Effect Of Interlocking Directorates Network,Cooperative R&D On Innovation Performance

When enterprises carry out innovation activities,there is a high degree of uncertainty and information asymmetry.Independently carrying out innovation activities will face greater operational risks,and achieving sustainable development depends on obtaining valuable and scarce resources and capabilities.The board of directors plays an important role in enterprise development.The chain of interlocking directorates formed by directors serving on the board of different companies is an important inter-enterprise social network,which can bring rich resources and information to enterprises,ease resource dependence,and create value for enterprises.This research is based on Resource Dependence theory,Social Network theory and Principal-Agent theory,applying literature analysis,literature measurement and empirical analysis to deeply explore the influence mechanism of interlocking directorates network and cooperative R&D on innovation performance.First,introduce the research background and research problems that need to be explored,analyze the research significance and innovation,and sort out the research content and technical route.Secondly,relying on the theoretical basis,review domestic and foreign scholars' relevant research on interlocking directorates network,cooperative R&D and innovation performance and make comments,and find research breakthroughs.Thirdly,combined with the theoretical basis and previous research,in-depth exploration of the influence relationship among the main variables such as interlocking directorates network,cooperative R&D,and innovation performance,build a conceptual model of this study,and put forward research hypotheses.This study selects the data of A-share listed companies from 2008 to 2018 as the research sample,clarifies the measurement methods of various variables,and obtains unbalanced panel data composed of 6657 pieces of annual industry data.Then use STATA14.0 to conduct descriptive statistics,correlation analysis and multicollinearity analysis on the sample data,and use the systematic GMM estimation method to conduct the main effect test,the intermediary effect test and the adjusted intermediary effect test,and analyze the interlocking directorates network 's innovation performance.And the introduction of cooperative R & D and technology chain directors into the research framework of interlocking directorates network on innovation performance,which provides empirical evidence for exploring the mechanism of chain director networks on innovation performance.The main conclusions drawn in this study are: the interlocking directorates network has a significant effect on corporate innovation performance,cooperative R&D plays a positive part of the intermediary role in the impact of the interlocking directorates network structure hole on innovation performance,and technological interlocking directorates positively regulate.Put forward suggestions on the rational layout of corporate interlocking directorates,promote cooperative R&D and innovation performance improvement,summarize the shortcomings of current research,and make prospects for future research directions.