Suchergebnisse

This paper considers the problem of the market with restricted
information. By constructing a restricted information market
model, the explicit relation of arbitrage and the minimal
martingale measure between two different information markets
are discussed. Also a link among all equivalent
martingale measures under restricted information market is given.

Based on their growing innovation capabilities, Chinese companies have become important players in the global innovation arena. Among the factors influencing these firms' innovation, cultural values have increasingly attracted scholars' attention. However, research on the relationship between one of the key elements of traditional Chinese culture, Confucianism, and innovation remains scarce. By focusing on two core elements of Confucianism, we extend the innovation contingency literature in examining whether Confucianism is associated with management and product innovation at the firm level in China. Through an empirical examination of a highly innovative private company in China's premium kitchen appliance market, we find that Confucianism, as reflected in innovative management practices, can foster product innovation. Specifically, benevolence as a Confucian virtue can trigger innovation by forcing a user-centred focus and widening managers' perspectives of stakeholder interests. Another Confucian principle, the Doctrine of the Mean, can also boost innovation by yielding harmony with surrounding elements, such as users, space, and nature, and defining the employee-management relationship.

PurposeThe purpose of this paper is to investigate whether, when and how customer orientation may contribute to success in introduction of new products (SINP).Design/methodology/approachWith a multi-phase and multi-source data collection approach, this study tested the proposed theoretical model by applying multiple regression with SPSS Process Macro.FindingsCustomer orientation positively influences cross-functional integration (CFI), which in turn facilitates SINP; a firm's new product introduction (NPI) strategy moderates customer orientation–CFI link.Originality/valueThis study empirically tests whether, why and when customer orientation may contribute to SINP. By suggesting the important role of customer orientation in improving SINP, the mediating effect of CFI and the moderating effect of NPI strategy, the current study should enrich the extant literature on customer orientation, CFI and NPI.

PurposeThe authors attempt to answer the basic questions: How is imitation tied to innovation? This question is addressed in the context of China's innovation system in the 2000s where Chinese industrial firms simultaneously implement innovation and imitation strategies in their new product developments.Design/methodology/approachThe authors first build on lattice theory and supermodularity theory to provide a rigorous and careful mathematical proof. The authors further conduct the empirical analyses using an original data on Chinese manufacturing firms' innovation and imitation strategies in the development of new products in 2002.FindingsThis article reveals the complementarity relation between imitation and innovation strategies and identifies external knowledge search as the boundary condition that influences the extent to which two strategies reinforce each other.Research limitations/implicationsThe findings of the imitation-innovation complementarity suggest that imitation is not only an indispensable strategy independent of innovation, but also is vital to the effectiveness of innovation itself.Practical implicationsThe imitation-innovation complementarity finding provides some evidence for the contention that Chinese latecomers exploit the synergies of imitation and innovation, transforming themselves from imitators to innovators and vibrant competitors in the global market (Wu et al., 2016) and, as a result, national innovation system has evolved from a state-sponsored imitation program to the imitation-innovation mixture.Originality/valueIn contrast to earlier innovation studies in which innovation and imitation are unrelated, this study reveals that imitation complements innovation, and the extent of Chinese firms' external knowledge search affects the complementary relationship between imitation and innovation. These findings add important insights to the innovation management literature and contribute empirical evidence to the interplay of innovation and imitation enhancing national innovation system.