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Technological Knowledge Spillover in Business Groups: Evidence from China

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  • Xiaoyun Gong
  • Shenwei Mo
  • Xiaofeng Quan
  • Cheng Xue

Abstract

We examine the spillover effect of technological knowledge within business groups using a sample of Chinese A-share listed companies from 2007–2019. We find the parent company’s technological knowledge stock improves its subsidiaries’ innovation outputs. The lower communication cost resulting from the opening of a high-speed railway between a parent company and its subsidiaries effectively promotes the transfer of technological knowledge. Heterogeneity tests show that the spillover effects are more significant in business groups where the parent company has lower asset specificity or centralized control. Overall, our evidence suggests that business groups are essential in promoting innovative activities, primarily through technological knowledge spillover.

Suggested Citation

  • Xiaoyun Gong & Shenwei Mo & Xiaofeng Quan & Cheng Xue, 2022. "Technological Knowledge Spillover in Business Groups: Evidence from China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(14), pages 4050-4064, November.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:14:p:4050-4064
    DOI: 10.1080/1540496X.2022.2082867
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    Cited by:

    1. Bo Zeng & Weimin Zhang & Defang Ma & Chenyang Zhang & Xiao Liu, 2023. "The Impact of Group Control on the Effectiveness of Enterprise Innovation: An Empirical Study," Sustainability, MDPI, vol. 15(13), pages 1-15, July.

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