubbard, R. G., & Petersen, B. C. (2000). Investment-Cash Flow Sensitivities are Useful: A Comment on Kaplan and Zingales. The Quarterly Journal of Economics, 115(2), 695–705. https://doi.org/10.1162/003355300554773
  22. Fernández-Sastre, J., & Martín-Mayoral, F. (2016). The effects of developing-countries’ innovation support programs: Evidence from Ecuador. Innovation, 17(4), 466–484. https://doi.org/10.1080/14479338.2016.1157447
  23. Fernández-Sastre, J., & Montalvo-Quizhpi, F. (2019). The effect of developing countries’ innovation policies on firms’ decisions to invest in R&D. Technological Forecasting and Social Change, 143, 214–223. https://doi.org/10.1016/j.techfore.2019.02.006
  24. Gilchrist, S., & Himmelberg, C. P. (1995). Evidence on the role of cash flow for investment. Journal of Monetary Economics, 36(3), 541–572. https://doi.org/10.1016/0304-3932(95)01223-0
  25. Gunday, G., Ulusoy, G., Kilic, K., & Alpkan, L. (2011). Effects of innovation types on firm performance. International Journal of Production Economics, 133(2), 662–676. https://doi.org/10.1016/j.ijpe.2011.05.014
  26. Hart, S. J., Webb, J. R., & Jones, M. V. (1994). Export Marketing Research and the Effect of Export Experience in Industrial SMEs. International Marketing Review, 11(6), 4–22. https://doi.org/10.1108/02651339410072980
  27. Hillier, D., Pindado, J., Queiroz, V. de, & Torre, C. de la. (2011). The impact of country-level corporate governance on research and development. Journal of International Business Studies, 42(1), 76–98. https://doi.org/10.1057/jibs.2010.46
  28. Hirsch, S., & Lev, B. (1971). Sales Stabilization Through Export Diversification. The Review of Economics and Statistics, 53(3), 270–277. https://doi.org/10.2307/1937971
  29. Hovakimian, A., & Hovakimian, G. (2009). Cash Flow Sensitivity of Investment. European Financial Management, 15(1), 47–65. https://doi.org/10.1111/j.1468-036X.2007.00420.x
  30. Kim, H., & Gu, Z. (2009). Financial features of dividend-paying firms in the hospitality industry: A logistic regression analysis. International Journal of Hospitality Management, 28(3), 359–366. https://doi.org/10.1016/j.ijhm.2008.12.003
  31. Lachenmaier, S., & Rottmann, H. (2011). Effects of innovation on employment: A dynamic panel analysis. International Journal of Industrial Organization, 29(2), 210–220. https://doi.org/10.1016/j.ijindorg.2010.05.004
  32. Larimo, J. (2003). Form of investment by Nordic firms in world markets. Journal of Business Research, 56(10), 791–803. https://doi.org/10.1016/S0148-2963(02)00467-8
  33. Lashitew, A. A. (2014). The Effect of Political Connections on Credit Access: Does the Level of Financial Development Matter? Kyklos, 67(2), 227–254. https://doi.org/10.1111/kykl.12051
  34. Lee, S. (2012). Financial Determinants of Corporate R&D Investment in Korea. Asian Economic Journal, 26(2), 119–135. https://doi.org/10.1111/j.1467-8381.2012.02080.x
  35. Lewellen, J., & Lewellen, K. (2016). Investment and Cash Flow: New Evidence. Journal of Financial and Quantitative Analysis, 51(4), 1135–1164. https://doi.org/10.1017/S002210901600065X
  36. LiPuma, J. A., Newbert, S. L., & Doh, J. P. (2013). The effect of institutional quality on firm export performance in emerging economies: A contingency model of firm age and size. Small Business Economics, 40(4), 817–841. https://doi.org/10.1007/s11187-011-9395-7
  37. Liu, Y., & Xu, J. (2022). Residual state ownership, foreign ownership and firms’ financing patterns. Emerging Markets Review, 51, 100868. https://doi.org/10.1016/j.ememar.2021.100868
  38. Loughran, T. (2008). The Impact of Firm Location on Equity Issuance. Financial Management, 37(1), 1–21. https://doi.org/10.1111/j.1755-053X.2008.00004.x
  39. Manole, V., & Spatareanu, M. (2010). Exporting, capital investment and financial constraints. Review of World Economics, 146(1), 23–37. https://doi.org/10.1007/s10290-009-0040-3
  40. Munch, J., & Schaur, G. (2018). The Effect of Export Promotion on Firm-Level Performance. American Economic Journal: Economic Policy, 10(1), 357–387. https://doi.org/10.1257/pol.20150410
  41. Myles Shaver, J. (2011). The benefits of geographic sales diversification: How exporting facilitates capital investment. Strategic Management Journal, 32(10), 1046–1060. https://doi.org/10.1002/smj.924
  42. Nicolau, J. L., & Santa-María, M. J. (2013). The effect of innovation on hotel market value. International Journal of Hospitality Management, 32, 71–79. https://doi.org/10.1016/j.ijhm.2012.04.005
  43. Phan, Q. T. (2018). Corporate debt and investment with financial constraints: Vietnamese listed firms. Research in International Business and Finance, 46, 268–280. https://doi.org/10.1016/j.ribaf.2018.03.004
  44. Presbitero, A. F., Rabellotti, R., & Piras, C. (2014). Barking up the Wrong Tree? Measuring Gender Gaps in Firm’s Access to Finance. The Journal of Development Studies, 50(10), 1430–1444. https://doi.org/10.1080/00220388.2014.940914
  45. Raghupathi, V., & Raghupathi, W. (2017). Innovation at country-level: Association between economic development and patents. Journal of Innovation and Entrepreneurship, 6(1), 4. https://doi.org/10.1186/s13731-017-0065-0
  46. Rodríguez-Pose, A., Tselios, V., Winkler, D., & Farole, T. (2013). Geography and the Determinants of Firm Exports in Indonesia. World Development, 44, 225–240. https://doi.org/10.1016/j.worlddev.2012.12.002
  47. Skuras, D., Tsegenidi, K., & Tsekouras, K. (2008). Product innovation and the decision to invest in fixed capital assets: Evidence from an SME survey in six European Union member states. Research Policy37(10), 1778-1789. https://doi.org/10.1016/j.respol.2008.08.013
  48. Tung, L. T., & Binh, Q. M. Q. (2022). The impact of R&D expenditure on firm performance in emerging markets: Evidence from the Vietnamese listed companies. Asian Journal of Technology Innovation, 30(2), 447–465. https://doi.org/10.1080/19761597.2021.1897470
  49. Véganzonès-Varoudakis, M. A., & Plane, P. (2019). Innovation, exports, productivity and investment climate; a study based on Indian manufacturing firm-level data. Applied Economics, 51(41), 4455-4476. https://doi.org/10.1080/00036846.2019.1591606
  50. Vo, X. V. (2019). Leverage and corporate investment – Evidence from Vietnam. Finance Research Letters, 28, 1–5. https://doi.org/10.1016/j.frl.2018.03.005
  51. Wang, F. (2014). Complementarities between R&D investment and exporting—Evidence from China. China Economic Review31, 217-227. https://doi.org/10.1016/j.chieco.2014.09.009
  52. Wagner, J. (2007). Exports and Productivity: A Survey of the Evidence from Firm-level Data. The World Economy, 30(1), 60–82. https://doi.org/10.1111/j.1467-9701.2007.00872.x
  53. Wood, E. H. (2006). The internal predictors of business performance in small firms: A logistic regression analysis. Journal of Small Business and Enterprise Development, 13(3), 441–453. https://doi.org/10.1108/14626000610680299
  54. Xu, J., Liu, Y., & Abdoh, H. (2022). Foreign ownership and productivity. International Review of Economics & Finance, 80, 624–642. https://doi.org/10.1016/j.iref.2022.02.079
  55. Yeh, M. L., Chu, H. P., Sher, P. J., & Chiu, Y. C. (2010). R&D intensity, firm performance and the identification of the threshold: Fresh evidence from the panel threshold regression model. Applied Economics, 42(3), 389–401. https://doi.org/10.1080/00036840701604487
  56. Yin, X., Qi, L., Ji, J., & Zhou, J. (2023). How does innovation spirit affect R&D investment and innovation performance? The moderating role of business environment. Journal of Innovation & Knowledge, 8(3), 100398. https://doi.org/10.1016/j.jik.2023.100398
  57. Zhang, Y., Hult, G. T. M., Ketchen, D. J., & Calantone, R. J. (2020). Effects of firm-, industry-, and country-level innovation on firm performance. Marketing Letters, 31(2), 231–245. https://doi.org/10.1007/s11002-020-09530-y

 


Impacts of National Innovation and Exports on Firm Investment: Evidence from the World Bank Enterprise Surveys (WBES)

Abstract:

This study aims to assess the impact of national exports and innovation on corporate investment in countries worldwide. By using the enterprise survey sample conducted by the World Bank Enterprise Surveys (WBES) between 2019 and 2020 in 45 countries, the logistic regression results show that the export activity and the level of innovation of the country have a positive impact on investment in research and development as well as investment in purchasing new assets of enterprises. Specifically, the probability of making investment decisions by exporting enterprises is higher than enterprises exploiting the domestic market entirely. In addition, the improved innovation index increases the probability of investing.

 

DOI: https://doi.org/10.63065/ajeb.vn.2023.211.95917

Liên hệ
  • Cơ quan chủ quản: Trường Đại học Ngân hàng Thành phố Hồ Chí Minh

    Cơ quan xuất bản: Tạp chí Kinh tế và Ngân hàng châu Á

  • Địa chỉ Tòa soạn: 36 Tôn Thất Đạm, Phường Nguyễn Thái Bình, Quận 1, TP.HCM, Việt Nam
  • Điện thoại: 028.38210238|Email: ajeb.vn@hub.edu.vn
  • Giấy phép trang thông tin điện tử: Số 201/GP-TTĐT do Cục Phát thanh, Truyền hình và Thông tin điện tử cấp ngày 11/11/2016
  • Giấy phép Hoạt động Tạp chí in: 388/GP-BTTTT ngày 02/11/2018 in tại Công ty TNHH Một Thành viên In Kinh tế
  • Tổng Biên tập: ..........................................................
Thể lệ tạp chí
Thống kê
  • 1.369 lượt truy cập
  • 8 trực tuyến
  • 206 Tạp chí đã được phát hành
  • 818 Bài viết được phát hành