| “The event of ZTE corporation” has reminded that R&D investment is very significant for a company again.As a company decision,R&D investment depend on top management team.Different top management teams may make diametrically opposite decisions under the same conditions.Hambrick proposed that we can use top management team characteristics to study how top team management effect R&D.Since Upper Echelons Theory have been presented,research in this field has yielded fruitful results.However,there are still some shortcomings in the past research.Research on corporate decision-making focuses on the impact of diversified decision-making,investment mergers and acquisitions,and less on the impact of R&D investment.At the same time,relevant researches often have different conclusions,so some scholars try to improve the research model from the perspective of mediating effects and regulatory effects.Therefore,this research will put forward the relative hypothesis in these three ways,and consider corporate ownership as a moderator variable.This study use the data from the information technology industry listed companies in 2012-2017 as the research sample.According to the upper echelons theory,we come to some conclusions through empirically researches:(1)There is a significant positive correlation between the size of the senior management team and the R&D investment;(2)There is a significant positive correlation between executive team education and R&D investment;(3)The age of the top management team is negatively correlated with the R&D investment;(4)Functions of technology is more positive correlated with the R&D investment than functions of law.(5)There is significant positive correlation between heterogeneity of functions and R&D investment(6)The academic background of the top management team is positively correlated with the R&D investment.(7)Corporate ownership moderate the relationship between top management team characteristics and R&D investment. |
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