Abstract
The information development affects the Enterprise Management Defense, and then affects the enterprise innovation. This paper takes the non-financial listed companies in China’s A-share market from 2013 to 2017 as samples to empirically study the impact of management defense on enterprise innovation. It is found that managerial defense inhibits enterprise innovation; compared with non-state-owned enterprises, managerial defense of state-owned enterprises has a more significant inhibitory effect on enterprise innovation. The results of this paper provide a basis for improving corporate governance structure, weakening management defense, promoting enterprise innovation, and help government departments deepen the reform of state-owned enterprises.
Highlights
Based on the theory of separation of two rights, when there is a conflict of interest between managers and shareholders, managers will take management defensive behavior in order to maintain their own job security and maximize their own interests[1]
The above analysis shows that management defense may indirectly affect enterprise innovation from R & D investment, enterprise risk-taking, innovation enthusiasm and other aspects, but few scholars directly investigate the impact of management defense on enterprise innovation from the perspective of innovation output
This paper takes the number of patent applications of A-share listed companies from 2013 to 2017 as the analysis object, empirically tests the impact of management defense on enterprise innovation ability, and examines the moderating effect of institutional investor research
Summary
Based on the theory of separation of two rights, when there is a conflict of interest between managers and shareholders, managers will take management defensive behavior in order to maintain their own job security and maximize their own interests[1]. Some scholars have found that management defense can cause short-sighted investment, leading to enterprises to reduce R & D Investment[2]. There are studies that show that in order to ensure the safety of their positions and maximize their effectiveness, managers will have risk aversion behavior, leading to the reduction of enterprise risk-taking level[3]. The above analysis shows that management defense may indirectly affect enterprise innovation from R & D investment, enterprise risk-taking, innovation enthusiasm and other aspects, but few scholars directly investigate the impact of management defense on enterprise innovation from the perspective of innovation output. This paper takes the number of patent applications of A-share listed companies from 2013 to 2017 as the analysis object, empirically tests the impact of management defense on enterprise innovation ability, and examines the moderating effect of institutional investor research. The contributions of this paper are as follows: first, from the perspective of innovation output, it proves the inhibitory effect of managerial defense on enterprise innovation, enriches the relevant literature on managerial defense and enterprise innovation, helps enterprises to improve the governance mechanism, inhibit managerial defense behavior, and promote enterprise innovation and
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