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| Entrepreneurs' Risk-taking Tendency, Regional Adventurism and Enterprise Innovation：A Moderated Mediation Model |
| Yuan Feifei,Xie Yongzhen |
| (School of Management, Shandong University, Jinan 250100, China) |
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Abstract In the post-epidemic era, the global economic value chain is facing a comprehensive adjustment with unknown macroeconomic direction. Digitalization and intelligence are accelerating the transformation effect of the new industrial revolution. Enterprises are the microscopic subjects that enable high-quality economic development, and technological innovation is the fundamental method to achieve high-quality enterprise development. The research on the factors influencing the antecedents of corporate innovation strategy has been abundant, but the research at the executive level has mainly focused on explicit traits such as professional background and education, ignoring the implicit traits of entrepreneurs. According to the higher echelon theory and leadership theory, the personal traits of entrepreneurs influence the decision-making behavior and results of the firm, and their role is constrained by contextual factors. The innovation decision of enterprise members is not only influenced by the internal driving force of individual sense of risk-taking, but also by the atmosphere of regional environment. Based on this, this paper constructs a model of the influence of entrepreneurial risk-taking tendency on innovation decision-making and innovation performance under the moderating effect of regional risk-taking spirit. The purpose of this paper is to explore: (1) the effect of entrepreneurial risk-taking propensity on innovation investment and innovation performance; (2) the mediating effect of innovation investment between entrepreneurial risk-taking propensity and innovation performance; (3) the differences in the effect of entrepreneurial risk-taking propensity on innovation investment and innovation performance in different regional risk-taking contexts; (4) the moderating effect of regional adventurism on the mediating effect of innovation inputs.#br#This paper takes listed companies in Shanghai and Shenzhen cities from 2014-2019 as the research sample. It makes descriptive statistics on the main variables by year. The results of ANOVA show that there are significant differences among the variables in different years. Referring to the previous research，this study proposes six models. Model 1 examines the impact of entrepreneurs' risk-taking tendency on innovation performance Model 2 examines the impact of entrepreneurs' risk-taking tendency on innovation investment. Model 3 examines the impact of innovation investment on innovation performance. Model 4 examines the mediating effect of innovation investment between entrepreneurs' risk-taking tendency and innovation performance; The interaction term between model tendency and regional risk-taking spirit has an impact on the entrepreneurs of innovative 5 innovation performance evaluation enterprises, that is, to explore the regulatory effect of regional risk-taking spirit on the relationship between entrepreneurs' risk-taking tendency and innovation performance; Model 6 explores the regulatory effect of regional risk-taking spirit on the relationship between entrepreneurs' risk-taking tendency and innovation investment; Model 7 is a total factor model, which is also a model in which intermediary effect and regulatory effect play a role together to test the regulatory effect of regional adventure spirit on the intermediary effect of innovation investment.#br#The results of empirical data show that entrepreneurial risk-taking propensity has a positive effect on innovation investment and innovation performance; innovation investment promotes innovation performance and plays a partially mediating role between entrepreneurial risk-taking propensity and innovation performance; the moderating effect of regional risk-taking on the relationship between entrepreneurial risk-taking propensity and innovation performance is inverted U-shaped.#br#This paper focuses on the influence of entrepreneurial risk-taking propensity and regional risk-taking spirit on firm behaviors, emphasizes the importance of informal institutions, and expands the study of the factors influencing the antecedents of firm innovation. It establishes a complete theoretical model of the role of entrepreneurial risk-taking propensity on innovation performance through innovation inputs under the regulation of regional risk-taking spirit, which provides a way to unveil the "black box" between entrepreneurial personal traits and firm performance. It provides a new perspective to uncover the "black box" between entrepreneurs' personal traits and firm performance, and extends the study of the mechanism and boundaries of the role of entrepreneurial risk-taking tendency. In addition, this paper not only uses hierarchical regression to determine part of the mediating effect of innovation input, but also further estimates the coefficient value of the mediating effect of innovation input, which provides methodological reference for the subsequent related research.#br#
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Received: 26 September 2021
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