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| Research on the Relationship between the Improvement of Management Capability and the Value of Enterprise Innovation：Empirical Analysis based on 2007-2019 A-share listed Companies |
| Tian Ling,Yang Wei |
| (School of Economics and Management, Wuhan University, Wuhan 430000, China) |
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Abstract Innovation cannot be limited to quantity accumulation, but should focus on value enhancement. To have a further understanding of the relation between firm innovation and management ability, this paper construct the relational model, in which management ability is measured through DEA, based on the data of A-share listed companies in 2007-2019, mainly investigating whether management ability improve firms' innovation value, It turns out that, overall, higher management ability reduces the number of patents, but increases the market value to innovation output, indicating that management ability can enhance the innovation value. We then divide the managers into high-ability group and low-ability group and find that, in the low- ability group, the increase in ability only increases the number of non-invention patents, while in high-ability group, the improvement of ability decrease the number of patents. This shows that low-ability managers pay more attention to "face projects" while high-ability managers pay attention to "really hard work". Finally, the promotion effect of management ability on patent value exists mainly in firms with long tenure CEOs, state-owned property rights and larger analyst following. Our paper provides evidence for enhancing the value of innovation from the perspective of management ability.
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Received: 10 December 2020
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