Abstract
Due to the economies has emphasized the speed of economic growth and brings some ever-increasing challenges in the transition economics, China has turned the focus toward the sustainable quality of economic development. Especially, the effect of top managers’ military experience on enterprises’ innovation-led sustainable development is an important, yet unaddressed issue. Military experience of the top managers can prompt or hinder the firms’ innovation-led sustainable development as shown in the literature. Based on propensity score matching method, this study uses Wind database and Shenzhen Guotaian Educational Technology Company Limited (CSMAR) database of Chinese enterprises from 2007 to 2017 to show that top managers’ military experience affects risk behaviors for corporate investment. The negative effect between top managers’ military experience and technological innovation investment appears to be reduced in private firms and weakened for equity incentive. All these findings are against common sense that the military experiences may boost the more risk-loving attitude. This study implies that enterprises should carefully select senior management teams to enhance investments in technological innovation.
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