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Political tie hot potato: The contingent effect of China's anti-corruption policy on cash and innovation

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  • Lu, Feifei
  • Zhu, Zhu
  • Zhu, Lina
  • Gao, Hao

Abstract

In this study, we combine the resource-based view (RBV) with institutional theory to examine how a firm's cash holding affects its innovation investments and outcomes and explore the contingent roles of political ties and the national anti-corruption policy. Using 18,125 firm-year observations of Chinese firms from 2007 to 2016, we reveal a three-way interactive effect of cash holding, political ties, and the anti-corruption policy on innovation. Before the policy is implemented, cash holding has the greatest positive effect on R&D investment for politically connected firms, and after the implementation this positive effect for these firms is strongest for R&D outcomes. We propose that the logic of resource utilization efficiency implied by the anti-corruption policy strongly motivates politically connected firms to convert their R&D investment into actual output. The theoretical and practical implications are discussed.

Suggested Citation

  • Lu, Feifei & Zhu, Zhu & Zhu, Lina & Gao, Hao, 2022. "Political tie hot potato: The contingent effect of China's anti-corruption policy on cash and innovation," Research Policy, Elsevier, vol. 51(4).
    • Handle: RePEc:eee:respol:v:51:y:2022:i:4:s004873332200004x
    DOI: 10.1016/j.respol.2022.104476
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