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Drawing upon Complexity Adaptive Systems (CAS) theory, this study, situated within the context of alliance networks, initiates its exploration by considering two dimensions: market similarity and technology relevance. It categorizes partner coopetition relationships into four distinct types: competitive, collaborative, weakly associated, and amicable. Employing computational experimental methods, this research investigates the principal roles played by partner coopetition in mediating the transfer of alliance knowledge and its consequent impact on a firm's innovative performance. The findings reveal that knowledge transfer among alliance firms positively influences the focal firm's innovative performance. The coopetition relationship emerges as a significant moderating variable in the linkage between alliance knowledge transfer and corporate innovation performance. An increase in market similarity initially constrains the growth of innovation performance, with its attenuating effect slightly diminishing beyond a certain threshold. Conversely, enhanced technology relevance promotes innovation performance growth, although the intensifying effect slightly weakens after reaching a certain level. Furthermore, the impact of alliance knowledge transfer on the focal firm's innovative performance exhibits notable differences under varying coopetition relationships. [ABSTRACT FROM AUTHOR]

As an important factor that affects the capital market's efficiency, stock liquidity has an important impact on firm innovation activities. However, there is still considerable controversy in academia as to whether stock liquidity can improve the level of firm innovation. This paper takes the 2007-2019 Chinese Shanghai and Shenzhen A-share listed firms as a research sample, introduces the important variable of executive share incentives, and deeply studies the impact of stock liquidity on firm innovation. The research results show that there is a significant inverted U-shaped relationship between stock liquidity and firm innovation. The increase in stock liquidity can reduce firms' actual financing costs and facilitate the entry of major shareholders and increase the number of executives to conduct innovative research and development. The desire for long-term investment, however, excessive liquidity will drive institutional investors to short-term arbitrage, increase the pressure of firms to be acquired, aggravate the short-sighted behavior of executives, and inhibit firm innovation. Further research shows that executive share incentives significantly regulate the relationship between stock liquidity and firm innovation. Executive share incentives can ease principal-agent conflicts, drive executives to review the situation, cater to shareholders' interests, improve innovative decision-making, optimize investment structure, and enhance the firm Innovation level. This study enriches the relevant theoretical research on firm innovation from the cross-over perspective of firm external capital markets and internal executive incentives. Meanwhile, it provides management enlightenment for firms in the new era to better carry out innovation activities and enhance technological innovation capabilities. [ABSTRACT FROM AUTHOR]

Innovation has been widely treated as the key resource for long-term economic growth. Current literature has fully explored the factors that affect the firm's innovation performance, while not all firms can successfully capture the economic returns from innovation. When does innovation bring better economic benefit? In this paper, we argue that reducing financial constraints is the key to close the valley of death from innovation performance to financial performance. We employ a multi-source dataset of 142,975 firm-year observations of Chinese manufacturing firms from 1999 to 2009 to test our theoretical postulations. Empirical results show that: 1) firm's innovation performance has a U-shaped relationship with its financial performance. 2) Firms that face both lower individual and market-based financial constraints benefit most from innovation. 3) Individual financial constraints and market-based financial constraints jointly moderate the relationship between innovation performance and financial performance. This work uncovers the "black box" between innovation and economic returns by systematically explored how two different kinds of financial constraints prevent firm from benefiting from innovation, thus contributes to both the new growth theory and the emerging literature on connecting finance with innovation. [ABSTRACT FROM AUTHOR]