Do Managerial Practices Matter in Innovation and Firm Performance Relations? New Evidence from the UK
利用1992-2014年英国企业数据，研究发现管理实践与研发活动共同作用才能提升企业绩效，且高杠杆在管理良好且有创新的企业中产生正面效应。
Abstract The innovation and firm performance relationship remains a puzzle, as all types of innovation are not equally beneficial. Besides, better‐managed firms can perform better. Integrating these two strands of literature, we examine whether managerial practices explain this relationship using data from UK firms during 1992–2014. We find that firms which focus on R&D activities jointly with better managerial practices benefit favourably. During the post‐crisis period, higher intangibles are only beneficial when combined with R&D activity. Also firms with better managerial practices and innovative activities exhibit a positive effect of higher leverage. Finally, an inverse U‐shaped result supports the Schumpeterian theory of creative destruction.