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Corporate ownership and firm performance: a mediating role of innovation efficiency

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  • Tai-Hsi Wu
  • Pei Ju Lucy Ting
  • Mei-Chen Lin
  • Chia-Chi Chang

Abstract

Using data from companies in Taiwan’s electronics industry, this study examines the effect of corporate ownership on firm innovation efficiency and performance. We use a network-typed data envelopment analysis (DEA) approach to calculate firm-level innovation efficiency, which is composed of the R&D efficiency and the commercialization efficiency, respectively. We find that overall innovation efficiency is positively correlated with institutional ownership and directors’ ownership. In addition, R&D efficiency is positively associated with ROA and commercialization efficiency positively correlates with Tobin’s Q. R&D efficiency partially mediates the relationship between ownership-control deviation and ROA. However, commercialization efficiency plays a mediating role for institutional ownership on a firm’s Tobin’s Q. Our findings point to a bright side of the role of corporate governance in terms of its effects on corporate innovation and the effects of such innovation, in turn, on firm performance.

Suggested Citation

  • Tai-Hsi Wu & Pei Ju Lucy Ting & Mei-Chen Lin & Chia-Chi Chang, 2022. "Corporate ownership and firm performance: a mediating role of innovation efficiency," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 31(4), pages 292-319, May.
    • Handle: RePEc:taf:ecinnt:v:31:y:2022:i:4:p:292-319
    DOI: 10.1080/10438599.2020.1799140
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    Cited by:

    1. Zhang, Shengling & Wu, Zihao & He, Yinan & Hao, Yu, 2022. "How does the green credit policy affect the technological innovation of enterprises? Evidence from China," Energy Economics, Elsevier, vol. 113(C).
    2. Aristovnik, Aleksander & Yang, Guo-liang & Song, Yao-yao & Ravšelj, Dejan, 2023. "Industrial performance of the top R&D enterprises in world-leading economies: A metafrontier approach," Socio-Economic Planning Sciences, Elsevier, vol. 89(C).
    3. Waseem Akhter & Arshad Hassan, 2024. "Does corporate social responsibility mediate the relationship between corporate governance and firm performance? Empirical evidence from BRICS countries," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(1), pages 566-578, January.

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