Research And Development Investment,Public Welfare Donation And Executive Change

Executive management is the core of enterprise operation and decision-making,which is related to the value creation of enterprises and even the harmonious development of society.and its behavior decision is evaluated and supervised by the organization,and executive change is one of the important means of evaluation and incentive.The innovation result formed by R & D investment is an important way for enterprises to improve their core competitiveness and gain competitive advantage,but it has the characteristics of long payback period,high degree of income uncertainty and huge risk,so will the executives who make R & D investment be questioned by stakeholders? As an enterprise The most direct form of public welfare donation of social responsibility not only brings reputation capital to the enterprise,but also occupies the limited resources of the enterprise.Is public welfare donation and R & D investment complementary or contradictory? What is the impact of this charitable act on the relationship between R & D investment and executive change? For exploring the above problems,this paper selects A-share listed companies from 2008 to 2018 as the research sample,and empirically tests the relationship between R & D investment,public welfare donation and executive change.The results showed that :(1)R & D investment significantly reduced the possibility of executive change;(2)public welfare donation significantly inhibited R & D investment The effect of capital reducing the possibility of executive change;(3)the inhibition is more obvious in small enterprises than in large enterprises;(4)the inhibition effect of tactical donation on R & D investment reducing the possibility of executive change is more obvious than strategic donation.This paper analyzes the internal mechanism and regulatory effect of the conflict between economic responsibility and social responsibility,advocates the sustainable development strategy of enterprises from the perspective of strategic donation,enriches the academic literature on the influencing factors of executive change,and provides direct empirical evidence for Chinese enterprises to practice innovation-driven strategy and promote the construction of modern enterprise system.