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The Impact of Strategy Deviance on Enterprise Technological Innovation:a Mediating Effect of Agency Costs |
Sun Jie,Yin Fangyuan |
(School of Accountancy,Tianjin University of Finance and Economics, Tianjin 300222,China) |
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Abstract Using the data of China's Shanghai and Shenzhen A-share listed companies from 2007 to 2019, the theoretical analysis and empirical test are carried out on the effect and path of strategy deviance on enterprise technological innovation. The study found that the greater the degree to which corporate strategy deviates from the industry's conventional strategy, the less technological innovation the firm has, and agency costs play an intermediary role in the relationship between strategy deviance and technological innovation. The heterogeneity test results found that the negative relationship between strategy deviance and technological innovation is more prominent in private enterprises, companies with greater financial constraint and lower market competitive position. This article not only enriches the relevant literature of enterprise strategy and innovation behavior, but also provides the basis for government departments to implement policies to improve the innovation ability of enterprises.
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Received: 22 September 2020
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