主题：Impact of Financing Access and Corporate Governance on Firm Productivity Effect of R&D Spillover in India: Is It Stock of Innovation or Lack of Local Spill-over?
主讲：Prof. Sushanta Mallick, PhD (Warwick), Professor of International Finance
Abstract: Global productivity growth has either stagnated or declined despite continued technological innovations. Understanding the root causes behind this paradox in the context of rapidly growing economies like India can help highlight whether local knowledge diffusion plays a role in explaining firm-level productivity differences along with their own innovation stock, or whether sources of financing or corporate diversity matter in this relationship. The rise of knowledge-intensive intangibles that arise from knowledge stock (R&D activities) has dramatically magnified the importance of innovation. Using financial data for over 9,500 firms during 1994-95 to 2014-15 and by clustering firms across industries, we assess the impact of R&D stock that is external to the firm through estimating both within (intra) and between (inter) industry spillovers, and find that R&D performing firms benefit from ‘within’ industry spillover rather than ‘between’ industry spillovers, which nevertheless benefit non-R&D performing firms. Besides, we find that more innovative firms tend to have better access to financing and therefore achieve higher productivity via both types of industry-level knowledge spillover. The paper concludes that financially unconstrained firms and firms with greater corporate diversity derive positive national industry-level spillover effects as they tend to be more productive/innovative, reflecting intra (inter-industry) spillover as a type of domestic spillover or local value-chain effect – rarely explored in the technological innovation literature.