Research On Institutional Investors And Top Management Team Heterogeneity And Ambidextrous Innovation

With the progress of science and technology and the increasingly fierce market competition,innovation has become the primary driving force for enterprises to enhance their competitiveness and promote economic growth.Enterprises occupy a pivotal position in the innovation process.At the same time,they also need to strengthen their dual innovation capabilities and enhance their core competitiveness,which is of great significance for enhancing their market share and achieving industry leadership.The research found that there are many factors that will have an impact on the innovation ability of enterprises.For example,in the capital market,institutional investors have strong capital and outstanding investment ability.The influence of their shares is much greater than that of other shareholders.Therefore,they will have an impact on the production and operation of enterprises and dual innovation activities.At present,scholars still argue about the impact of institutional investors on the dual innovation ability of enterprises.The research of this thesis will help to sort out the relationship between institutional investors and the dual innovation ability of enterprises.The thesis takes the listed companies that disclose patent applications and obtain patents in the GEM market from 2012 to 2021 as the research samples,and uses STATA16.0 to conduct empirical research on them.According to their relevance to the company,independence or not,institutional investors are divided into pressure-resistant and pressure-sensitive institutional investors,to test the impact of different types of institutional investors on the company ’s ambidextrous innovation,and to verify the heterogeneity of the executive team between the two.Through multiple regression analysis,the following conclusions are drawn : pressure-resistant institutional investors ’ shareholding promotes exploratory innovation;the greater the gender heterogeneity of the top management team,the more unfavorable it is for pressure-resistant institutional investors to promote exploratory innovation;the greater the heterogeneity of the professional experience of the executive team,the more favorable it is for pressure-resistant institutional investors to promote exploratory innovation.In view of the conclusions of the research,policy recommendations are put forward : for GEM listed companies,when introducing institutional investors to enhance innovation ability,we should optimize the composition of institutional investors,actively introduce pressure-resistant institutional investors,and guide long-term investment;at the same time,when building management,enterprises should take into account talents in different fields and build an effective communication mechanism.Individual investors can also be further judged according to the type of institutional investors,and can invest according to their own risk preferences.All of these suggestions help to improve the capital market environment and promote the dual innovation and development of GEM enterprises.