Organizational Slack And Corporate Innovation:The Moderating Role Of Corporate Risk-taking

With the increasingly competitive market,corporate innovation has become an inexhaustible motive force of the enterprises' development to maintain the competitive advantage,corpoate innovation plays an important role in improving the competitiveness of enterprises,enhancing business performance and as well as the enterprise long-term value etc.In the process of innovation,R&D investment is crucial to the promotion of corporate innovation.Whether it is the daily operating activities or investment activities of corporate need a large number of resources support.However,because of the corporate innovation activities' high risk,long cycle and the characteristics of information asymmetry,so it is difficult for enterprises to get the full support from external resources to carry out innovation activities of corporate,corporate internal slack resources may serve as sources of innovation activities.According to different categorical norms.Therefore,this paper focuses on the relationship between different slack resources and corporate innovation.The corporate innovation activites decision making is a dynamic process,which is affected by both internal and external factors.Whether organizational slack plays an active role is also affected by situational factors.Risk taking,as an internal situation in the process of corporate innovation,has an important impact on whether the enterprise uses excess resources to carry out innovative activities.Based on this,this paper will further explore the moderating effects of corporate risk on the relationship between different types of slack resources and corporate innovation.This paper has 5 consecutive years(2008-2016)of 574 private listed companies related financial indicators as the research sample,using spss 19 regression analysis software of panel data analysis,the empirical research on the relationship between slack resources and enterprise innovation,and further verify the regulatory role of enterprise risk,and the main conclusions are as follows:(1)different redundant resources have different effects on enterprise innovation.The types of organizational redundancy are different,and their corresponding characteristics are different,and the role of enterprises is not the same.Through the study,we find that there is an inverted U relationship between the non absorptive redundancy and the 'enterprise innovation,and the absorptive redundancy has a negative impact on the enterprise innovation.(2)the degree of organizational redundancy of the same type is different from that of the organizational innovation.It is found that the degree of organizational redundancy is different,and the role of organizational innovation is not the same.Non absorbed redundancy in a moderate range is positively related to enterprise innovation.However,with the increase of the accumulation of non redundant redundancy,the negative impact on R&D innovation also began to appear,and the negative absorption of the negative impact of R&D innovation.Unlike the non redundant redundancy,the degree of redundancy has always been negatively correlated with R&D innovation,regardless of the extent to which the redundant has been absorbed.(3)risk taking plays a moderating role in the relationship between organizational slack and enterprise R&D innovation.With the tendency of business risk increases,no absorption reversed U relationship between redundant and enterprise innovation is suppressed,absorb the redundant resources of enterprise innovation negative effect also decreased,the level of risk level of enterprise innovation decision making,innovation investment level will produce the important influence.It is found that the negative relationship between organizational slack and R&D innovation will be improved in firms with high risk taking.Risk taking can alleviate the agency problem to some extent and improve the efforts of enterprise managers.In theory,the research of this paper extends the research field of organizational redundancy and enterprise innovation to some extent,and enriches the theoretical research related to it.In practice,the research conclusion of this paper will promote the further understanding of organizational redundancy,promote the use of organizational redundancy for R&D innovation activities,and provide theoretical guidance for enterprise practice activities.