Research On The Effects Of Top Management Team Advice Seeking On Business Model Innovation

Under the background of transition economy,in face of many challenges,the enterprise must rely on innovation to maintain a sustainable competitive advantage.In addition to traditional innovations such as technological innovation,product innovation and service innovation,business model innovation,as a new way of innovation,is recongnized by the enterprise with it ubique advantages.However,whether or not enterprises carry out business model innovation?When to innovate?And how to innovate?These problems have not been solved.As enterprises'decision-makers and the designers of business model innovation,in order to develop a viable business model innovation strategy,top management team(TMT)often consult with consulting companies,friends,employees,etc.,to obtain more advice and information to help them make decisions.So,how does this kind of advice seeking behavior of the top management team affect the decision-making of business model innovation?The question is worthy of consideration.Based on the review of the existing literature and theories such as behavioral decision theory and information processing theory,combining with existing research results,this study focuses on the topic of "how the top management team advice seeking affects the business model innovation",and discusses the mechanism how the top management team advice seeking influences the business model innovation from the perspective of behavior.First,this study reviews the domestic and foreign literature on top management team advice seeking,interpretation and business model innovation,and combs the relevant theoretical basis.Second,with the help of three typical companies,the paper uses exploratory multi-case study to explore the influences mechanism of top management team advice seeking on business model innovation,and proposes the initial research proposition.Third,based on the existing related research,a deeper theoretical discussion is carried out,more detailed research hypotheses are proposed,and a theoretical model of "top management team advice seeking-interpretation-business model innovation" is constructed.Finally,according to the principles and procedures of questionnaire survey method,this paper conducts questionnaire design and small sample research,collects relevant data through formal questionnaires,and a series of scientific empirical methods are used to test and verify the hypotheses proposed in this paper.According to valid empirical analysis,the main conclusions are as follows:First,the top management team advice seeking can have a positive impact on business model innovation.Specifically,both TMT internal advice seeking and TMT external advice seeking can promote efficiency-centered and novelty-centered business model innovation.Moreover,TMT internal advice interval advice seeking is more conducive to the implement of efficiency-centered business model,while TMT external advice seeking is more conducive to implement of novelty-centered business model.Second,interpretation of TMT towards business mode innovation plays an intermediary role between top management team advice seeking and business model innovation,but different types of interpretation play different mediating roles.In particular,both TMT internal and external advice seeking have a positive impact on efficiency-centered and novelty-centered business model by enhancing the opportunity interpretation of TMT towards business model innovation,while TMT internal and external advice seeking have a negative impact on business model innovation by enhancing the threat interpretation.Moreover,TMT internal and external advice seeking have a positive impact on efficiency-centered business model innovation and have a negative impact on novelty-centered business model innovation by enhancing the ambivalent interpretation.Third,TMT heterogeneity plays a positive regulatory role between top management team advice seeking and business mode innovation.Specifically,the effect of TMT external advice seeking on efficiency-centered model innovation and the effect of TMT internal advice seeking on novelty-centered business model innovation are more vulnerable to TMT heterogeneity.Fourth,environmental dynamics play a positive regulatory role between top management team advice seeking and business model innovation,and the intensity of the regulatory effect is different.Compared with external advice seeking,the effect of TMT internal advice seeking on business model innovation is more vulnerable to environmental dynamics.The contributions of this study are as follows.First,from the perspective of top management team behavior,this paper discusses the correlation mechanism between the top management team advice seeking and business model innovation,which exceeds previous studies that have attempted to explain business model innovation by top management team demographics or individual-level executive attributes.Second,from a dialectical perspective,the interpretation of TMT towards business model innovation is divided into opportunity interpretation,threat interpretation and ambivalent interpretation,which makes up for the regret of considering strategic behavior only from the extreme dimension,i.e.,opportunity interpretation and threat interpretation.Third,this paper proposes the theoretical analysis framework of the top management team advice seeking,interpretation and business model innovation,and clarifies the process of the top management team advice seeking to influence business model innovation through interpretation.Finally,based on the related conclusions,this study puts forward the management enlightenment of promoting business model innovation.Moreover,the limitations in the research process and future research directions are also described.