IDEAS home Printed from https://ideas.repec.org/a/eee/eneeco/v112y2022ics0140988322002961.html
   My bibliography  Save this article

Technological innovation efficiency and its impact factors: An investigation of China's listed energy companies

Author

Listed:
  • Piao, Zhefan
  • Miao, Binbin
  • Zheng, Zihan
  • Xu, Feng

Abstract

This study empirically examines the technological innovation efficiency (TIE) and its influencing factors using a multiple input–output stochastic frontier analysis model and a fixed-effect model on a sample of China's listed energy companies between 2008 and 2017. The results revealed the following. (1) The number of patents and research and development investments of China's listed energy companies increased rapidly. However, the overall TIE level of these energy companies was far lower than that of the effective state and showed a downward trend. (2) For the enterprise classification samples, the TIE of state-owned and foreign energy enterprises was lower than that of private energy enterprises, and the TIE of new energy enterprises was higher than that of traditional energy enterprises. (3) For the patent classification samples (IPC1, IPC2, and IPC3), only an increase in IPC2 (the number of patents in fixed buildings, mechanical engineering, heating, weapons, and blasting fields) helped increase the TIE of energy enterprises. (4) Government subsidy and financial leverage are positive factors, while financing constraints, market uncertainty and asset size are negative factors for increasing the TIE of energy enterprises.

Suggested Citation

  • Piao, Zhefan & Miao, Binbin & Zheng, Zihan & Xu, Feng, 2022. "Technological innovation efficiency and its impact factors: An investigation of China's listed energy companies," Energy Economics, Elsevier, vol. 112(C).
    • Handle: RePEc:eee:eneeco:v:112:y:2022:i:c:s0140988322002961
    DOI: 10.1016/j.eneco.2022.106140
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0140988322002961
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.eneco.2022.106140?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Dirk Czarnitzki & Christoph Grimpe & Andrew A. Toole, 2015. "Delay and secrecy: does industry sponsorship jeopardize disclosure of academic research?," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 24(1), pages 251-279.
    2. Hagedoorn, John & Cloodt, Myriam, 2003. "Measuring innovative performance: is there an advantage in using multiple indicators?," Research Policy, Elsevier, vol. 32(8), pages 1365-1379, September.
    3. Hung-jen Wang & Peter Schmidt, 2002. "One-Step and Two-Step Estimation of the Effects of Exogenous Variables on Technical Efficiency Levels," Journal of Productivity Analysis, Springer, vol. 18(2), pages 129-144, September.
    4. Noailly, Joëlle & Smeets, Roger, 2013. "Directing Technical Change from Fossil-Fuel to Renewable Energy Innovation: An Empirical Application Using Firm-Level Patent Data," Climate Change and Sustainable Development 148921, Fondazione Eni Enrico Mattei (FEEM).
    5. Lutz, Benjamin Johannes & Massier, Philipp & Sommerfeld, Katrin & Löschel, Andreas, 2017. "Drivers of energy efficiency in German manufacturing: A firm-level stochastic frontier analysis," ZEW Discussion Papers 17-068, ZEW - Leibniz Centre for European Economic Research.
    6. Montalbano, P. & Nenci, S., 2019. "Energy efficiency, productivity and exporting: Firm-level evidence in Latin America," Energy Economics, Elsevier, vol. 79(C), pages 97-110.
    7. Battese, G E & Coelli, T J, 1995. "A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data," Empirical Economics, Springer, vol. 20(2), pages 325-332.
    8. P. Beneito & M. E. Rochina-Barrachina & A. Sanchis, 2016. "Foreign capital, credit constraints and continuity of firms' R&D," Applied Economics Letters, Taylor & Francis Journals, vol. 23(3), pages 157-161, February.
    9. Federico Belotti & Silvio Daidone & Giuseppe Ilardi & Vincenzo Atella, 2013. "Stochastic frontier analysis using Stata," Stata Journal, StataCorp LP, vol. 13(4), pages 718-758, December.
    10. Boeing, Philipp & Mueller, Elisabeth & Sandner, Philipp, 2016. "China's R&D explosion—Analyzing productivity effects across ownership types and over time," Research Policy, Elsevier, vol. 45(1), pages 159-176.
    11. Fisch, Christian & Sandner, Philipp & Regner, Lukas, 2017. "The value of Chinese patents: An empirical investigation of citation lags," China Economic Review, Elsevier, vol. 45(C), pages 22-34.
    12. Dang, Jianwei & Motohashi, Kazuyuki, 2015. "Patent statistics: A good indicator for innovation in China? Patent subsidy program impacts on patent quality," China Economic Review, Elsevier, vol. 35(C), pages 137-155.
    13. Angelopoulos, Dimitrios & Doukas, Haris & Psarras, John & Stamtsis, Giorgos, 2017. "Risk-based analysis and policy implications for renewable energy investments in Greece," Energy Policy, Elsevier, vol. 105(C), pages 512-523.
    14. Huergo, Elena & Moreno, Lourdes, 2017. "Subsidies or loans? Evaluating the impact of R&D support programmes," Research Policy, Elsevier, vol. 46(7), pages 1198-1214.
    15. Joëlle Noailly & Roger Smeets, 2013. "Directing Technical Change from Fossil-Fuel to Renewable Energy Innovation: An Empirical Application Using Firm-Level Patent Data," CPB Discussion Paper 237, CPB Netherlands Bureau for Economic Policy Analysis.
    16. Michael E. Porter & Claas van der Linde, 1995. "Toward a New Conception of the Environment-Competitiveness Relationship," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 97-118, Fall.
    17. Kong, Dongmin & Zhu, Ling & Yang, Zhiqing, 2020. "Effects of foreign investors on energy firms' innovation: Evidence from a natural experiment in China," Energy Economics, Elsevier, vol. 92(C).
    18. Joëlle Noailly & Roger Smeets, 2013. "Directing Technical Change from Fossil-Fuel to Renewable Energy Innovation: An Empirical Application Using Firm-Level Patent Data," Working Papers 2013.34, Fondazione Eni Enrico Mattei.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yuan, Shengyun & Li, Changhao & Wang, Mingyang & Wu, Hao & Chang, Lei, 2023. "A way toward green economic growth: Role of energy efficiency and fiscal incentive in China," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 599-609.
    2. Zhang, Shuzhi & Xie, Guangxiong, 2023. "Promoting green investment for renewable energy sources in China: Case study from autoregressive distributed Lagged in error correction approach," Renewable Energy, Elsevier, vol. 214(C), pages 359-368.
    3. Ma, Cong & Cheok, Mui Yee & Chok, Nyen Vui, 2023. "Economic recovery through multisector management resources in small and medium businesses in China," Resources Policy, Elsevier, vol. 80(C).
    4. Wang, Lin & Dilanchiev, Azer & Haseeb, Mohammad, 2022. "The environmental regulation and policy assessment effect on the road to green recovery transformation," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 914-929.
    5. Wang, Dingqing & Liao, Hongwei & Liu, Aiguo & Li, Dongdong, 2023. "Natural resource saving effects of data factor marketization: Implications for green recovery," Resources Policy, Elsevier, vol. 85(PA).
    6. Zetian Yu & Hao Liu & Hua Peng & Qiantong Xia & Xiaoxia Dong, 2023. "Production Efficiency of Raw Milk and Its Determinants: Application of Combining Data Envelopment Analysis and Stochastic Frontier Analysis," Agriculture, MDPI, vol. 13(2), pages 1-25, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Subtil Lacerda, Juliana & van den Bergh, Jeroen C.J.M., 2020. "Effectiveness of an ‘open innovation’ approach in renewable energy: Empirical evidence from a survey on solar and wind power," Renewable and Sustainable Energy Reviews, Elsevier, vol. 118(C).
    2. Kaidong Feng & Ziying Jiang, 2021. "State Capacity and Innovation Policy Performance: A Comparative Study on Two Types of Innovation Projects in China," Review of Policy Research, Policy Studies Organization, vol. 38(4), pages 427-453, July.
    3. Gangopadhyay, Partha & Jain, Siddharth & Bakry, Walid, 2022. "In search of a rational foundation for the massive IT boom in the Australian banking industry: Can the IT boom really drive relationship banking?," International Review of Financial Analysis, Elsevier, vol. 82(C).
    4. Federica VIGANO & Andrea SALUSTRI, 2015. "Matching profit and Non-profit Needs: How NPOs and Cooperative Contribute to Growth in Time of Crisis. A Quantitative Approach," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 86(1), pages 157-178, March.
    5. Abdul-Salam, Yakubu & Phimister, Euan, 2015. "Efficiency Effects of Access to Information on Small Scale Agriculture: Empirical Evidence from Uganda," 89th Annual Conference, April 13-15, 2015, Warwick University, Coventry, UK 204302, Agricultural Economics Society.
    6. Abubakar Rasheed & Gershom Endelani Mwalupaso & Qasir Abbas & Xu Tian & Rafay Waseem, 2020. "Women Participation: A Productivity Strategy in Rice Production," Sustainability, MDPI, vol. 12(7), pages 1-15, April.
    7. Mamonov, Mikhail & Vernikov, Andrei, 2015. "Bank ownership and cost efficiency in Russia, revisited," BOFIT Discussion Papers 22/2015, Bank of Finland Institute for Emerging Economies (BOFIT).
    8. Dorn, Florian, 2023. "Elections and Government Efficiency," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277700, Verein für Socialpolitik / German Economic Association.
    9. Danuse Nerudova & Marian Dobranschi, 2019. "Alternative method to measure the VAT gap in the EU: Stochastic tax frontier model approach," PLOS ONE, Public Library of Science, vol. 14(1), pages 1-38, January.
    10. Mukherjee, Sacchidananda, 2017. "Changing Tax Capacity and Tax Effort of Indian States in the Era of High Economic Growth, 2001-2014," Working Papers 17/196, National Institute of Public Finance and Policy.
    11. Joëlle Noailly & Victoria Shestalova, 2013. "Knowledge spillovers from renewable energy technologies, Lessons from patent citations," CPB Discussion Paper 262, CPB Netherlands Bureau for Economic Policy Analysis.
    12. repec:zbw:bofitp:2015_022 is not listed on IDEAS
    13. Muratbek Baglan & Gershom Endelani Mwalupaso & Xue Zhou & Xianhui Geng, 2020. "Towards Cleaner Production: Certified Seed Adoption and Its Effect on Technical Efficiency," Sustainability, MDPI, vol. 12(4), pages 1-17, February.
    14. Orkhan Guliyev & Aijun Liu & Gershom Endelani Mwalupaso & Jarkko Niemi, 2019. "The Determinants of Technical Efficiency of Hazelnut Production in Azerbaijan: An Analysis of the Role of NGOs," Sustainability, MDPI, vol. 11(16), pages 1-19, August.
    15. Mamonov, Mikhail & Vernikov, Andrei, 2017. "Bank ownership and cost efficiency: New empirical evidence from Russia," Economic Systems, Elsevier, vol. 41(2), pages 305-319.
    16. repec:bof:bofitp:urn:nbn:fi:bof-201508181357 is not listed on IDEAS
    17. Sebastian Linde, 2023. "Hospital cost efficiency: an examination of US acute care inpatient hospitals," International Journal of Health Economics and Management, Springer, vol. 23(3), pages 325-344, September.
    18. Giovanni Marin & Alessandro Palma, 2015. "Technology invention and diffusion in residential energy consumption. A stochastic frontier approach," IEFE Working Papers 81, IEFE, Center for Research on Energy and Environmental Economics and Policy, Universita' Bocconi, Milano, Italy.
    19. Geraldine Ang & Dirk Röttgers & Pralhad Burli, 2017. "The empirics of enabling investment and innovation in renewable energy," OECD Environment Working Papers 123, OECD Publishing.
    20. Vernikov, Andrei & Mamonov, Mikhail, 2018. "Modelling technical efficiency of firms under one-step and two-step approaches (the case of commercial banks)," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 49, pages 67-90.
    21. Bao Hoang Nguyen & Robin C. Sickles & Valentin Zelenyuk, 2021. "What do we know from the vast literature on efficiency and productivity in healthcare? A Systematic Review and Bibliometric Analysis," CEPA Working Papers Series WP092021, School of Economics, University of Queensland, Australia.
    22. Jan Witajewski-Baltvilks & Elena Verdolini & Massimo Tavoni, 2015. "Directed Technological Change and Energy Efficiency Improvements," Working Papers 2015.78, Fondazione Eni Enrico Mattei.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:eneeco:v:112:y:2022:i:c:s0140988322002961. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eneco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.