环境不确定性、连锁董事网络位置与企业创新投入
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摘要
作为一种重要的非正式制度安排,连锁董事网络关系长期稳定嵌入于企业之中,成为企业获取外部资源和信息的重要来源。位于连锁董事网络中不同位置的企业获取和控制资源的能力所有差异,进而影响其创新行为。利用社会网络分析方法,以2008~2014年我国高科技上市公司为研究样本,从结构性嵌入的角度实证研究了我国高科技上市公司连锁董事网络位置对企业创新投入的影响,以及环境不确定性对二者关系的调节作用。研究发现,网络中心度以及结构洞的丰富程度均与企业创新投入显著正相关,表明位于连锁董事网络中心位置的企业能够利用其位置优势管理外部资源依赖,促进企业开展研发活动。研究尚发现,这种促进作用受到企业面临的环境不确定性的负向调节,即环境不确定性削弱了连锁董事网络中心位置对企业创新投入的积极作用。
As an important informal institutional arrangement,the interlocking directorate network is embedded in enterprises,and it is an important source for enterprises to obtain external resources and information.Based on the method of social network analysis,this study uses the Chinese high-tech listed companies during the period 2008-2014 as research samples and empirically examines the effects of enterprise's position in interlocking directorate networks on innovation investment,from the perspective of structural embeddedness.This study finds that network centrality and structural holes are positively correlated with R&D investment,which indicates that enterprises which are located in the center of interlocking directorate network and occupy the structure holes are more likely to use the location advantage to acquire and control more information and resources so as to promote the enterprises to actively carry out R&D activities.It also verifies the positive impact of director network as an informal governance mechanism on enterprise innovation behavior.It further examines the effect of environmental uncertainty on the location advantage of the network,suggesting that environmental uncertainty negatively moderates the interlock-innovation relationship.In other words,environmental uncertainty will reduce the positive effects of central position in interlocks on enterprise innovation investment.
As an important informal institutional arrangement,the interlocking directorate network is embedded in enterprises,and it is an important source for enterprises to obtain external resources and information.Based on the method of social network analysis,this study uses the Chinese high-tech listed companies during the period 2008-2014 as research samples and empirically examines the effects of enterprise's position in interlocking directorate networks on innovation investment,from the perspective of structural embeddedness.This study finds that network centrality and structural holes are positively correlated with R&D investment,which indicates that enterprises which are located in the center of interlocking directorate network and occupy the structure holes are more likely to use the location advantage to acquire and control more information and resources so as to promote the enterprises to actively carry out R&D activities.It also verifies the positive impact of director network as an informal governance mechanism on enterprise innovation behavior.It further examines the effect of environmental uncertainty on the location advantage of the network,suggesting that environmental uncertainty negatively moderates the interlock-innovation relationship.In other words,environmental uncertainty will reduce the positive effects of central position in interlocks on enterprise innovation investment.
引文
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[16]MAZZOLA E,PERRONE G,KAMURIWO D S.The Interaction between Inter-Firm and Interlocking Directorate Networks on Firm’s New Product Development Outcomes[J].Journal of Business Research,2016,69(4):672~682
[17]SHROPSHIRE C.The Role of the Interlocking Director and Board Receptivity in the Diffusion of Practices[J].Academy of Management Review,2010,35(2):246~264
[18]陈运森.社会网络与企业效率:基于结构洞位置的证据[J].会计研究,2015(1):48~55
[19]ZAHEER A,GZBYK R,MILANOV H.It’s the Connections:The Network Perspective in InterOrganizational Research[J].Academy of Management Perspectives,2010,24(1):62~77
[20]TORTORIELLO M.The Social Underpinnings of Absorptive Capacity:The Moderating Effects of Structural Holes on Innovation Generation Based on External Knowledge[J].Strategic Management Journal,2015,36(3):586~597
[21]JI Y K,HOWARD M,PAHNKE E C,et al.Understanding Network Formation in Strategy Research:Exponential Random Graph Models[J].Strategic Management Journal,2016,37(1):22~44
[22]TORTORIELLO M,REAGANS R,MCEVILY B.Bridging the Knowledge Gap:The Influence of Strong Ties,Network Cohesion,and Network Range on the Transfer of Knowledge between Organizational Units[J].Organization Science,2012,23(4):1 024~1 039
[23]KALI R,REYES J.Financial Contagion on the International Trade Network[J].Economic Inquiry,2010,48(4):1 072~1 101
[24]MARTIN G,GZBYK R,BECERRA M.Interlock and Firm Performance:The Role of Uncertainty in the Directorate Interlock-Performance Relationship[J].Strategic Management Journal,2015,36(2):235~253
[25]FREEMAN L C.Centrality in Social Networks:Conceptual clarification[J].Social Network,1979,1(3):215~239
[26]钱锡红,杨永福,徐万里.企业网络位置、吸收能力与创新绩效——一个交互效应模型[J].管理世界,2010(5):118~129
[27]ZAHEER A,BELL G G.Benefiting from Network Position:Firm Capabilities,Structural Holes,and Performance[J].Strategic Management Journal,2005,26(5):809~825
[28]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012(7):113~126
[29]GHOSH D,OLSEN L.Environmental Uncertainty and Managers:Use of Discretionary Accruals[J].Organizations and Society,2009,34(2):188~205
(1)本研究对样本公司的所有董事成员中同名但不同人的情况进行剔除,确保企业间连锁董事关系的真实性。
[2]李文贵,余明桂.民营化企业的股权结构与企业创新[J].管理世界,2015(4):112~125
[3]梁强,李新春,郭超.非正式制度保护与企业创新投入——基于中国民营上市企业的经验研究[J].南开经济研究,2011(3):97~110
[4]谢永平,张永磊,张浩淼.资源依赖、关系治理与技术创新网络企业核心影响力形成[J].管理评论,2014,26(8):117~126
[5]邹国平,刘洪德,王广益.我国国有企业规模与研发强度相关性研究[J].管理评论,2015,27(12):171~179
[6]马磊.产权性质与企业间网络的形成——对中国上市公司连锁董事的网络分析[J].社会学研究,2016(1):191~216
[7]陈仕华.公司治理的社会嵌入性:来自连锁董事的启示[J].经济管理,2009(4):50~66
[8]万良勇,郑小玲.董事网络的结构性特征与公司并购[J].会计研究,2014(5):67~72
[9]SHIPILOV A V,GREVE H R,ROWLEY T J.When Do Interlocks Matter?Institutional Logics and the Diffusion of Multiple Corporate Governance Practices[J].Academy of Management Journal,2010,53(4):846~864
[10]LARCKER D F,SO E C,WANG C Y.Boardroom Centrality and Firm Performance[J].Journal of Accounting and Economics,2013,55(2):225~250
[11]李善民,黄灿,史欣向.信息优势对企业并购的影响——基于社会网络的视角[J].中国工业经济,2015(11):141~155
[12]任兵,阎大颖,张婧婷.连锁董事与企业战略:前沿理论与实证研究评述[J].南开学报:哲学社会科学版,2008(3):119~125
[13]张红娟,谭劲松.联盟网络与企业创新绩效:跨层次分析[J].管理世界,2014(3):163~169
[14]AHUJA G.Collaboration Networks,Structural Holes and Innovation:A Longitudinal Study[J].Administrative Science Quarterly,2000,45(3):425~455
[15]PODOLNY J M.Networks as the Pipes and Prisms of the Market[J].American Journal of Sociology,2001,107(1):33~60
[16]MAZZOLA E,PERRONE G,KAMURIWO D S.The Interaction between Inter-Firm and Interlocking Directorate Networks on Firm’s New Product Development Outcomes[J].Journal of Business Research,2016,69(4):672~682
[17]SHROPSHIRE C.The Role of the Interlocking Director and Board Receptivity in the Diffusion of Practices[J].Academy of Management Review,2010,35(2):246~264
[18]陈运森.社会网络与企业效率:基于结构洞位置的证据[J].会计研究,2015(1):48~55
[19]ZAHEER A,GZBYK R,MILANOV H.It’s the Connections:The Network Perspective in InterOrganizational Research[J].Academy of Management Perspectives,2010,24(1):62~77
[20]TORTORIELLO M.The Social Underpinnings of Absorptive Capacity:The Moderating Effects of Structural Holes on Innovation Generation Based on External Knowledge[J].Strategic Management Journal,2015,36(3):586~597
[21]JI Y K,HOWARD M,PAHNKE E C,et al.Understanding Network Formation in Strategy Research:Exponential Random Graph Models[J].Strategic Management Journal,2016,37(1):22~44
[22]TORTORIELLO M,REAGANS R,MCEVILY B.Bridging the Knowledge Gap:The Influence of Strong Ties,Network Cohesion,and Network Range on the Transfer of Knowledge between Organizational Units[J].Organization Science,2012,23(4):1 024~1 039
[23]KALI R,REYES J.Financial Contagion on the International Trade Network[J].Economic Inquiry,2010,48(4):1 072~1 101
[24]MARTIN G,GZBYK R,BECERRA M.Interlock and Firm Performance:The Role of Uncertainty in the Directorate Interlock-Performance Relationship[J].Strategic Management Journal,2015,36(2):235~253
[25]FREEMAN L C.Centrality in Social Networks:Conceptual clarification[J].Social Network,1979,1(3):215~239
[26]钱锡红,杨永福,徐万里.企业网络位置、吸收能力与创新绩效——一个交互效应模型[J].管理世界,2010(5):118~129
[27]ZAHEER A,BELL G G.Benefiting from Network Position:Firm Capabilities,Structural Holes,and Performance[J].Strategic Management Journal,2005,26(5):809~825
[28]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012(7):113~126
[29]GHOSH D,OLSEN L.Environmental Uncertainty and Managers:Use of Discretionary Accruals[J].Organizations and Society,2009,34(2):188~205
(1)本研究对样本公司的所有董事成员中同名但不同人的情况进行剔除,确保企业间连锁董事关系的真实性。