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研究生： 徐萱
Hsuan Hsu
論文名稱： 策略差異與公司創新
Strategic Deviance and Corporate Innovation
指導教授： 王志瑋
Chih-Wei Wang
口試委員:
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融學系
Department of Finance
論文出版年： 2025
畢業學年度： 114
語文別： 英文
論文頁數： 51
中文關鍵詞： 策略差異 、創新 、經理人能力 、產業競爭性 、現金持有
外文關鍵詞： Strategic Deviance, Innovation, Managerial Ability, Industry Competition, Cash Holding
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    • 在我們的研究中探討了2011年至2019年中策略差異(STD)對企業創新的影響。我們有兩個主要結果，第一，STD對企業的創新產生了正面影響。第二，通過中介分析，我們發現經理人管理能力、產業競爭性和持有現金在STD對企業的創新起到了部分影響。而為了解決內生性問題，我們使用了two-stage least squares (2SLS) 和 propensity score matching with difference-in-differences (PSM-DID)。我們做了三項穩健性測試，首先，我們使用替代方法衡量STD後仍然得到正顯著的結果。再者，我們發現，STD對創新的影響在美國東部更為明顯；第三，在不同行業中，STD對創新的影響有所不同。總結來說，我們的研究表明策略差異與企業創新呈現正相關，並建議企業應採用差異性策略以提升企業創新，從而使自身和整個行業受益。

    In this study, we investigate the influence of strategic deviance (STD) on firms’ innovation from 2011 to 2019. Our primary results show that STD positively impacts a firm’s innovation. Additionally, through mediation analysis, we find that managerial ability, industry competition, and cash holding exert a partial mediation effect on the impact of STD on firms’ innovation. Our results remain robust after applying two-stage least squares (2SLS) and propensity score matching with difference-in-differences (PSM-DID) to mitigate endogeneity issues, and using alternative measurements of STD. We also observe that the impact of STD on innovation is more prominent in the eastern U.S. and varies across different industries. Our study implies that there is a positive correlation between STD and corporate innovation, suggesting that firms should adopt deviant strategies to enhance innovation, thereby benefiting both themselves and the entire industry.

    摘要 i Abstract ii Table of Contents iii 1. Introduction 1 2. Literature Review and Hypotheses Development 5 2.1. STD and innovations 5 2.2. The channel of managerial ability 6 2.3. The channel of industry competition 7 3. Data 8 3.1. Data source 8 3.2. Innovation measures 9 3.3. STD 10 3.5. Control variables 11 4. Methodology 12 4.1. Baseline regression 12 4.2. Models for analyzing mediation effects 13 5. Empirical results 16 5.1. Descriptive statistics 16 5.2. Baseline results 17 5.3. Endogeneity issue 19 5.3.1. 2SLS with Instrumental variables 19 5.3.2. Propensity score matching and Difference-in-Differences 21 5.4. Mediation effect 23 5.5. Robustness check 25 5.5.1. Alternative measure 25 5.5.2. Regional analysis 26 5.5.3. Industry classification 26 5. Conclusion and Discussion 27 Appendix A: Variable Description 29 Reference 31 List of Figures Figure 1. The chain mediation effect 16 List of Tables Table 1. Summary statistics 34 Table 2. The effect of strategy deviation on firm’s innovation 35 Table 3. Two-stage least square approach with IVs of strategy deviation on firm’s innovation 36 Table 5. Mechanism Analysis 38 Table 6. The effect of strategy deviation on firm’s innovation: alternative measures of strategic deviance 41 Table 7. The effect of strategy deviation on firm’s innovation: State region 42 Table 8. The effect of strategy deviation on firm’s innovation: Industry classification 43

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