Bonding or Indulgence? The Role of Overborrowing on Firms’ Innovation: Evidence from China
Round 1
Reviewer 1 Report
The originality and the significance of the research paper should be highlighted in the abstract.
The justification of the case needs to be moved to the methodology part, instead more comprehensive analyse of lit review needs to be done in this section.
Consider these papers in your Manuscript:
§ Analysis of factors affecting the implementation of green human resource management using a hybrid fuzzy AHP and type-2 fuzzy DEMATEL approach
§ A novel fuzzy hybrid multi-criteria decision-making approach for evaluating maintenance strategies in petrochemical industry
§ Maturity evaluation of supply chain procedures by combining SCOR and PST models
Author Response
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Author Response File: 
Author Response.pdf
Reviewer 2 Report
I really appreciate the author contribution to showing the overborrowing's mediating role between state ownership and firm innovation expenditure, implying that enhancing the delegated monitoring of banks is fundamental to firm innovativeness in transition economies (having the focus on China).
The paper is well written with adequate clarity which demonstrates the author’s knowledge in the field. I appreciate the effort in highlighting the most important works (adequate literature review)
The paper structure respects the structure requested in research papers.
The abstract presents a generous context, the aim of the paper, the analysis method and the hypothesis investigated in the manuscript.
The methodology is well presented. It is not new nor innovative but it is well used. I appreciate that the interpretation of the models are made according with the theory. And moreover, I appreciate the Robustness tests.
References are appropriate with the paper aim.
I have just some small remarks:
- I recommend the authors to move Tables 2 and 3 in Annexes – these are not so insightful here.
- I recommend that the authors develop more ideas about the continuity and propose some policy implications / recommendations.
I congratulate the authors for a very good job and recommend the publication of the paper with very minor adjustments.
Author Response
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Author Response File: Author Response.pdf
Reviewer 3 Report
This manuscript examines the innovation spending gap associated with overborrowing in China's state-owned enterprises (SOEs). And it provides an analysis of the moderating effect of a firm's political connection level and top managers' R&D functional experience. It describes the research background, research methods, and conclusions clearly and has a reasonable structure. It is suggested to complement the multicollinearity test of variables.
Author Response
Please see the attachment.
Author Response File: Author Response.pdf
Round 2
Reviewer 1 Report
Accept
