| Innovation is the source of firms' growth and the decisive factor in the fast-changing Chinese market competition.How to promote innovation in enterprises attracts lots of entrepreneurs' and scholars' attention.At present,domestic and foreign scholars have done a lot of research on innovation,but the influencing mechanism of CEO focus on enterprise innovation has not been systematically revealed.According to the attention-based view,managers' attention has a crucial influence on the strategy and behavior of firms,and this influence is mediated by the resource allocation and situational factors of enterprises.Therefore,this study is to explore how the CEO's past,future,internal and external attention will influence the exploratory and exploitative innovation,considering the moderating effect of state ownership,non-state legal person ownership and institutional investors as situational factors.Using the unbalanced panel data of high-tech SMEs from 2011 to 2016 for regression analysis,this study has drawn the following conclusions:first,the past focus and internal focus of CEO will promote exploitative innovation,while the future focus and external focus of CEO will promote exploratory innovation.Second,state ownership will enhance the positive effect of CEO's past focus/internal focus and enterprise exploitive innovation,while non-state legal person ownership will weaken the positive relationship.Third,pressure-resistant institutional investors will strengthen the positive relationship between the CEO's external focus and company's explorative innovation,while pressure-sensitive investors will weaken the positive relationship between the CEO's future focus/external focus and explorative innovation.This study reveals the joint effect of CEO's attention focus and corporate governance on explorative innovation and exploitative innovation.This study develops the attention-based view and expands the research on corporate governance and enterprise innovation. |
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