The Effects Of The Knowledge Heterogeneity Of The Executive Team On The Innovation Performance Of Enterprises

As the source of economic development,innovation is an important strategy for the sustainable development of enterprises.For this reason,how to improve innovation performance is extremely essential for enterprises.For the purpose of enabling innovation,it is necessary to use diversified knowledge resources to create new knowledge achievements.Therefore,knowledge heterogeneity is a necessary prerequisite for innovation.But the existing articles mainly focus on the effects of executive team heterogeneity on innovation performance,but ignore the essence of team heterogeneity is knowledge heterogeneity,and less focus on the important role played by knowledge heterogeneity.According to this,this paper chooses to investigate how knowledge heterogeneity of the executive team affects the innovation performance,which has highly valued for enterprises expansion.This paper takes the sample of A-share listed enterprises in China from 2011-2020,comprehensively considers the dimensions of knowledge heterogeneity,divides into four dimensions: educational level,profession,overseas background and academic background,and specifically investigate how the knowledge heterogeneity impacts innovation performance.In addition,in order to further explore the possible path between the knowledge heterogeneity of the executive team and the innovation performances,introduced R&D investment and executive incentive.To test whether there is a mediating effect of R&D investment between the knowledge heterogeneity of the executive team and the innovation performance,and whether the two ways of executive incentives(compensation incentives and equity incentives)can moderate the relationship between knowledge heterogeneity and the innovation performance.At last,this paper investigates the dissimilarities in the association between knowledge heterogeneity and innovation performance under different enterprises natures and industries as well.The empirical results show that:(1)Knowledge heterogeneity of the executive team can substantially push innovation performance in the three dimensions: professional,overseas and academic backgrounds,while the effect of knowledge heterogeneity in educational level dimension is not significant.(2)The test results of the mediating effect of R&D investment show that R&D investment can play a mediating effect in the path that knowledge heterogeneity of overseas background and academic background affects innovation performance.(3)The test results of the moderating effect of executive incentives show that executive compensation incentives can moderate the impacts of heterogeneity in both professional and academic backgrounds on innovation performance,but the effect of equity incentives is not significant.(4)From the perspective of the nature of property rights,in non state enterprises,the impacts of executive team knowledge heterogeneity on innovation performance is reflected in three dimensions: professional,overseas and academic backgrounds,while in state enterprises,the knowledge heterogeneity in the dimensions of educational level and academic background show substantial impacts on innovation performance.(5)From the perspective of industry distribution,in the manufacturing enterprises,the knowledge heterogeneity of the executive team can substantially affect innovation performance in three dimensions: professional,overseas and academic backgrounds,but in non-manufacturing companies only knowledge heterogeneity in the dimension of overseas background can impact it.Secondly,the greater the knowledge discrepancies in the professional,overseas and academic backgrounds in the high-tech enterprises,the greater the impacts on innovation performance,while in non-high-tech enterprises,only the knowledge heterogeneity in the dimension of academic background plays a substantial impact.