| Innovation is the first driving force for high-quality development of Chinese economy.It is important support and guarantee for adhering to the new development concept.Innovation is the key to the development process during the "14th Five-Year Plan" period and even longer periods.The characteristic of Chinese economic development in new era is to shift from a high-speed growth stage to a high-quality development stage.To achieve high-quality development,an innovation-driven growth model has to be promoted.Nowadays,the downward trend of global economic is obvious,and economic "reverse globalization" is intensifying.Also,the international political situation is violently turbulent.All of these situations bring new challenges and requirements to China's social stability and economic development.Hence,facing complex domestic and international political and economic situations,China has made major strategic deployments to promote economic and social structural adjustments.The Party and government comprehensively build a new development pattern in which domestic cycle is the mainstay,domestic and international dual cycles promote each other.Scientific and technological innovation plays a major driving role in this "double cycle" pattern.As micro main body of economic activities,enterprises are basic unit to promote high-quality economic development.However,most Chinese enterprises are in the low-end position of global value chain,facing two-way squeeze of low-end diversion from developing countries and high-end suppression from developed countries.In order to get rid of this predicament and achieve technological breakthroughs and independence,Chinese enterprises need to take innovation as the first priority of development,improve efficiency and benefit of innovation activities.It will achieve high-quality development at enterprise level and makes contributions to social technology progress,industrial upgrading and sustainable economic development.It will lay a solid foundation for overall advancement of China's high-quality economic development.Innovation is a kind of corporate strategic activity with high-risk,high-yield,long-term investment income,and high uncertainty.The Chief Executive Officer(CEO),as the top manager of strategic decision making and implementation,his or her background characteristics shape individual thinking mode and decision-making preference.Then it will affect the strategic choice and implementation,determining the innovation willingness and ability of enterprises.Nowadays,the state encourages teachers and researchers of universities or research institutions to engage in business activities.Entrepreneurs' social status is rising and they occupy the mainstream of social life.Meanwhile,More and more Chinese enterprises tend to hire foreign executives.Therefore,based on the macro background of China's economic development and the characteristics of corporate innovation,this study selects three CEO background characteristics,CEO academy(academy CEO),celebrity(celebrity CEO)and foreign(foreign CEO)background characteristic that are rarely involved in existing research and are representative and realistic in corporate innovation management.This research employs enterprise innovation input and output as the concrete embodiment of innovation.It gradually analyzes and compares the impact of three CEO background characteristics on enterprise innovation,the boundary function of corporate governance structure in the relationship between CEO background characteristics and innovation,the impact of CEO background characteristics on firm performance,and the mediation role of innovation in the relationship between CEO background characteristics and firm performance.The empirical results can provide theoretical reference for the research on the influence of CEO on corporate strategy,and provide reference significance for enterprises to recruit top management team members who are beneficial to promote innovation strategy.This article carries out specific research according to the following structure:Chapter One is the introduction.It expounds research background,research purpose and significance,summarizes research content and methods.It proposes research ideas and technical routes of this article,and constructs specific structure.The second chapter is the theoretical basis and literature review.This chapter defines concepts involved in this research,determines specific research scope,combs and summarizes theoretical basis and existing literature.It provides sufficient theoretical basis for this paper,and systematically analyzes the existing research.It finds the deficiencies in current research,and leads to the entry point of this article.Further,this paper run the theoretical analysis on the impact of CEO background characteristics on innovation and firm performance.It explores the internal mechanism of CEO background characteristics on corporate innovation and firm performance.It organically integrates CEO with corporate strategy and behavior,laying a sufficient theoretical foundation for following empirical research.The third chapter is the research on the relationship between CEO identity background and corporate innovation.This chapter empirically examines the relationship between CEOs with different background characteristics and innovation input and output.It examines front-end influence factors of enterprise innovation input and output from three levels,CEO work experience,social status and nationality.This research provides a valuable reference for study on the relationship between the characteristics of executives and the innovation activities.The fourth chapter analyzes the role of corporate governance in the relationship between CEO background characteristics and corporate innovation.This chapter introduces three dimensions from the perspective of corporate governance,CEO personal power,CEO managerial incentives and corporate equity structure,employing CEO duality,CEO's position in shareholders enterprise,CEO compensation incentives,CEO equity incentives;equity concentration,and property.These six variables empirically test the boundary effect of corporate governance elements in the relationship between CEO background characteristics and corporate innovation.The fifth chapter analyzes the role of CEO background characteristics and innovation activities in affecting firm performance.From the perspective of innovation benefits activities,this chapter takes innovation input and innovation output as mediating variables,constructs an analysis model of acting path where CEO background characteristics affect firm performance.It empirically tests the economic effectiveness of innovation activities under various executives.Chapter six is the research conclusions and prospects.This chapter summarizes and analyzes the conclusions,discusses the internal mechanism between independent and dependent variables,expounds the theoretical and practical significance,indicates the innovation points,shortcomings and future study.This study uses listed companies in China's Shanghai and Shenzhen stock markets from 2009 to 2017 as the research sample,and manually collect and sort out primary data on the CEO background of listed companies,combining them with secondary data for empirical analysis,obtaining 16,584 firm-year samples.It sets 26 research hypotheses and 70 regression models,employs multiple linear regression analysis and Tobit regression analysis.This paper draws the following conclusions.(1)Academic CEOs,celebrity CEOs and foreign CEOs promote corporate innovation investment,and the higher the social status of celebrity CEO,the stronger promotion of corporate innovation investment.CEO celebrity background characteristics have the strongest influence on innovation investment,academic background characteristics are the second,and foreign background characteristics are the weakest.Academic CEOs and foreign CEOs can promote corporate innovation output,and the CEO's foreign background characteristics have a stronger effect on innovation output than academic background characteristics.But celebrity CEOs has no significant effect on innovation output,indicating that the CEO's behavior of increasing R&D expenditure to maintain celebrity status has caused a decrease in the company's innovation efficiency.(2)CEO duality inhibits the promotion effect of CEO's academic background characteristic and the CEO's foreign background characteristic on corporate innovation activities,but improves the positive role of CEO celebrity background characteristics and its grade in innovation investment.CEO's position in shareholder company inhibits the positive effect of CEO academic background characteristic and foreign background characteristic on innovation activities,but enhances the promoting role of CEO celebrity background characteristic and its grade in innovation investment.Above results indicate that the increase in CEO personal power offsets the innovation willingness and preference of academic CEOs and foreign CEOs,making them more cautious and conservative when facing innovation risks.Only celebrity CEOs will improve the company innovation investment as their personal power increases.(3)CEO compensation incentive enhances the positive role of CEO celebrity and foreign background characteristic in innovation activities.But it does not play a moderating role between CEO academic background characteristic and innovation activities.CEO equity incentive inhibits the positive effect of CEO academic and foreign background characteristics on innovation investment.But there is no moderating effect on the relationship between CEO celebrity background characteristic and innovation input,and the relationship between CEO background characteristics and innovation output.It indicates that equity incentives have no positive effect on corporate innovation.(4)Equity concentration generally inhibits the role of CEO background characteristics in promoting corporate innovation activities.It does not play a moderating role in the relationship between academic CEO and innovation input,and the relationship between foreign CEO and innovation output.State-owned property improves the positive effect of CEO academic background characteristic on innovation,but reduces the promotion effect of CEO celebrity background characteristic on innovation input.It shows that academic CEOs can make full use of the rich innovation resources of state-owned enterprises,while celebrity CEOs are less motivated to take active actions in order to maintain celebrity status due to the official attributes and special social status of state-owned enterprise leaders.(5)Corporate innovation input plays a mediating role in the process of CEO background characteristics promoting firm performance.Innovation output plays a partially mediating role in the process of CEO academic and foreign background characteristics promoting firm performance.But innovation output does not have mediating effect between CEO celebrity background characteristic and firm performance.The above results show that innovation activities can improve the performance level of enterprises in a variety of leadership environments.And CEOs with different background characteristics can improve the economic benefits of enterprises by promoting innovation activities.But it also confirms that the purpose of celebrity CEOs to promote corporate innovation investment is to maintain their celebrity status,rather than practically improving the innovation level and sustainable development capabilities of enterprises affects the efficiency of enterprise innovation resources once again.The innovation points of this paper are mainly reflected in the following aspects:First,there are few literatures on CEO academic background,celebrity background,foreign background,and the relationship between these three background characteristics and corporate innovation among the research on CEO background characteristics.There are also few literatures comparing the impact degree of different background characteristics on corporate innovation.The empirical research on this relationship is not only innovative and representative,but also able to discover the unique effects of these three characteristics on corporate innovation strategy.Therefore,this article introduces three background characteristics of academic,celebrity and foreign from three dimensions of CEO work experience,social status,and nationality and culture to construct a model of the role of CEO background characteristics affecting corporate innovation and performance.It has sufficient research and practice value with increasing business activities among academic CEOs,celebrity CEOs and foreign CEOs.This paper can theoretically reveal actual utility and strength relationship of the three background characteristics affecting corporate innovation and performance,and expand the relevant research on CEO characteristics and corporate strategy.In practice,it provides new methods and perspectives for enterprises to improve their innovation capabilities and performance levels.Second,this paper expands the research scope of upper echelons theory,social identity theory and principal-agent theory.It organically integrates three theories with innovation management and strategic management,enriches research objects of upper echelons theory,extends research content of social identity theory in corporate strategy field,provides possible solutions for the core problem of principal-agent theory.Third,a new measurement method is adopted to measure the CEO's celebrity status.Through a large amount of manual collection and sorting work,first-hand data on Chinese CEO's social background has been obtained during about ten years,which form a unique celebrity CEO database to measure celebrity indicator.This method expands awards from top media to various social awards and honorary titles set by the government and media at all levels,and then adds the level of celebrity CEO into the empirical model of innovation and performance.It makes the test results more representative and convincing.Fourth,this paper conducts a comprehensive research on the boundary effect and contingency effect of corporate governance structure in the relationship between CEO characteristics and corporate innovation.It draws conclusions that are different from the existing literature and common sense of corporate governance,revealing difference of impact of CEO background characteristics on enterprise innovation under different governance structure.This article starts from the three dimensions of CEO personal power,CEO managerial incentives and corporate equity structure,introducing six governance structure factors including CEO duality,CEO having position in shareholder company,CEO compensation and equity incentives,ownership concentration and nature of ownership.It empirically tests the actual effects of governance factors on the relationship between CEO and corporate innovation,having important theoretical and practical significance for companies' corporate governance system and corporate innovation development.Fifth,this paper deeply analyzes the role of CEOs with different background characteristics influencing firm performance through innovation activities,revealing the conversion efficiency of innovation input and output under the leadership of different CEOs.It explores the role of innovation activities on corporate benefits and the development of social economy.It also puts forward a feasible way to improve the economic benefit by enhancing the innovation level and ability. |
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