Wang Shuang, Zhao Shukuan, Shao Dong, Fan Xueyuan, Zhang Bochen
School of Business and Management, Jilin University, Changchun, China.
Business School, Northeast Normal University, Changchun, China.
Front Psychol. 2022 Jul 8;13:931227. doi: 10.3389/fpsyg.2022.931227. eCollection 2022.
China's enterprises established in the emerging economy are relatively short of technological innovation resources; therefore, these enterprises need to make use of managerial reputation to break through organizational boundaries in order to obtain richer social capital and reshape their technological creativity to cope with the complex and a changeable international economic situation. This corporate phenomenon also serves as the key for China's economy to advance to the stage of high-quality development. Based on the panel data of Chinese A-share listed companies from 2007 to 2016, this paper adopts the Heckman two-stage evaluation model to empirically study the impact of managerial reputation on enterprise innovation activities, the moderating role of corporate governance, and the mediating role of risk taking. From the standpoint of social capital, the findings indicate that managerial reputation promotes enterprise innovation investment. The mechanism test reveals that this correlation is realized through the mediating role of risk taking. Furthermore, the promotion effect of management reputation on enterprise innovation investment is stronger when the enterprises adopt the CEO duality, the larger board size, higher management ownership, and stronger equity restriction. The conclusions of this study confirm the important role of social capital in enterprise innovation in the context of the Chinese economy. The study implications also enrich and expand the research on the influencing factors of enterprise innovation investment that focus on the managerial reputation and provide important business inspiration for enterprises to build reputation management strategy and promote the transformation and upgrading of local enterprises.
中国在新兴经济体中设立的企业相对缺乏技术创新资源；因此，这些企业需要利用管理声誉来突破组织边界，以获取更丰富的社会资本，并重塑其技术创造力，以应对复杂多变的国际经济形势。这种企业现象也是中国经济迈向高质量发展阶段的关键。基于2007年至2016年中国A股上市公司的面板数据，本文采用Heckman两阶段评估模型，实证研究管理声誉对企业创新活动的影响、公司治理的调节作用以及风险承担的中介作用。从社会资本的角度来看，研究结果表明管理声誉促进企业创新投资。机制检验表明，这种相关性是通过风险承担的中介作用实现的。此外，当企业采用首席执行官兼任董事长、董事会规模较大、管理层持股比例较高以及股权限制较强时，管理声誉对企业创新投资的促进作用更强。本研究的结论证实了社会资本在中国经济背景下企业创新中的重要作用。研究启示也丰富和拓展了聚焦管理声誉的企业创新投资影响因素研究，并为企业构建声誉管理战略、推动本土企业转型升级提供了重要的商业启示。
