The effect of CEO social capital,CEO duality and state-ownership on corporate innovation |
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| Affiliation: | 1. Business School, Sichuan University, Chengdu, China;2. Campus Bio-medical University, Rome, Italy;3. Fuxing Branch Campus of No.1 Middle School Affiliated To CCNU, Xiaogan, China;4. Luiss University, Rome, Italy;1. Department of Accounting and Finance, Nottingham Business School, Nottingham Trent University, Nottingham, UK;2. Centre for Digital Finance, Department of Banking & Finance, Southampton Business School, University of Southampton, Southampton, UK;1. School of Public Administration, Nanjing university of Finance and Economics, China;2. Department of History of Science, Technology and Medicine, Peking University, China;1. International University, Quarter 6, Linh Trung Ward, Thu Duc City, Ho Chi Minh City, Viet Nam;2. Vietnam National University, Ho Chi Minh City, Viet Nam;3. Excelia Business School, 102 Rue de Coureilles - Les Minimes, 17024 La Rochelle, France;4. EDHEC Business School, 24 avenue Gustave Delory, CS 50411, 59057 Roubaix Cedex 1, Lille, France |
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| Abstract: | This study explores the effects that CEO social capital has on firm innovation. Among the different aspects that affect firm innovation, this aspect has been overlooked, even though it may play a crucial role, given the fact that CEOs are important decision-makers within firm boundaries. Therefore, in this study we address the following research question: What effect does the CEO's social capital have on corporate innovation? This study dissects the effects of CEO social capital into its internal and external dimensions, and it looks at related moderating effects. Grounding our study in social capital theory, using a sample of Chinese listed firms between 2007 and 2016, we propose and provide empirical evidence that both the internal and external social capital of CEOs play a critical role for the innovation of firms. In addition, we have also explored the boundary conditions of these effects, considering the way CEO duality and state ownership moderate the effects brought about by CEO internal and external social capital on corporate innovation. Our findings contribute to the scientific understanding of the conditions in which CEO social capital may benefit firm innovation to a greater extent, by also considering the effects of CEO duality and state ownership. Moreover, the results of this study provide managers with clear indications about the optimal conditions under which firm innovation may be benefited by CEO social capital, which is in the case of CEO duality and state-owned enterprises (SOEs). |
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