Intellectual property protection, religious culture and dynamic capabilities of enterprises: evidence from Chinese listed companies

Using the panel data of Chinese A-share listed companies from 2010 to 2019, this paper empirically tests the impact of intellectual property protection and religious culture on enterprise dynamic capabilities. It is found that intellectual property protection and religious culture have a significant promoting effect on the dynamic capabilities of enterprises. And there is a substitution effect between intellectual property protection and religious culture. After the robustness test, the benchmark research conclusion is still valid. Heterogeneity analysis shows that intellectual property protection and religious culture have heterogeneous effects on firms with different financing constraints. Further analysis shows that intellectual property protection can improve the innovation level of enterprises by improving dynamic capabilities.