Eficiencia en innovación, experiencia internacional del director ejecutivo y valor de la empresa en compañías chinas de chips

Chen, Yung-Shuan

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Revista de Administração de Empresas

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ARTICLES • Rev. adm. empres. 64 (3) • 2024 • https://doi.org/10.1590/S0034-759020240303 copiar

Eficiencia en innovación, experiencia internacional del director ejecutivo y valor de la empresa en compañías chinas de chips

Autoría SCIMAGO INSTITUTIONS RANKINGS

RESUMEN

Este estudio examina el impacto de la experiencia internacional del CEO en el valor de la empresa y la eficiencia de la innovación en el valor de la empresa. Utilizando la técnica de coincidencia de puntuación de propensión con 645 observaciones de 129 empresas de chips chinas que cotizan en bolsa durante el período de 2015 a 2019, encontramos que los CEO con experiencia en el extranjero aumentan significativamente el valor de la empresa. Es importante destacar que la experiencia internacional del CEO modera el impacto de la eficiencia de la innovación en el valor de la empresa, lo que indica que dichos CEO están en mejores condiciones de aprovechar la innovación para la creación de valor. Los resultados subrayan la importancia de atraer y retener CEO con experiencia en el extranjero y mejorar la eficiencia de la innovación para mantenerse competitivos. Este estudio tiene implicaciones teóricas y políticas para las empresas, los formuladores de políticas y las partes interesadas en la industria.

Palabras clave:
experiencia internacional del CEO; eficiencia de la innovación; valor de la empresa; método de emparejamiento de puntaje de propensión; empresas de chips chinas

Variable	Symbol	Definition	OE=1			OE=0
Variable	Symbol	Definition	Sample	Mean	SE	Sample	Mean	SE
Firm value	FV	Tobin’Q = market value/book value of total assets	155	3.38	2.81	490	2.38	2.05
Firm value_Sub	FV_sub	Market value + debt - cash	155	154.47	230.14	490	227.53	435.57
Innovation efficiency	IE	Intangible assets/total R&D expenditure	155	1.57	2.60	490	1.89	3.89
Innovation efficiency_Sub	IE_sub	R&d expenditure/operating income	155	2.39	5.00	490	6.01	16.37
Capital structure	Cap	Total debt/total assets (%)	155	34.79	17.02	490	38.87	20.22
Profitability	Pro	Net profit/operating income (%)	155	7.23	13.66	490	7.03	22.01
Firm size	Size	Ending total assets	155	70.99	131.19	490	169.28	403.60

Variable	Before the match (U) After the match (M)	Mean		Deviation rate	Deviation rate reduction ratio (%)	T-test
Variable	Before the match (U) After the match (M)	Treatment group	Control group	Deviation rate	Deviation rate reduction ratio (%)	t值	p>\|t\|
IE	U	1.57	1.89	-9.6		-0.96	0.34
IE	M	1.58	1.44	4.1	57.2	0.49	0.62
IE_sub	U	2.39	6.01	-29.9		-2.71	0.01
IE_sub	M	2.40	1.98	3.5	88.3	0.87	0.39
Cap	U	7.23	7.03	1.1		0.11	0.91
Cap	M	7.82	9.85	-11.1	-902.1	-1.23	0.22
Pro	U	34.79	38.87	-21.8		-2.27	0.02
Pro	M	34.86	34.91	-0.3	98.8	-0.02	0.98
Size	U	70.99	169.28	-32.8		-2.98	0.00
Size	M	71.40	73.09	-0.6	98.3	-0.12	0.91
Sample (Joint test)		Pseudo R2		LR chi2		p>chi2
Before the match (U)		0.02		16.81		0.01
After the match (M)		0.01		4.62		0.46

Variable	Tolerance	VIF	OE	IE	Cap	Pro	Size
OE	0.96	1.04
IE	0.97	1.04	-0.038
Cap	0.79	1.26	-0.089^* * p < 0.05;	-0.004
Pro	0.90	1.12	0.004	-0.172^* ***** p < 0.001; the matrix exhibits Pearson correlation coefficients.	-0.244^* ***** p < 0.001; the matrix exhibits Pearson correlation coefficients.
Size	0.84	1.19	-0.117^ p < 0.01;	-0.038	0.382^* ***** p < 0.001; the matrix exhibits Pearson correlation coefficients.	-0.15
FV	-	-	0.185^* ***** p < 0.001; the matrix exhibits Pearson correlation coefficients.	0.086^* * p < 0.05;	-0.489^* ***** p < 0.001; the matrix exhibits Pearson correlation coefficients.	0.107^* ***** p < 0.001; the matrix exhibits Pearson correlation coefficients.	-0.259^* ***** p < 0.001; the matrix exhibits Pearson correlation coefficients.

			The heterogeneity of the CEO
			OE_1	OE_2	OE_3
Model	(1)	(2)	(3)	(4)	(5)
Variable	ln(FV)	ln(FV)	ln(FV)	ln(FV)	ln(FV)
OE	0.229^* ***** p < 0.001; the values in parentheses are standard errors. (0.061)	0.140^* * p < 0.05; (0.070)
IE	0.015^* * p < 0.05; (0.007)	0.008 (0.008)	0.008 (0.008)	0.060^* ***** p < 0.001; the values in parentheses are standard errors. (0.019)	0.014^* * p < 0.05; (0.007)
IE^* * p < 0.05; OE		0.055^ p < 0.01; (0.022)
Cap	-0.022^* ***** p < 0.001; the values in parentheses are standard errors. (0.001)	-0.022^* ***** p < 0.001; the values in parentheses are standard errors. (0.001)	-0.021^* ***** p < 0.001; the values in parentheses are standard errors. (0.002)	-0.023^* ***** p < 0.001; the values in parentheses are standard errors. (0.003)	-0.022^* ***** p < 0.001; the values in parentheses are standard errors. (0.001)
Pro	0.002 (0.001)	0.002 (0.001)	0.001 (0.001)	0.004 (0.004)	0.002 (0.001)
Size	0.000^* ***** p < 0.001; the values in parentheses are standard errors. (0.000)	0.000^* ***** p < 0.001; the values in parentheses are standard errors. (0.000)	0.000^* ***** p < 0.001; the values in parentheses are standard errors. (0.000)	-0.001^ p < 0.01; (0.000)	0.000^* ***** p < 0.001; the values in parentheses are standard errors. (0.000)
Constant	1.429^* ***** p < 0.001; the values in parentheses are standard errors. (0.067)	1.444^* ***** p < 0.001; the values in parentheses are standard errors. (0.067)	1.407^* ***** p < 0.001; the values in parentheses are standard errors. (0.074)	1.685^* ***** p < 0.001; the values in parentheses are standard errors. (0.129)	1.502^* ***** p < 0.001; the values in parentheses are standard errors. (0.064)
R2	0.395	0.401	0.370	0.444	0.381
Observations	645	645	490	155	645

Model	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
Variable	ln(FV)	ln(FV)	ln(FV)	ln(FV)	FV_sub	FV_sub	FV_sub	FV_sub
OE	0.223^* ***** p < 0.001; the values in parentheses are standard errors. (0.061)				27.678^* * p < 0.05; (12.992)
IE_sub					3.102^* ***** p < 0.001; the values in parentheses are standard errors. (0.683)	2.159^ p < 0.01; (0.695)	32.771^* ***** p < 0.001; the values in parentheses are standard errors. (2.752)	3.080^* ***** p < 0.001; the values in parentheses are standard errors. (0.685)
Cap	-0.022^* ***** p < 0.001; the values in parentheses are standard errors. (0.001)	-0.021^* ***** p < 0.001; the values in parentheses are standard errors. (0.002)	-0.024^* ***** p < 0.001; the values in parentheses are standard errors. (0.003)	-0.022^* ***** p < 0.001; the values in parentheses are standard errors. (0.001)	-0.788^* * p < 0.05; (0.316)	-0.704^* * p < 0.05; (0.351)	-0.181 (0.555)	-0.821^ p < 0.01; (0.316)
Pro	0.001 (0.001)	0.001 (0.001)	0.004 (0.004)	0.001 (0.001)	0.756^ p < 0.01; (0.281)	0.558^* * p < 0.05; (0.297)	1.696^ p < 0.01; (0.597)	0.750^ p < 0.01; (0.282)
Size	0.000^* ***** p < 0.001; the values in parentheses are standard errors. (0.000)	0.000^* ***** p < 0.001; the values in parentheses are standard errors. (0.000)	-0.001^ p < 0.01; (0.000)	0.000^* ***** p < 0.001; the values in parentheses are standard errors. (0.000)	0.945^* ***** p < 0.001; the values in parentheses are standard errors. (0.028)	0.962^* ***** p < 0.001; the values in parentheses are standard errors. (0.029)	0.392^* ***** p < 0.001; the values in parentheses are standard errors. (0.114)	0.942^* ***** p < 0.001; the values in parentheses are standard errors. (0.028)
Constant	1.466^* ***** p < 0.001; the values in parentheses are standard errors. (0.064)	1.426^* ***** p < 0.001; the values in parentheses are standard errors. (0.071)	1.790^* ***** p < 0.001; the values in parentheses are standard errors. (0.128)	1.533^* ***** p < 0.001; the values in parentheses are standard errors. (0.062)	74.249^* ***** p < 0.001; the values in parentheses are standard errors. (13.687)	75.136^* ***** p < 0.001; the values in parentheses are standard errors. (14.841)	42.445^* * p < 0.05; (20.869)	82.654^* ***** p < 0.001; the values in parentheses are standard errors. (13.143)
R2	0.391	0.368	0.405	0.378	0.877	0.898	0.829	0.876
Observations	645	490	155	645	645	490	155	645

Fundação Getulio Vargas, Escola de Administração de Empresas de S.Paulo Av 9 de Julho, 2029, 01313-902 S. Paulo - SP Brasil, Tel.: (55 11) 3799-7999, Fax: (55 11) 3799-7871 - São Paulo - SP - Brazil
E-mail: rae@fgv.br

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