A Study On The Impact Of Director Network Stability On Corporate Innovation Performance

China is at a critical stage of industrial restructuring and upgrading,and the degree of inter-company linkages and cooperation is becoming increasingly close.The network of directors formed by the interlocking directorships of different enterprises has gradually become an important source of external information resources for enterprises.The network of directors has the functions of corporate governance and access to external information resources at the same time,and through communication with the external linkage enterprises to obtain the heterogeneous resources they need,which has a greater impact on the innovation behaviour of enterprises.The causes of director networks and their impact on corporate governance behaviour have been extensively researched by domestic and international academics,but the findings on the relationship between director networks and corporate innovation performance are still highly controversial,and most of the existing studies focus on the nodes of director networks from a static perspective,and less on the mechanism of the impact of director networks from a dynamic perspective of stability.The findings of this study may be one-sided if we ignore the longitudinal impact of network linkages across time dimensions,as the stability of director networks may have different effects at different points in time.Therefore,this paper examines the role of chain director networks in influencing firms’ innovation performance from the dynamic perspective of stability.Based on a review of relevant literature at home and abroad,this paper empirically examines the effect of director network stability on firms’ innovation performance,and further explores the moderating effect of network structural characteristics and the nature of property rights on the relationship between the two.The empirical results show that:(1)director network stability can significantly improve corporate innovation performance;(2)network centrality and structural holes have a positive moderating effect on the positive relationship between director network stability and corporate innovation performance;(3)the nature of ownership has a negative moderating effect on the positive relationship between director network stability and corporate innovation performance.This paper adopts the method of replacing the explanatory variables for robustness testing,and solves the endogeneity problem by propensity score matching method and first-order difference method to prove the robustness of the research findings.The main contributions of this paper are as follows: firstly,at the theoretical level,existing research findings on the relationship between director networks and corporate innovation performance are still controversial,and this paper enriches the existing research by examining the influence of the two based on a dynamic perspective of stability.Secondly,at the practical level,the findings of this paper add to the factors influencing firms’ innovation performance and provide a new practical direction for the enhancement of comprehensive corporate strength.