Based on the sample of A-share listed companies from 2007 to 2022, this paper empirically tests the impact of executives’ patriotic sentiment on breakthroughs in core technologies of enterprises. The study finds that patriotic sentiment can significantly promote breakthroughs in core technologies, which is still valid after a series of robustness tests and endogenous discussions. Mechanism testing shows that patriotic sentiment can promote enterprises to implement innovation strategies and enhance their willingness to make breakthroughs in core technologies. At the same time, patriotic sentiment can reduce the costs of corporate debt financing, optimize the structure of human capital, and enhance the capability of enterprises to conquer core technologies. Cross-sectional testing finds that the promotion effect of patriotic sentiment on breakthroughs in core technologies is more significant in samples with fewer executive compensation incentives and lower market competition. Finally, economic consequence testing reveals that patriotic sentiment further improves the future value of enterprises after promoting breakthroughs in core technologies. This paper offers a new perspective and insight for exploring how to promote breakthroughs in core technologies, and also provides rich micro-level evidence for understanding how Xi Jinping Thought on Culture can boost technological self-reliance and self-strengthening.
/ Journals / Foreign Economics & ManagementForeign Economics & Management
JIN Yuying, Editor-in-Chief
ZhengChunrong, Vice Executive Editor-in-Chief
YinHuifang HeXiaogang LiuJianguo, Vice Editor-in-Chief
Executives’ Patriotic Sentiment and Breakthroughs in Core Technologies of Enterprises
Foreign Economics & Management Vol. 47, Issue 11, pp. 82 - 98 (2025) DOI:10.16538/j.cnki.fem.20250602.401
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Chen Weizhong, Ma Yongqiang, Yang Dan. Executives’ Patriotic Sentiment and Breakthroughs in Core Technologies of Enterprises[J]. Foreign Economics & Management, 2025, 47(11): 82-98.
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