CEO强自信与企业双元创新

摘要/Abstract

摘要： 具有强自信倾向的CEO是否能促进企业创新在文献中尚未形成一致结论。与以往将创新视为一个整体的研究不同，文章基于双元视角，以2012—2017年沪深A股上市的知识密集型高新技术企业为样本，实证检验了强自信的CEO对企业双元创新两维度异质性的影响，同时在模型中引入了技术激进性以及从属高管（TMT）治理来探究其中的中介机制和调节效应。研究发现，具有强自信倾向的CEO对探索性创新具有显著正向影响，对利用性创新的影响则显著为负；技术激进性起到了部分中介作用。具体而言，强自信的CEO会通过推动激进的技术战略来促进更具挑战性的探索性创新活动，而减少对利用性创新的关注。同时，TMT治理能有效调节CEO强自信和技术战略以及双元创新之间的关系。研究结论为促进高阶理论和双元创新理论的融合研究提供了理论借鉴。

关键词: CEO强自信, 探索性创新, 利用性创新, 技术激进性, TMT治理

Abstract: Whether CEO's overconfident tendency can promote corporate innovation has attracted wide scholarly attention. However, researches in this regard have not yet reached a consistent conclusion. The possible reason is that previous studies regard innovation as a whole, but few have explored the impact of CEO on specific innovations. Based on ambidextrous perspective, this paper takes the data of knowledge-intensive firms listed in Shanghai and Shenzhen A-share market from 2012 to 2017 and empirically examines how an overconfident CEO influences the exploration and exploitation in ambidextrous innovation through aggressive technology strategies, and the moderating effect of subordinate top management team (TMT) governance on this mechanism. It is found that CEO overconfidence has a heterogeneous effect on different dimensions of ambidextrous innovation, namely it can significantly facilitate exploratory innovation but inhibit exploitative innovation, in which technology aggressiveness plays a partially mediating role. Specifically, a CEO with an overconfident tendency tends to drive more challenging exploratory innovation by promoting aggressive technology strategies, but pay less attention to exploitative innovation. Meanwhile, TMT governance can effectively moderate the relationship between CEO overconfidence and technology strategies as well as ambidextrous innovation. The findings provide theoretical implications for researches on how to combine upper echelon theory with ambidextrous innovation research.

Key words: CEO overconfidence, exploratory innovation, exploitative innovation, technology aggressiveness, TMT governance

谭曼庆. CEO强自信与企业双元创新[J]. 管理评论, 2023, 35(6): 134-145.

Tan Manqing. CEO Overconfidence and Corporate Ambidextrous Innovation[J]. Management Review, 2023, 35(6): 134-145.

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