| It is of great significance for Chinese manufacturing enterprises in critical transition period to increase R&D investment and ensure the implementation of R&D activities.Top manager innovation cognition reflects the overall understanding and perception of enterprise R&D and innovation activities from top managers.In the process of R&D decision-making,top managers judge and choose based on their own innovation cognition and experience,which makes an influence on R&D investment.In recent years,several researches on the R&D behavior of Chinese manufacturing enterprises show that top managers' attention to R&D and innovation is a significant reason for promoting enterprise R&D investment,which emphasizes the importance of top manager innovation cognitive level.On the other hand,as the other important characteristic of top manager innovation cognition,top manager innovation cognitive difference has an adverse impact on R&D investment.In addition,R&D investment is also constrained by the internal resource within enterprises.Top managers can effectively mitigate the risks and uncertainties of R&D activities through organizational slack to provide a strong guarantee for enterprises to increase R&D investment.This paper constructs a research model based on a Tobin's Q model and uses the dataset of 517 listed manufacturing enterprises in Shanghai and Shenzhen A-share stock market in China from 2007 to 2016.Based on the classification and the characteristic analysis of top manager innovation cognition,this paper empirically examines the effect of top manager innovation cognitive level and top manager innovation cognitive difference on enterprise R&D investment and the moderating role of organizational slack.Results show that in recent years,top manager innovation cognitive level in listed manufacturing enterprises has been increasing while top manager innovation cognitive difference has been decreasing.Compared to willingness and motivation of innovation,top managers pay more attention to output and performance of R&D and innovation.Besides,top manager innovation cognitive level is beneficial to increase enterprise R&D investment while top manager innovation cognitive difference restricts the growth of enterprise R&D investment.It is also found that organizational slack enhances the promotion of top manager innovation cognitive level to enterprise R&D investment,and also helps to alleviate the inhibition of top manager innovation cognitive difference to enterprise R&D investment.Finally,according to the research results,this paper provides policy recommendations to increase manufacturing enterprise R&D investment and ensure the implementation of R&D activities.This paper also points out the limitation of the study and prospects for the further research of top manager innovation cognition. |
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