在我們的研究中探討了2011年至2019年中策略差異(STD)對企業創新的影響。我們有兩個主要結果，第一，STD對企業的創新產生了正面影響。第二，通過中介分析，我們發現經理人管理能力、產業競爭性和持有現金在STD對企業的創新起到了部分影響。而為了解決內生性問題，我們使用了two-stage least squares (2SLS) 和 propensity score matching with difference-in-differences (PSM-DID)。我們做了三項穩健性測試，首先，我們使用替代方法衡量STD後仍然得到正顯著的結果。再者，我們發現，STD對創新的影響在美國東部更為明顯；第三，在不同行業中，STD對創新的影響有所不同。總結來說，我們的研究表明策略差異與企業創新呈現正相關，並建議企業應採用差異性策略以提升企業創新，從而使自身和整個行業受益。;In this study, we investigate the influence of strategic deviance (STD) on firms’ innovation from 2011 to 2019. Our primary results show that STD positively impacts a firm’s innovation. Additionally, through mediation analysis, we find that managerial ability, industry competition, and cash holding exert a partial mediation effect on the impact of STD on firms’ innovation. Our results remain robust after applying two-stage least squares (2SLS) and propensity score matching with difference-in-differences (PSM-DID) to mitigate endogeneity issues, and using alternative measurements of STD. We also observe that the impact of STD on innovation is more prominent in the eastern U.S. and varies across different industries. Our study implies that there is a positive correlation between STD and corporate innovation, suggesting that firms should adopt deviant strategies to enhance innovation, thereby benefiting both themselves and the entire industry.
