Li Hua, Li Yangyang, Sun Qiubai
School of Business Administration, University of Science and Technology Liaoning, Anshan, China.
Front Psychol. 2023 Mar 2;14:1062073. doi: 10.3389/fpsyg.2023.1062073. eCollection 2023.
The interlocking director network can not only help achieve low-cost information sharing and exchange learning among enterprises, but also provide essential resource support for corporate risk-taking behavior. This study aims to empirically analyze the impact, mechanism of action, and boundary of influence of interlocking director network (NET) on corporate risk-taking (RISK) using data of Chinese A-share listed companies from 2007 to 2020.The results show: (1) There is a significant positive correlation between NET and RISK, and the above results are still established after a series of robustness tests. (2) Mechanistic tests show that the NET can promote RISK through two channels: alleviating financing constraints and increasing R&D investment. (3) Further analysis reveals the promotion of NET on RISK is more significant in non-state-owned enterprises and enterprises with higher industry competition intensity. These findings have positive implications for the construction of an inter-enterprise interlocking director network and the enhancement the of the risk-taking level.
连锁董事网络不仅有助于企业间实现低成本的信息共享和交流学习，还能为企业的冒险行为提供必要的资源支持。本研究旨在利用2007年至2020年中国A股上市公司的数据，实证分析连锁董事网络（NET）对企业冒险行为（RISK）的影响、作用机制和影响边界。研究结果表明：（1）NET与RISK之间存在显著的正相关关系，经过一系列稳健性检验后上述结果依然成立。（2）机制检验表明，NET可以通过缓解融资约束和增加研发投入这两个渠道促进RISK。（3）进一步分析发现，NET对RISK的促进作用在非国有企业和行业竞争强度较高的企业中更为显著。这些发现对企业间连锁董事网络的构建以及企业冒险水平的提升具有积极意义。
