Trust, Incomplete Contracting, and Corporate Innovation
研究了在不完全契约环境下，信任如何作为非正式契约机制促进企业创新，尤其在正式制度薄弱时作用更显著，并推动跨境技术溢出与创新合作。
Innovation is a contract-intensive economic activity in a world of incomplete contracts. We show that trust mitigates incomplete contracting and enhances innovation by acting as an informal contracting mechanism. Trust plays an especially important role when formal laws and regulations are lacking, and it promotes innovation by encouraging collaboration and fostering tolerance for failure. Further analyses show that trust also facilitates cross-border technological spillover and innovation collaboration. Overall, our evidence highlights innovation as a key conduit through which trust affects economic growth. This paper was accepted by Gustavo Manso, finance.