Innovation is crucial for business development and economic growth. This study examines the significance of industry and regional peer effects on company innovation, the underlying motivations, and their economic consequences. We find industry and regional peer significantly affects company innovation. Instrumental variables method is used to confirm the robustness of the findings. We also find that rivalry-based imitation is the key driver of innovation among peers. Further analysis reveals that these peer effects enhance companies’ total factor productivity. The peer effects, driven by rivalry-based imitation, positively influence the focal companies. This study expands the scope of factors influencing company innovation and enriches understanding of peer effects.

中文翻译：

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行业和区域同行对公司创新的影响


创新对于业务发展和经济增长至关重要。本研究探讨了行业和区域同行效应对公司创新的重要性、潜在动机及其经济后果。我们发现行业和区域同行显着影响公司创新。工具变量方法用于确认研究结果的稳健性。我们还发现，基于竞争的模仿是同行创新的关键驱动力。进一步的分析表明，这些同行效应提高了公司的全要素生产率。由竞争性模仿驱动的同行效应对焦点公司产生积极影响。这项研究扩大了影响公司创新的因素范围，并丰富了对同行效应的理解。