Title: To span the valley of death in emerging markets: new scientific knowledge, bridging scientists and science-based firm innovation

Authors: Xinrong Li; Jiasu Lei; Yuan Tian; Miao Yang

Addresses: Business School, University of International Business and Economics, Beijing 100029, China; Chinese Academy of Science and Technology for Development, Beijing 100038, China ' School of Economics and Management, Tsinghua University, Beijing 100084, China ' Center for Enterprise Growth and National Economic Security Research, Tsinghua University, Beijing 100084, China ' Business School, Beijing Technology and Business University, Beijing 100048, China

Abstract: This study investigated the correlation between new scientific knowledge and science-based firm innovation, and the mediating role of bridging scientists, in emerging markets. The study presents new insights into how new scientific knowledge exhibits a unique benefit in establishing sustainable competitive advantage for firms. It contends that bridging scientists, an emerging class of scientific human intellectual capital in firms, can improve science-based firm innovation owing to their dual role in patenting and publishing, enabling firms to deal with different and divergent logics of new science and innovation development and spanning the 'valley of death' between science and innovation. Our hypotheses are supported by a robust empirical analysis of 146 publicly listed Chinese biopharmaceutical companies. This study offers valuable evidence for emerging markets and proposing an expanded classification of bridging scientists to provide valuable supplementary evidence in response to the call for the heterogeneity of scientific human capital.

Keywords: knowledge-based view; new scientific knowledge; science-based firm innovation; bridging scientists; emerging markets; China.

DOI: 10.1504/IJTM.2025.151889

International Journal of Technology Management, 2025 Vol.99 No.1/2, pp.23 - 58

Received: 07 Mar 2024
Accepted: 12 Jun 2025
Published online: 25 Feb 2026 *

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