Research On The Influence Of Directors’ Social Network On Corporate Innovation Performance

Social interactions form network connections that also bring the actors in society closer to any other actor.The social network of directors,with part-time appointments as the primary mode of association,greatly facilitates the communication of information and the exchange of resources between companies.Informal connections compensate for the limitations of the formal system in terms of content and timeliness of information delivery,and expand the channels of information communication.This information becomes an influencing factor for the company’s decisions and has a profound impact on them.Innovation performance results from the economic transformation of a company’s information technology and knowledge experience and is an essential measure of the sustainability of its operations.For the country,firm innovation capability is a solid support to cope with the increasingly changing and complex economic environment and an essential leverage for the country to stand in the world.This paper selects the data of A-share listed companies on the SSE and SZSE in China from 2015 to 2020 as the research samples,integrates the financial status of enterprises and corporate governance mechanisms,and explores the influence of location structure characteristics such as degree centrality,proximity centrality,intermediary centrality and structural hole in directors’ social network on innovation performance,while considering the mediation of R&D investment intensity between the main research variables in this paper After theoretical analysis,correlation test,basic regression analysis,mediation effect test,heteroskedasticity test,robustness test and interaction effect test,the following conclusions are obtained:the higher the degree centrality,the higher the proximity centrality,the higher the mediation centrality,and the more structural hole positions of a company residing in the social network of directors will significantly enhance the innovation performance.In a further study,by adding mediating variables,it was found that R&D investment intensity mediated the relationship between all four location structural characteristics of directors’ social networks and innovation performance.The research in this paper remains robust after endogeneity exploration,model turnover,variable re-measurement,and sub-sample regression tests.In the extended study,the moderating effect analysis reveals that diversification has a hindering effect on the synergistic effect of the four positional structural characteristics of directors’ social networks and firms’ innovation performance.This selection takes into account the theoretical results on social networks and corporate governance,and analyzes the location structure characteristics of directors’social networks in four dimensions,including degree centrality,proximity centrality,intermediary centrality and structural hole location,which have sufficient practical implications for enterprises to fully understand the importance of network linkages,rationalize their location in social networks,and optimize the director selection mechanism;incorporating R&D investment The inclusion of R&D investment intensity into the research system of directors’ social network linkage and enterprises’ innovation performance,and the advantage of information acquisition of social network location structure,are essential guidelines for enterprises to make R&D innovation decisions,carry out technological innovation activities,reasonably allocate resources,and promote the transformation of achievements,etc.;considering the rich extension of innovation,the inclusion of diversified operation into the research scope is conducive to enterprises to avoid blindly following the trend and opportunism It also provides theoretical guidance for enterprises to deepen their technology and production in their own industries and indicate the direction of innovation development.The research of this paper also helps government departments to build a talent pool,establish a perfect innovation protection and encouragement mechanism,and promote the construction of a market economy.