Research On The Influence Mechanism Of Stakeholder Governance On Radical Innovative Performance

From the perspective of the present pattern of economic globalization, information technology revolution and industrial development, the competitions between enterprises are rapidly changing from the competitions in the production stage to the research and development stage or the brand marketing stage, while the high-tech products and services of new concept with competitive advantage are mainly the results of radical innovation. It is increasingly necessary to execute radical innovation for most enterprises, especially large mature enterprises to remain existing and developing. Radical innovation is different from the general innovation. Radical innovation is such an innovation that is able to provide completely new product performance or substantially improve the existing performance or significantly reduce costs; and can significantly change the relative competitive advantage of the companies, and even change the competitive situation of the whole industry. Although managers who are good at thinking recognize the importance of radical innovation, hardly anyone is familiar with the whole development process of radical innovation and the uncertainties of technologies and market they will face. However, it is certain that the development of radical innovation is driven by individual initiative. Therefore, how to stimulate the personnel who participate in the radical innovation projects and promote the trust among members and the degree and efficiency of knowledge exchange has strategic theoretical significance and practical significance for improving the radical innovation performance. This core issue is exactly the central point of this study.In addition, there is still not a good system for the measure of the intellectual capital. Many related researches on the existing intellectual capital are mainly focused on human capital and structural capital, while social capital and relational capital are often overlooked. Moreover, the existing researches are mainly intended to establish the relationship between the various dimensions of the intellectual capital and the innovation performance, and the definition of each dimension index often cannot provide specific operational recommendations for the real-world applications for the enterprises. Because the participation of the stakeholders can bring many significant benefits to this process of knowledge generation, the stakeholder governance can enhance the relational capital and social capital. It is highly operable to study the positive correlation between the intellectual capital and the enterprise radical innovation performance from the perspective of the stakeholders.Firstly, by combining the stakeholder theory and the intellectual capital theory on the basis of the review of related theories of the domestic and foreign intellectual capital and stakeholder governance, a systematic and comprehensive intellectual capital analysis framework is built from the perspective of the stakeholders. On this basis, combining the domestic and foreign radical innovation theories, a series of theoretical assumptions are put forward and a conceptual model of stakeholder, intellectual capital and enterprise radical innovation performance is built. The theoretical assumptions include the theoretical assumptions of the influence of various factors of intellectual capital, such as expertise, generalist experience, coding knowledge, rules&methods, knowledge transfer, connectivity, psychological security, relationship dependency degree, relationship depth and the relationship breadth, on the enterprise radical innovation performance. The conceptual model does not only consider the direct influence of the various factors of the stakeholder intellectual capital on the radical innovation, and also takes into account the interactivity between the various factors; because the moral atmosphere would affect the exchange of resources and information among the members and units of enterprises and in turn have a great influence on the innovation, the factor of the moral atmosphere is also introduced in the model.In this paper, a combination of normative analysis and empirical study is adopted. The empirical study is done through literature reading, field interview and questionnaire analysis, and the conclusions of the study include:(1)The stakeholder intellectual capital consists of four factors of human capital, structural capital, social capital and relational capital. Generalist experience, knowledge transfer, psychological security, relationship dependency degree and relationship depth all have different degrees of positive influences on the radical innovation performance, of which the influence of knowledge transfer is the highest, which indicates that employee communications or having the stakeholders included in the research advisory group are mutually beneficial for the both sides. In order to change the process and results of the knowledge exchange, the differences between these participation propensities must be overcome. In general, in the process of executing research projects, more energy should be spent in the early stage to focus on the participation of the knowledge exchange and the stakeholders.(2)The interactions between the factors of the stakeholder intellectual capital do not have significant influence on the radical innovation performance. We do not find that the psychological security would further strengthen the ties between the generalist experience and the radical innovation performance or weaken the influence of the knowledge transfer on the radical innovation performance. This indicates that the knowledge of an individual is incorporated into the social network, shared through social relations and transferred through channels, while the psychological security does not play a significant role in the creation of knowledge; On the other side, the flow and exchange of information would occur in the structured and codified processes and rules of enterprises, while the psychological security and mutual relations between the inner-enterprise or inter-enterprise individuals and groups may not significantly reduce the efficiency of such flow either.(3)The moral atmosphere plays a regulatory role and has a driving effect in the relationship between the social capital and the radical innovation performance. This indicates that in different moral atmospheres, the influences of the connectivity and the psychological security on the radical innovation performance are significantly different. In a heavy moral atmosphere, the predictive effect of the connectivity and the psychological security on the innovation performance is better. It is probable that when there is a high level of trust among organizations and individuals, people tend to undertake social activities in the broad sense and develop specific cooperation, while the situation is different when there is a low level of trust. Trust can increase the number of potential transactions and reduce the costs of monitoring and the needs of enforcement through decreasing free riding.Finally, combining the empirical study results, the improvement strategies for the radical innovation performance based on the stakeholder governance are put forward. Overall, the conclusions of the theoretical and empirical studies of this study enrich and improve the theories of intellectual capital and radical innovation and provide new and practical perspectives and ideas for Chinese enterprises to improve their sustainable competitive advantage and radical innovation performance.