Abstract
Using data from Chinese listed companies from 2008 to 2021, we investigate how board informal hierarchy affects firm innovation. We find that: (1) Board informal hierarchy positively affects firm innovation. (2) The impact is positively moderated by board size and environmental dynamism and negatively moderated by CEO's rank in informal hierarchical and firm performance. (3) Board informal hierarchy based on external director positions, government experience, tenure, and gender have significant positive effects on firm innovation.
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