Abstract:

A new technological revolution is reshaping the global innovation landscape, making it increasingly important for firms to increase their research and development (R&D) investments. These investments are pivotal for accelerating technological upgrades and maintaining competitiveness in a globalized economy. It is widely accepted that firms increase R&D investment because of their ample resources and positive performance feedback. However, despite a significant rise in R&D investment by listed firms in recent years, their profitability has not demonstrated a corresponding increase. This discrepancy raises an important question: Has the continuous increase in R&D investment by firms surpassed the positive effects of performance feedback?

Building upon the resource-based view and performance feedback theory, a growing body of literature has focused on how external stakeholders, such as the government and venture capitalists, influence firm's R&D investment decisions. In particular, the actions of other firms within the same field can reshape the business environment and influence the allocation of resources among stakeholders. From the perspective of institutional isomorphism theory, it has been found that, in uncertain environments, firms tend to imitate the behavior of other firms operating in similar contexts, particularly when those firms are embedded within the same organizational field. This imitation helps firms reduce decision-making risks and gain legitimacy, especially in a competitive and resource-constrained environment.

Most existing research has examined the role of imitation pressure in promoting R&D investment within a single organizational field. However, focal firms are not only embedded in one field but often operate within both industry and regional fields simultaneously. The overlap between these two fields generates a new organizational space known as the regional-industry dual field. This dual-field environment creates unique dynamics for firms that are embedded in both fields, and raises several important questions. For example, how do new "same-group" firms, those that are both in the same region and industry, influence one another's R&D investment behavior? Furthermore, what happens when imitation pressures from the two fields conflict? consider the situation where firms in the same region have relatively high levels of R&D investment, but firms within the same industry have lower investment levels. How will the focal firm respond in such a conflicting environment? Existing organizational innovation research has not provided clear answers to these questions, especially when it comes to the simultaneous pressures from industry and regional fields.

To address these gaps, this study applies institutional isomorphism theory to explore the impact of dual-field imitation pressure on firm's R&D investment. Additionally, it examines the moderating effects of imitation pressure conflicts. The analysis investigates the relationship between imitation pressure and R&D investment in firms of different market positions, while also assessing whether dual-field imitation pressure helps firms overcome the manipulation of R&D investment levels. Using a two-way fixed effects model, this study conducts an empirical analysis of A-share manufacturing companies listed on the Shanghai and Shenzhen stock exchanges between 2008 and 2022.

The results of the study indicate that dual-field imitation pressure positively influences firms to increase their R&D investment. Furthermore, when imitation pressures from the two fields conflict, the driving effect on R&D investment is strengthened. Firms with varying market positions align with the imitation pressures from the different fields they are embedded in, and, when facing dual-field pressures, they tend to increase their substantive R&D investment. This study not only enriches the literature on the role of imitation pressure in corporate R&D investment but also contributes to the understanding of how social innovation demands can be translated into corporate behavior. By analyzing the interplay between different organizational fields, this study helps provide new insights into the dynamics of R&D investment and the role of external pressures in shaping corporate innovation strategies.

Key words: dual-field, imitation pressure, R&D investment, legitimacy, firm status

摘要：

本研究基于制度同构理论探究区域-行业双重场域模仿压力对焦点企业研发投资的影响,以及区域场域与行业场域内模仿压力不一致的调节作用,并运用我国沪、深两市A股制造业企业2008-2022年非平衡面板数据进行了实证检验。研究发现,双重场域模仿压力是激发企业加大研发投资的重要力量;当区域和行业场域模仿压力冲突时,双重场域模仿压力的研发投入驱动效应将会增强。异质性检验结果表明,行业和双重场域的模仿压力对高市场地位企业的响应更大,区域场域的模仿压力对低市场地位企业的影响更大。本研究超越了绩效反馈,聚焦企业双重场域模仿压力对企业研发投资影响,丰富了组织研发投资动力机制研究,对于推动企业创新活动的持续深化和升级具有重要意义。

关键词: 双重场域, 模仿压力, 研发投资, 合法性, 企业地位