In this study, we examine the influence of strategic deviance (STD) on U.S. firms' innovation from 2011 to 2019. Our primary findings indicate that STD has a positive effect on a firm's innovation. Furthermore, chain mediation analysis reveals that managerial ability, industry competition, and cash holding partially mediate the impact of STD on U.S. firms' innovation. The robustness of our results is confirmed through the application of two-stage least squares (2SLS) and propensity score matching with difference-in-differences (PSM-DID) to address endogeneity concerns, along with the use of alternative measures of STD. We also find that the impact of STD on innovation is more pronounced in the eastern U.S. and varies across different industries. Our study suggests a positive correlation between STD and corporate innovation, indicating that firms should consider adopting deviant strategies to enhance innovation, thereby benefiting both themselves and the entire industry.

中文翻译：

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创新路线：战略偏差对企业成功的影响


在这项研究中，我们研究了 2011 年至 2019 年战略偏差 （STD） 对美国公司创新的影响。我们的主要结果表明，性病对公司的创新有积极影响。此外，链中介分析显示，管理能力、行业竞争和现金持有部分中介了 STD 对美国公司创新的影响。通过应用两阶段最小二乘法 （2SLS） 和倾向评分匹配与双重差分 （PSM-DID） 来解决内生性问题，以及使用 STD 的替代措施，证实了我们结果的稳健性。我们还发现，性病对创新的影响在美国东部更为明显，并且因行业而异。我们的研究表明，性病与企业创新之间存在正相关关系，表明公司应考虑采用偏离方向的策略来加强创新，从而使自身和整个行业受益。