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| Political Connections Breakage, R&D Investment and Companies' Innovation Efficiency |
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Abstract The phenomenon of political connections breakage has gradually been valued by scholars, but few studies have involved the impact of political connections breakage on companies' innovation. Based on the"No. 18 Document" of the Central Organization Department, which forced a large number of independent directors with government official identity of listed companies to resign, we use DID to analyze relevant data of the Shanghai and Shenzhen Ashare listed companies from 2012 to 2016 and find that political connections breakage caused by the resignation of independent directors with government official identity can significantly promote companies to increase their R&D investments, but there is a clear negative relationship between the level of political connections breakage and the R&D investment of companies. However, political connections breakage can enhance the positive effect of R&D investment on innovation efficiency. The level of political connections breakage has significantly negative influence on R&D investment and no significantly effect on improving the efficiency of companies innovation. But the level of political connections breakage negatively moderates the relationship between R&D investments and innovation efficiency. Political connections breakage has no significant effect on the investment of R&D personnel, nor can it significantly play a moderating effect on the relationship between R&D personnel investment and innovation efficiency.
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