‘Education and International Work Experience Are Key Factors for Innovation in Developing Economies’
On December 20, the Faculty of Economic Sciences hosted the Third Sino-Russian Workshop on Innovations and Innovativeness, organised in collaboration with the School of Economics at Shanghai University. Three representatives from each institution, including staff and PhD students, presented at the seminar. The participants discussed factors influencing company innovativeness, the role of leaders in R&D investments, and the impact of digital transformation.
The seminar opened with welcoming remarks from Anastasia Stepanova, Deputy Vice Rector of HSE and Associate Professor at the School of Finance, and Mao Yanbing, Vice Dean of the School of Economics at Shanghai University (SHU). They emphasised the importance of innovation for developing economies like Russia and China and highlighted the progress achieved in Sino-Russian collaboration in science and education.
Mariia Evdokimova
Mariia Evdokimova, a lecturer at the School of Finance, presented her research on the link between the propensity to innovate and success among students and company CEOs. Maria conducted a survey of over 200 HSE students to assess their cognitive styles as either ‘adaptive’ or ‘innovative.’ The findings showed that innovators are more creative and willing to take risks but tend to have lower GPAs compared to adaptive students. This survey was later used as a proxy to study Russian company executives, revealing that innovative CEOs are more likely to invest in R&D. The research suggests that boards of directors can use observable traits to identify innovative leaders.
Dmitry Poduhovich
A related topic was addressed by Dmitry Poduhovich, lecturer at the School of Finance. He reviewed existing studies to explore whether CEOs’ personal traits influence the innovativeness of the companies they lead. Since researchers cannot always objectively assess CEOs’ personalities, they use proxies. For example, Benmelech and Frydman demonstrated in a 2015 paper that companies led by CEOs with pilot licenses show higher patent activity. Dmitry also analysed contemporary Chinese studies, concluding that education and international work experience are key factors for innovation in developing economies.
Yanfei Wu
Yanfei Wu, a PhD student and research intern at the Corporate Finance Center, discussed the impact of digital transformation on green innovations in large Chinese firms. She analysed financial data from nearly 1,500 companies listed on the Shanghai Stock Exchange and their progress in ESG initiatives. Her findings showed that digital transformation often creates financial constraints and increases uncertainty and information asymmetry. Investments in green innovations and technologies can lower these risks. Companies focusing on ESG are more trusted by investors, and have access to additional funding. This can reduce potential losses during digital transformation.
Colleagues from Shanghai University’s School of Economics also presented their research. Dr Tan Jing, Vice Dean of the School of Economics, examined the impact of foreign direct investment on the quality of innovation in China. Her study showed that local enterprises benefit significantly from FDI, especially through cross-border mergers and acquisitions. Dr Liu Ku analysed data from over 250 Chinese cities to investigate the influence of the ‘smart city’ concept on green innovation. He found that such systems significantly reduce energy consumption and lead to more efficient resource use. PhD student Tojo Herilanto Rakotondrazaka discussed the effects of digital trade on environmental sustainability in Sub-Saharan Africa. His research revealed mixed outcomes: while CO2 emissions decrease due to improved energy efficiency in digital trade, the energy required to maintain computer systems increases emissions.
Anastasia Stepanova
‘Studying the tendency for innovation and its effectiveness is always, as financial experts say, a “long-term game.” However, I believe that understanding the national characteristics of inventiveness, creativity, and innovation can do more than just guide investments in R&D. It is possible to achieve both individual and national results by use of this understanding,’ commented Anastasia Stepanova.
The seminar concluded with a Q&A session. The participants thanked HSE and SU for organising the event and expressed hope for continued cooperation in the future.
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