Interlocking Directors And Technological Innovation Performance

Enterprise innovation is the core and main body of the national innovation system and the driving force of the enterprise’s own development.How to promote enterprise innovation has become an urgent problem for all countries.Enterprise is an open system,its survival and development depends on the ability of enterprises to obtain resources in the process of exchanging with the outside environment.In order to reduce the dependence on the outside world,enterprises actively carry out acquisitions,mergers and acquisitions of control rights.Because of the limited resources of enterprises,these methods are not long-term solutions.Because directors chain is flexible and easy to implement,it has become the most commonly used and popular countermeasure to deal with inter-firm relations.Therefore,this paper studies the impact of chain directors on enterprise R&D innovation.Due to the differences of research samples,economic background and national background,the impact of chain directors on R&D innovation has not been consistent.Considering that R&D innovation decision-making of enterprises is made by management,and then realized by using organizational resources.In this process,because the decision-making problem of management is closely related to the problem of enterprise agency,we need to consider how to effectively solve the problem of agency,so as to make better innovative decisions.In the implementation process of innovation decision-making,the resources owned and available by enterprises play a decisive role.At this time,it is necessary to consider that enterprises need to exchange with external environment to obtain more resources in the theory of resource dependence.Therefore,this paper will discuss it with the theory of resource dependence and agency.However,these two explanatory mechanisms are not antagonistic.The impact of chain directorship on innovation performance is different when measuring the different dimensions of corporate linkage.Therefore,this paper studies the impact of the number of chain directors and extermal social capital on the innovation performance of enterprises.Considering that the innovation activities of enterprises depend on the intermal and external resources and environment of enterprises,this paper takes organizational redundancy of internal factors and environmental uncertainty of external factors as moderating variables to help us.To better understand the mechanism of chain directors,influence on innovation performance of enterprises.Based on the basic content of resource dependence theory and principal-agent theory,the innovation performance of core enterprises as explanatory variables.Through descriptive statistical analysis,correlation analysis and regression analysis,the impact of quality and quantity of chain directors on innovation performance is different.At the same time,we choose organizational redundancy which reflects the internal factors and environmental uncertainty which reflects the external factors as the moderating variables,and construct a moderating effect model to examine how organizational redundancy and environmental uncertainty affect the relationship between director linkages and enterprise innovation performance.This study finds that:(1)There is a positive correlation between the external capital of chain directors,which reflects the qualitative characteristics of linkage relationship,and the innovation performance of enterprises.Chain directors with high social capital have stronger ability to obtain external information and resources,which can bring information advantages and control advantages to companies,enhance trust among enterprises,reduce transaction costs and cognitive costs,and reduce the risk of innovation activities.Therefore,the higher the external social capital of chain directors,the better the innovation performance of enterprises.(2)There is a negative correlation between the number of chain directors reflecting the quantitative characteristics of linkage relationship and the innovation performance of enterprises.The more interlocking directors there are,the more homogeneous resources there may be that are not conducive to innovation activities.Because the number of concurrent directors is too busy,the efficiency of supervision is reduced,the quality of corporate governance is lowered,and the interests of directors and agents collude with each other,seek profits,worsen agency problems,stimulate short-sighted problems of management,induce earnings manipulation behavior of enterprises,which is not eondueive to technological innovation requiring long-term investment.Policy decision.Therefore,the more the number of chains,the worse the innovation performance of enterprises.(3)The higher the degree of organizational redundancy,the stronger the positive impact of external social capital of chain directors on innovation performance.Because when enterprises are in the core position of the chain directors network to obtain a large number of valuable heterogeneous resources,organizational redundancy can complement each other,alleviate the conflicts caused by resource shortage within the organization units,for the consumption of enterprise innovation activities,which is conducive to improving enterprise innovation performance.The higher the degree of organizational redundancy,the stronger the negative impact of the number of chain directors on innovation performance.Because the high degree of organizational redundancy will stimulate managers,short-sightedness and self－interest,collude with other directors through the chain network,maximize the interests of managers,and further deteriorate the agency problem of enterprises.(4)The higher the environmental uncertainty,the weaker the positive impact of external social capital of chain directors on innovation performance.Because the uncertainty of enterprise environment will hinder the transfer of information and resources between chain directors to a certain extent,reduce the exchange between enterprises,and greatly reduce the quantity and quality of information and resources that enterprises obtain from outside.The higher the environmental uncertainty is,the stronger the negative impact of the number of chain directors on enterprise innovation performance.VVhen the environmental uncertainty is high,besides the difficulty of obtaining effective information resources,it increases the degree of information asymmetry of enterprises,thus increasing the difficulty of directors,prediction and supervision of management behavior and deteriorating agency problems.Question.The results of this paper prove that there are differences in the direction of the impact of quality and quantity on innovation performance.The theoretical contribution of this paper lies in the combination of resource dependence theory and agency theory,deepening the internal mechanism of chain directors,innovation performance,enriching the related research of organizational redundancy and environmental uncertainty.Practical significance is to guide enterprises to allocate resources to establish the relationship between chain directors at different levels,to allocate redundant resources rationally,and to guide enterprises to cope with high uncertainty of external environment.