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| CEOs′ Technical Expertise and Enterprise Technical Capital Accumulation: The Moderating Effect of CEOs′ Overconfidence |
| Xu Xiumei,Dang Xiaohong |
| (School of Economics and Management, Qingdao Agricultural University,Qingdao 266109,China) |
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Abstract Self-reliance and improvement in science and technology is the strategic support for realizing high-quality national development. The key path is to stimulate innovation vitality of talents and enhance independent innovation ability of enterprises. The economic essence of enterprise innovation output is to expand the accumulation of technology capital, which is one of the most important production factors of a country or region. The technology capital of enterprise refers to the technical resources such as patent, non-patented technology, proprietary technology, application system and software formed by research and development. It is of great significance to promote national independent innovation strategy by identifying the influence mechanism of technology capital accumulation. Technology capital is the result of R&D investment. Compared with traditional projects, technology development has the characteristics such as large investment, long cycles and high risks. As an important decision maker of enterprise innovation strategy formulation, R&D investment and innovation resource allocation, CEO is crucial in the expansion of technology capital accumulation of enterprises. Since the upper echelons theory was proposed, scholars at home and abroad have paid attention to the CEOs′ professional background, and their academic experience on the influencing mechanism on enterprises′ technology innovation output. However, due to the difference in innovation variable definitions, sample nature and time ranges, the relationship between CEO characteristics and output of technology innovation is not consistent. Further, the direct and interaction relationship between CEO technical expertise, overconfidence and technology capital accumulation of enterprise are also ignored. Thus this paper focuses on revealing the direct and linkage influencing mechanism of CEOs′ technical expertise and overconfidence on technology capital accumulation of enterprise.#br# This study selects Shanghai and Shenzhen A-share listed companies in 2015-2020 as the initial samples to empirically test the direct effect of CEOs′ technical expertise and enterprise technology capital accumulation and the moderating effect of CEOs′ overconfidence. 14 293 listed companies samples are obtained with streamlining treatment. The study verifies the hypothesis by defining variables and constructing the mixed regression and fixed-effect model. In order to enhance the persuasiveness of the conclusion, the robustness is retested by variable definition replacement, propensity score matching, instrumental variable replacement and sample streamlining.#br# The results show that CEOs′ technical expertise significantly promotes enterprise technology capital accumulation and CEOs′ overconfidence has a positive moderating effect on CEOs′ technical expertise and technology capital accumulation. Further, for enterprises with large scale and CEO implementing stock option incentive, the direct effect of CEOs′ technical expertise and the positive moderating effect of CEOs′ overconfidence are significantly higher than enterprises with smaller scale and CEO implementing restricted stock incentives. Compared with private enterprises, the direct effect of CEOs′ technical expertise and the positive moderating effect of CEOs′ overconfidence of state-owned enterprises is more prominent. The above conclusions provide rich support for exploring the internal influencing mechanism of enterprise technology capital accumulation and the action mechanism of CEOs′ overconfidence.#br# Compared with the existing literature, the innovation of this paper is reflected in the following three aspects. Firstly, it is confirmed that CEOs′ technical expertise significantly promotes the technology capital accumulation scale of enterprises, which provides a new research perspective, and advances the upper echelon theory, CEO trait activation and motivation theory, resource based theory and technical innovation theory. Secondly, it is revealed that CEOs′ overconfidence can positively moderate the relationship between CEOs′ technical expertise and enterprise technical capital accumulation. On the one hand, it expands the new research perspective on relevant literature on enterprise technical capital accumulation and CEO psychological cognition and behavior characteristics; on the other hand, it enriches the manager optimism, arrogant hypothesis and related research on corporate governance influencing mechanism. Thirdly, it estimates the influencing mechanism differences of technology capital accumulation of heterogeneous enterprises, to some extent, expanding the research scopes of Schumpeter innovation theory, executive incentive theory and principal-agent theory. #br#The conclusion of this paper has multiple enlightenment for listed companies to accurately understand the characteristics of CEOs, stimulate their technology innovation potential and confidence so as to optimize the power allocation,construct the scientific CEO appointment and incentive mechanism and finally promote innovation investment and continuous independent innovation.#br#
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Received: 05 April 2022
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