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| Executive Overconfidence,R&D Investment Leap and Firm Performance |
| Hai Benlu1,2,Gao Qingzhu1,Yin Ximing3,Yang Junxiao1 |
| （1.School of Business,Henan Normal University,Xinxiang 453007,China;2.Center for Innovation and Development，Chinese Academy of Sciences，Beijing 100190，China；3.School of Management and Economics,Beijing Institute of Technology,Beijing 100081,China） |
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Abstract Based on the theory of punctuated equilibrium and upper echelon theory,using the panel data of 902 manufacturing enterprises in Shanghai and Shenzhen A-shares from 2007 to 2017,this study empirically analysis the impact of positive and negative leap in R&D investment on firm performance and the moderating effect of executive overconfidence.Results show that both positive and negative leap in R&D investment can significantly improve firm performance.The executive overconfidence positively moderates the relationship between the leap in R&D investment and firm performance.This study fills the research gap between R&D leap on firm performance by uncovering the mechanism,contributing to the innovation punctuated equilibrium theory.It also generates novel practical insights for managers to further leverage the psychological characteristics of executives on improving firm innovation and performance.
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Received: 14 May 2020
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