Globelics Academy 2007
Lisbon Portugal
May 02. May 11
Changing Engines of Growth in China:
From FDI and Privatization
to Innovation and Knowledge
Furong Jin, Keun Lee, and Yee-Kyoung Kim
Dep’t of Economics, Seoul National University
KOREA
Contents
• Introduction
• Literature Review
• Data and Methodology
• Changing Engines of Growth in China
• China’s S&T policies and the performance of
Knowledge/Innovation
• Knowledge/Innovation Performance Index and its
Determinants
• Knowledge/Innovation Performance and Economic
Growth
• Conclusion
Introduction
December 1978
China’s Reform and Openness policies
Remarkable Economic Performance
9% of average annual economic growth
FDI?
What is the driving
force of such
economic
performance?
Privatization of SOE?
Exports?
Knowledge?
Innovation?
Existing Literature on
Determinants of Growth in China
(+) impact of FDI, Exports
:
Lee, 1996; Berthélemy and Démurger, 2000;
Tian et al., 2004; Kawakami, 2004
(-) impact of bigger state sector
 ( + impact of privatization)
: Chen and Feng (2000), Phillips and
Shen, 2005; Kawakami, 2004
Papers on the relationship between
technological innovation and economic
performance began to arise
: Liu, 2006; Li and Florida, 2006
Data and Methodology
•
•
China’s Provincial Data: 1988-1993 & 1997-2003
Source: China Statistical Yearbook on Science and
Technology , China Statistical Yearbook
• Cross – Provincial Analysis
Yi     Ti   X i  ui
Y: Economic growth ( per capita income growth rates)
T: Variables of our interests (knowledge/innovation performance)
X: Basic variables
(initial income, population growth, literacy, coastal dummy)
and other control variables (Policy and infrastructure)
OLS and 2-stage LS
to control possible endogeneity of T variables
(instrument variables)
Economic Growth : Basic Regression
1988-1993 vs. 1997-2003
Coastal dummy: + over both periods,
Illiteracy rate and Population growth: - over the later period
Initial income: - over the earlier period
<Table 1> Regression Results with Basic Variables
Coastal dummy
Illiteracy rate
Initial income
Population growth
Observations
R2
(1)
(2)
1988~1993
1997~2003
3.231
1.471
(0.015)**
(0.000)***
-0.077
-0.068
(0.368)
(0.009)***
-1.741
0.003
(0.089)*
(0.941)
-0.191
-0.932
(0.871)
(0.000)***
30
31
0.329
0.565
Policies and Economic Growth:
1988-1993
Rather, economic policy variables had significant impacts on growth .
Exports and Foreign Direct Investment: + vs. ratio of State ownership: (1)
Coastal dummy
2.513
(0.021)
Illiteracy rate
Initial incom
Population growth
Share of exports
(2)
(3)
3.408
**
(0.006)
***
2.096
(0.205)
-0.062
-0.036
-0.089
(0.374)
(0.651)
(0.280)
-2.411
-1.835
-0.302
(0.007)***
(0.054)*
(0.855)
-1.301
-0.931
-0.309
(0.201)
(0.414)
(0.770)
0.119
(0.001)***
Share of FDI
0.325
(0.030)**
Ratio of state ownership
-0.17
(0.023)**
Observations
R2
30
30
30
0.576
0.451
0.506
Policies and Economic Growth:
1997-2003
The significance of such economic policy variables was reduced over the later
period. Exports are still significant but Foreign Direct Investment and the ratio
of State ownership lost their significance.
Coastal dummy
Illiteracy rate
Initial income
Population growth
Share of FDI
(1)
(2)
(3)
1.15
(0.016)**
0.712
(0.050)**
1.443
(0.001)***
-0.078
-0.088
-0.07
(0.005)***
(0.000)***
(0.017)**
-0.011
-0.005
0.011
(0.811)
(0.877)
(0.856)
-1.054
-1.474
-0.951
(0.000)***
(0.000)***
(0.001)***
0.085
(0.245)
Share of exports
0.044
(0.001)***
Ratio of state ownership
0.005
(0.846)
Observations
R2
31
31
31
0.589
0.729
0.566
China’s S&T policies and the performance of
Knowledge/Innovation
70000
1.4
60000
1.2
50000
1
40000
0.8
30000
0.6
20000
0.4
10000
0.2
0
0
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Inventions patents
No. of Papers
R&D/GDP
R&D/GDP
No. of inventions patents/
No. of papers
May 1995: the Decision on Accelerating Scientific and Technological Progress.
China’s S&T policies and the performance of
Knowledge/Innovation
China now has the world’s fourth largest R&D spending
worldwide, at USD 94 billion, just behind the United States,
the EU and Japan (OECD STI outlook, 2006).
China now has become the fifth leading nation in terms of its
share of the world’s scientific publications, after the USA,
Japan, the UK, and Germany, respectively (Zhou and
Leydesdorff, 2006).
Methodology: Cross-Provincial Analysis
Two-Stage Least Squares
1st stage: Knowledge/Innovation Performance Equation
T
: Knowledge/innovation performance
(5 indicators of knowledge/innovation performance)
: Instrumental variables, innovation system variables
(Univ. graduates, R&D personnel, No. of computers & ratio of technology trade)
Z
H
: Control variables
2nd stage: Economic Growth Equation
Yi     Tˆi   X i  ui
(2)
Y
Tˆ
: Economic growth
X
: Control variables (policy and infrastructure)
: Predicted value of knowledge/innovation performance
5 Indicators of Knowledge/Innovation Performance
INDICATOR
COMPONENTS
1)
Patent
2)
3)
4)
Papers
1)
2)
IVs
the number of patent applications (and grants) per 1)
10,000 persons,
the increase rate of patent applications (and grants),
the number of utility patent applications (and grants) 2)
per 10,000 persons,
the increase rate of utility patent applications (and 3)
grants)
No. of R&D
personnel in
firms
No. of
computers
Ratio of
technology trade
the number of domestic science research papers per 1)
10,000 persons
The increase rate of domestic science research
papers
2)
Ratio of
university
graduates
No. of
computers
1)
New
Products
1)
2)
an increased rate of output values of new products of
both nation-level and province-level
a ratio of output values of new products to sales.
2)
Amount of book
consumption
Ratio of
government
expenditure on
S&T
5 Indicators of Knowledge/Innovation Performance
INDICATOR
COMPONENTS
IVs
1)
Start-ups
Combined
Knowledge/
innovation
Indicator
1)
2)
the number of newly registered firms
the increase rate in the number of newly registered
firms
After summing up the above four indicators,
then divide it by 4
2)
1)
2)
3)
Ratio of
university
graduates
No. of R&D
personnel in
firms
No . Of
university
graduates
No. of R&D
personnel in
firms
No. of
computers
Determinants of Knowledge/Innovation
Performance: Patents
No. of R&D personnel in firms, No. of computers, and Ratio of technology trade
are all positively significant after controlling for other variables.
Number of R&D personnel in firms
Number of computers
Ratio of technology trade
(1)
(2)
(3)
(4)
(5)
0.080
(0.004)***
0.028
(0.048)**
0.230
(0.010)***
0.067
(0.074)*
0.026
(0.066)*
0.218
(0.020)**
0.004
(0.622)
0.070
(0.008)***
0.033
(0.018)**
0.211
(0.014)**
0.080
(0.004)***
0.027
(0.095)*
0.231
(0.012)**
0.100
(0.000)***
0.033
(0.010)***
0.205
(0.010)***
Amount of book consumption
Ratio of government expenditure on education
(6)
(7)
0.075
0.077
0.081
(0.003)*** (0.005)*** (0.004)***
-0.003
0.020
0.014
(0.880)
(0.199)
(0.467)
0.302
0.248
0.273
(0.001) *** (0.008) *** (0.007) ***
-0.037
(0.076)*
Ratio of government expenditure on S&T
0.008
(0.933)
Ratio of R&D expenditure of firms
-0.430
(0.005)***
Share of exports
0.012
(0.027) **
Share of FDI
0.019
(0.357)
Share of export * Share of FDI
Observations
R2
(8)
31
0.833
31
0.834
31
0.852
31
0.833
31
0.877
31
0.862
31
0.838
0.0004
(0.309)
31
0.840
Determinants of Knowledge/Innovation
Performance: Papers
No. of university graduates, No. of computers are all positively significant at the
5 or 1% significance levels after controlling for other variables
Ratio of university graduates
Number of computers
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
0.169
0.155
0.162
0.165
0.165
0.171
0.197
0.161
0.165
0.149
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
0.044
0.040
0.048
0.057
0.043
0.040
0.062
0.092
0.063
0.088
(0.007)***
(0.028)**
(0.007)***
(0.005)***
(0.014)**
(0.021)**
(0.005)***
(0.000)***
(0.001)***
(0.000)***
Amount of book consumption
0.006
(0.570)
Ratio of government expenditure on education
-0.024
(0.490)
Ratio of government expenditure on S&T
-0.188
(0.229)
Number of R&D personnel in firms
0.011
(0.820)
Ratio of R&D expenditure of firms
0.167
(0.510)
Number of telephones
-0.011
(0.190)
Share of exports
-0.022
(0.003)***
Share of FDI
-0.058
(0.060)*
Share of export * Share of FDI
-0.002
(0.001)***
Observations
R2
31
31
31
31
31
31
31
31
31
31
0.826
0.828
0.829
0.835
0.826
0.829
0.837
0.875
0.848
0.882
Determinants of Knowledge/Innovation
Performance: New Products
Amount of book consumption, Ratio of government expenditure on S&T are all
positively significant after controlling for other variables
Amount of book consumption
Ratio of government expenditure on S&T
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
0.027
0.024
0.027
0.026
0.025
0.035
0.021
0.031
0.029
0.028
(0.002)***
(0.071)*
(0.002)***
(0.003)***
(0.031)**
(0.014)**
(0.039)**
(0.001)***
(0.001)***
(0.001)***
0.476
0.471
0.465
0.460
0.439
0.579
0.454
0.607
0.555
0.560
(0.008)***
(0.010)***
(0.011)**
(0.013)**
(0.042)**
(0.015)**
(0.012)**
(0.007)***
(0.007)***
(0.009)***
Ratio of university graduates
0.015
(0.744)
Ratio of government expenditure on education
0.020
(0.644)
Ratio of R&D expenditure of firms
0.175
(0.592)
Number of computers
0.008
(0.754)
Number of telephones
-0.008
(0.483)
Ratio of technology trade
0.153
(0.320)
Share of exports
-0.009
(0.301)
Share of FDI
-0.033
(0.395)
Share of export * Share of FDI
-0.001
(0.433)
Observations
R2
31
31
31
31
31
31
31
31
31
31
0.553
0.554
0.556
0.557
0.554
0.561
0.569
0.570
0.565
0.563
Determinants of Knowledge/Innovation
Performance: Start-ups
The ratio of university graduates & no. of R&D personnel in firms are all
positively significant after controlling for other variables
Ratio of university graduates
Number of R&D personnel in firms
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
0.077
0.057
0.076
0.083
0.070
0.072
0.067
0.079
0.078
0.078
(0.000)***
(0.030)**
(0.001)***
(0.000)***
(0.003)***
(0.004)***
(0.031)**
(0.001)***
(0.001)***
(0.001)***
0.275
0.241
0.275
0.284
0.294
0.270
0.276
0.280
0.280
0.281
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
Amount of book consumption
0.012
(0.193)
Ratio of government expenditure on education
-0.002
(0.948)
Ratio of government expenditure on S&T
-0.160
(0.083)*
Ratio of R&D expenditure of firms
-0.226
(0.237)
Number of computers
0.005
(0.664)
Ratio of technology trade
0.049
(0.638)
Share of exports
-0.002
(0.637)
Share of FDI
-0.011
(0.586)
Share of export * Share of FDI
-0.0002
(0.473)
Observations
R2
31
31
31
31
31
31
31
31
31
31
0.911
0.916
0.911
0.920
0.915
0.911
0.911
0.911
0.912
0.912
Determinants of Knowledge/Innovation
Performance: Combined Indicator
The ratio of university graduates, no. of R&D personnel in firms and the number
of computers are all positively significant after controlling for other variables
(1)
Ratio of university graduates
Number of R&D personnel in firms
Number of computers
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
0.044
0.038
0.046
0.040
0.043
0.042
0.040
0.041
0.035
(0.022)**
(0.076)*
(0.021)**
(0.049)**
(0.026)**
(0.055)*
(0.034)**
(0.030)**
(0.055)*
0.119
0.108
0.120
0.126
0.119
0.117
0.123
0.123
0.123
(0.000)***
(0.002)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
0.032
0.030
0.030
0.033
0.034
0.030
0.044
0.038
0.047
(0.002)***
(0.005)***
(0.004)***
(0.002)***
(0.006)***
(0.015)**
(0.002)***
(0.001)***
(0.000)***
Amount of book consumption
0.004
(0.577)
Ratio of government expenditure on education
0.011
(0.579)
Ratio of R&D expenditure of firms
-0.093
(0.554)
Ratio of government expenditure on S&T
-0.027
(0.763)
Number of telephones
0.001
(0.846)
Share of exports
-0.006
(0.192)
Share of FDI
-0.020
(0.265)
Share of export * Share of FDI
-0.001
(0.057)*
Observations
R2
31
31
31
31
31
31
31
31
31
0.882
0.883
0.883
0.884
0.882
0.882
0.890
0.888
0.898
Knowledge/Innovation and Economic Growth:
1988-1993
No Knowledge/Innovation variables significant
Coastal dummy
Illiteracy rate
Initial incom
Population growth
Patents
(1)
(2)
(3)
(4)
(5)
3.251
(0.016)**
-0.065
(0.469)
-1.941
(0.083)*
-0.107
(0.929)
0.577
(0.622)
3.291
(0.013)**
-0.049
(0.580)
-2.127
(0.054)*
0.052
(0.965)
3.304
(0.022)**
-0.078
(0.372)
-1.753
(0.094)*
-0.221
(0.856)
3.504
(0.009)***
-0.085
(0.315)
-5.215
(0.065)*
-0.695
(0.567)
3.226
(0.016)**
-0.073
(0.400)
-2.342
(0.108)
-0.042
(0.972)
Papers
0.945
(0.307)
New products
-0.118
(0.882)
Start-ups
2.168
(0.180)
Knowledge/innovation performance
Observations
R2
0.659
(0.549)
30
0.336
30
0.358
30
0.329
30
0.378
30
0.339
Knowledge/Innovation and Economic Growth:
1997 –2003
1) Now, Knowledge/Innovation variables and illiteracy become significant.
2) Initial income lost significance or positive -> rising inequality.
Coastal dummy
Illiteracy rate
(1)
(2)
0.566
0.942
(0.039)
-0.084
-0.056
Population growth
Patents
***
(0.041)
(4)
1.070
**
(0.170)
(0.001)
Initial income
(3)
**
(0.004)
***
-0.104
(0.000)
***
(5)
0.991
(0.020)
0.900
**
-0.091
(0.002)
(6)
***
(0.018)
**
-0.088
(0.000)
***
0.956
(0.013)**
-0.086
(0.001)***
0.066
0.016
0.051
0.066
0.056
0.051
(0.117)
(0.729)
(0.221)
(0.193)
(0.181)
(0.223)
-1.448
-1.271
-0.899
-1.114
-1.150
-1.129
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
(0.000)***
1.247
(0.003)***
Papers
0.959
(0.018)**
New products
0.673
(0.004)***
Start-ups
0.469
(0.021)**
Knowledge/innovation
performance
Observations
R2
F-test (p-value)
Test of over identifying
restrictions (p-value)
OLS result
0.788
0.711
(0.005)***
(0.010)***
31
31
31
31
31
31
0.707
0.527
0.682
0.601
0.692
0.693
0.000
0.000
0.000
0.000
0.000
0.000
0.90
0.58
0.48
0.94
0.45
0.66
1.052
0.423
0.507
0.309
0.726
0.726
(0.002)***
(0.050)**
(0.003)***
(0.087)*
(0.004)***
(0.004)***
Robustness Test I: Innovation to Growth
Control Var. Economic Policies (1997-2003)
Coastal dummy
Illiteracy rate
(1)
(2)
0.379
0.690
population growth
(5)
0.427
0.407
0.947
(7)
(8)
0.673
0.736
(9)
1.113
*
***
(0.199)
(0.366)
(0.027)
(0.117)
(0.062)
(0.005)
-0.093
-0.106
-0.099
-0.090
-0.107
-0.095
-0.071
-0.100
***
***
***
***
***
***
***
0.953
(0.015)**
-0.081
(0.002)***
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
(0.004)
(0.001)
0.029
0.032
0.036
0.052
0.046
0.045
0.026
0.039
0.033
(0.417)
(0.399)
(0.308)
(0.228)
(0.302)
(0.298)
(0.580)
(0.454)
(0.508)
-1.643
-1.260
-1.535
-1.497
-0.945
-1.236
-1.336
-0.866
-1.099
(0.000)
***
(0.000)
***
(0.000)
0.655
***
(0.000)
***
(0.000)
***
(0.000)
1.165
*
New products
0.676
**
0.778
**
***
(0.003)
0.028
**
(0.035)
0.862
***
(0.013)
0.036
(0.000)***
(0.004)***
(0.004)
0.591
performance
(0.000)
0.683
***
(0.035)
Knowledge/innovation
(0.000)
***
(0.002)***
(0.005)
0.484
***
1.213
***
(0.064)
Share of exports
**
(6)
(0.047)
***
Patents
(4)
(0.288)
***
Initial income
**
(3)
(0.004)***
(0.005)
0.036
(0.002)***
Share of FDI
0.058
0.032
0.062
(0.351)
(0.631)
(0.329)
Share of state
-0.025
-0.008
-0.018
ownership
(0.259)
(0.707)
(0.417)
Observations
31
31
31
31
31
31
31
31
31
R
0.799
0.765
0.797
0.721
0.685
0.705
0.727
0.682
0.698
F-test (p-value)
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.89
0.85
0.29
0.75
0.52
0.54
0.75
0.56
0.85
2
Test of over identifying
restrictions (p-value)
OLS result
0.775
***
(0.007)
0.329
0.548
**
(0.037)
***
(0.009)
1.017
***
(0.002)
0.484
***
(0.006)
0.701
***
(0.005)
1.183
***
(0.001)
0.513
***
(0.004)
0.776
(0.003)***
Robustness Test II: Innovation to Growth
Control Var. Infrastructure and other variable (1997-2003)
Coastal dummy
(1)
(2)
0.378
1.037
(0.354)
Illiteracy rate
-0.093
***
(0.000)
Initial income
0.120
**
(4)
(5)
0.558
1.069
(0.005)
(0.018)
(0.182)
-0.112
-0.095
-0.079
***
(0.000)
***
(0.000)
0.107
*
**
**
***
(0.005)
-0.082
**
0.905
**
(0.019)
-0.074
-0.083
*
***
***
0.929
**
(0.006)
(0.016)
-0.104
-0.087
***
***
(0.046)
(0.045)
(0.064)
(0.001)
(0.000)
(0.001)
0.067
0.053
0.056
0.073
0.052
0.058
(0.187)
(0.107)
(0.222)
(0.182)
-1.514
-0.852
-1.111
-1.461
-0.920
-1.168
-1.506
-0.904
-1.142
***
(0.000)
***
(0.000)
1.510
***
(0.000)
***
(0.000)
***
(0.000)
1.265
0.713
0.801
***
0.419
0.491
(0.131)
(0.136)
(0.075)
0.878
***
(0.003)
0.411
(0.000)***
(0.012)**
(0.004)
0.836
performance
(0.000)
0.679
***
(0.002)
Knowledge/innovation
(0.000)
***
(0.010)***
(0.002)
0.735
***
1.479
***
***
**
(0.005)
(0.020)
*
Amount of road
0.003
0.011
0.007
(0.855)
(0.491)
(0.654)
Population density
Test of over identifying
1.052
(0.216)
New products
R
F-test (p-value)
0.507
(0.246)
(9)
(0.120)
(0.000)
2
(8)
(0.041)
***
Observations
(7)
(0.066)
(0.000)
Amount of railways
(6)
(0.025)
***
Patents
0.870
***
0.096
**
population growth
(3)
-0.0002
-0.0003
-0.0002
(0.527)
(0.919)
(0.602)
31
31
31
31
31
31
31
31
31
0.714
0.701
0.733
0.706
0.682
0.695
0.698
0.681
0.695
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.82
0..58
0.12
0.91
0.58
0.37
0.83
0.29
0.39
0.544
0.850
restrictions (p-value)
OLS result
1.118
***
(0.001)
***
(0.002)
***
(0.001)
1.055
***
(0.002)
0.522
***
(0.003)
0.742
***
(0.004)
1.081
***
(0.006)
0.469
0.810
**
(0.011)
(0.013)**
Sensitivity Tests: Innovation to Economic Growth (1997-2003)
Different sample periods & proxy for the economic growth to test sensitivity.
Household consumption is used as proxy (Beck & Laeven, 2004).
1996~2003
Coastal dummy
Illiteracy rate
(1)
(2)
0.305
0.866
*
(5)
0.631
1.081
(0.079)
(0.163)
-0.062
-0.087
-0.069
-0.093
0.094
***
(0.001)
0.080
**
***
(0.003)
0.090
*
**
***
(6)
***
(7)
0.941
(8)
0.958
**
***
(9)
1.365
***
(0.007)
(0.025)
(0.005)
(0.000)
-0.109
-0.096
-0.088
-0.103
***
***
***
***
1.208
(0.000)***
-0.089
(0.006)***
(0.000)
(0.000)
(0.001)
(0.005)
(0.003)
0.046
0.031
0.035
-0.045
-0.108
0.084
(0.051)
(0.028)
(0.314)
(0.481)
(0.441)
(0.800)
(0.568)
(0.653)
-1.459
-0.817
-1.141
-1.483
-1.000
-1.215
-0.534
-0.043
-0.291
(0.835)
(0.195)
(0.000)
***
(0.000)
***
(0.000)
1.452
(0.000)
***
(0.000)
***
(0.000)
0.584
***
(0.003)***
(0.018)
1.025
0.673
***
performance
0.670
**
(0.000)
Knowledge/innovation
(0.037)
(0.001)***
(0.012)
0.830
**
1.137
**
(0.001)
New products
***
1.099
***
Observations
Household consumption growth
(0.025)
***
Patents
0.617
**
(4)
(0.012)
(0.006)
population growth
(3)
(0.443)
***
Initial income
1998~2003
0.787
**
(0.000)
(0.003)***
(0.024)
31
31
31
31
31
31
31
31
31
R
0.716
0.701
0.718
0.674
0.648
0.646
0.723
0.686
0.695
F-test (p-value)
0.000
0.58
0.000
0.87
0.000
0.53
0.000
0.89
0.000
0.37
0.000
0.58
0.000
0.66
0.000
0.51
0.000
0.40
1.199
0.613
0.882
0.999
0.467
1.104
0.534
0.747
2
Test of over identifying
restrictions (p-value)
OLS result
***
(0.000)
***
(0.000)
***
(0.000)
***
(0.005)
0.648
**
(0.011)
**
(0.016)
***
(0.001)
***
(0.002)
(0.002)***
Conclusion
• Analyzed the changing determinants of economic growth in
China: cross-province regressions
• For (1988-1993), economic policies such as exports, FDI,
privatization were more crucial factors of economic growth.
Knowledge/innovation performance did not contribute to its
economic growth.
• For (1997-2003), Knowledge/Innovation performance such as
patents, papers, new products and start ups turned to be
crucial determinants;
Only Exports, among other economic policy variables,
confirmed its significance.
• Its robustness/Sensitivity were confirmed.
• FDI has no impact on knowledge/innovation performance
Thank You