Does the State Science and Technology Progress Award Inspire the Technological Innovation of Firms?

Abstract

Abstract: It is of great theoretical value and practical significance to explore the mechanism of how State Science and Technology Award stimulates firms’ technological innovation. Based on the science and technology award theory and endorsement effect theory, this paper explores the incentive effect of State Science and Technology Progress Award on firms’ technological innovation, and the moderating effects of firms’ economic performance feedback and marketization degree on the relationship between State Science and Technology Progress Award and firms’ technological innovation under the market economy system. Taking publicly listed companies from 2008 to 2020 as samples, this paper makes an empirical test by using staggered difference in differences model, aiming at supplementing the existing national policy research on encouraging firms’ technological innovation and providing theoretical support for perfecting China’s Science and Technology Awards system. The findings are as follows. First, the State Science and Technology Progress Award can stimulate technological innovation of firms by emphasizing honor incentive and endorsement effect, and the higher the award level, the better it is for firms’ technological innovation. Second, the feedback of firms’ economic performance does not strengthen the positive incentive effect of firms’ winning the State Science and Technology Progress Award and the award level on technological innovation. Third, the degree of marketization weakens the positive incentive effect of firms’ winning the State Science and Technology Progress Award and the award level on technological innovation.

Key words: State Science and Technology Award, economic performance feedback, degree of marketization, technological innovation

Chen Lingzhi, Sun Yutao, Zhang Ying. Does the State Science and Technology Progress Award Inspire the Technological Innovation of Firms?[J]. Management Review, 2026, 38(4): 93-103.

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