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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
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Is social capital associated with corporate innovation? Evidence from publicly listed firms in the U.S, Journal of Corporate Finance June (2020). Hasan, lftekhar; Hoi, Chun-Keung(Stan); Wu, Qiang; Zhang, Hao

Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Hasan, lftekhar; Hoi, Chun-Keung(Stan); Wu, Qiang; Zhang, Hao 
Number of authors
Status Published
Year of publication 2020 
Date 08.04.2020 
Name of article Is social capital associated with corporate innovation? Evidence from publicly listed firms in the U.S 
Name of journal Journal of Corporate Finance
Volume of issue 62 
Number of issue June 
Abstract We find that social capital in U.S. counties, as captured by strength of social norms and density of social networks, is positively associated with innovation of firms headquartered in the county, as captured by patents and citations. This relation is robust in fixed-effect regressions, instrumental variable regressions with a Bartik instrument, propensity score matching regressions, and a difference-in-differences design that isolates the effects of over time variations in social capital due to corporate headquarter relocations. Strength of social norms plays a more dominant role than density of social networks in producing these empirical regularities. Cross-sectional evidence indicates the prominence of the contracting channel through which social capital relates to innovation. Additionally, we find that social capital is also positively associated with trademarks and effectiveness of corporate R&D expenditures.
Free text descriptor in Finnish yritykset; sosiaaliset verkostot; sosiaalinen pääoma; sosiaaliset normit; innovaatiot; patentit; luottamus; yhteistyö; Yhdysvallat 
Free text descriptor in English Social capital, Trust, Cooperation, Innovation, Patents, Citations 
JEL-codes O31; Z13 
ISSN / e-ISSN 0929-1199 
auki Internet addresses