Research On The Impact Of Executive Team Stability On Corporate R&D Investmen

In recent years,the phenomenon of the change of the top management team of listed companies or the turnover of individual executives has led to the collective job-hopping of other team members,which has aroused widespread concern from all walks of life.As the core operating figure of the enterprise,the top management team determines the daily operation and future development direction of the enterprise,and has an important impact on the R&D decision-making of the enterprise.The main source for the enterprise to improve the innovation ability and obtain excess returns is R&D investment.The stability of the top management team will have an impact on the R&D level of the enterprise to a certain extent.Therefore,based on the theory of special human capital,principal-agent theory and social comparison theory,this paper analyzes how the stability of the top management team affects the R&D investment of the enterprise,and puts forward the research hypothesis of this paper.This paper takes Shanghai and Shenzhen A-share listed companies from 2015 to2021 as the research object,empirically tests the influence of the stability of the senior management team on corporate R&D investment,and analyzes the moderating effect of the executive external salary gap and executive shareholding.The results show that:(1)there is a significant positive correlation between the stability of the top management team and R&D investment,that is,the more stable the top management team is,the higher the level of R&D investment.(2)The executive external pay gap and executive shareholding play a positive moderating role,both of which promote the positive correlation between the stability of the executive team and R&D investment.(3)Further research shows that the positive impact of the stability of senior management team on R&D investment is more obvious in high-tech enterprises,eastern regions and non-state-owned enterprises.After a series of robustness tests,such as replacing core variable and instrumental variable method,the research conclusion of this paper is still valid.On the basis of the research conclusion,the research enlightenment of this paper is obtained.The empirical research results of this paper have guiding value for enterprises to maintain the stability of senior management team and improve the level of R&D investment.