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| Entrepreneurial Emotions, Risk-taking Ability and Enterprise Innovation Performance |
| Yu Xiaoliang1,Zhang Qing2,Yang Hanming1 |
| (1. School of Accounting, Zhongnan University of Economics and Law, Wuhan 430073, China;2. School of Accountancy, Hubei University of Economics, Wuhan 430205, China) |
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Abstract Under the fierce market competition, enterprise innovation is an imperative that is essential to major issues in the national economy, such as technological progress, industrial development and economic growth; thus, it is considered the key to achieving economic transformation and high-quality development. On the one hand, the Chinese government regards innovation as the primary driving force for development, and has issued incentive policies to create a good environment for enterprise innovation; on the other hand, more and more enterprises have been endeavoring to achieve independent research and development with increasing innovation investment. How to effectively achieve innovation incentives becomes a hot topic for both the academic and practical circles. Meanwhile, in reality enterprises have varying motivations for innovation. A large number of entrepreneurs with noble social emotions and career aspirations lead their enterprises to devote in key areas, and have had independent achievement; yet some entrepreneurs have occupied a large amount of public resources without making contributions to the economy, seriously distorting the efficiency of resource allocation. The existing literature on the characteristics of entrepreneurs is limited to the topics such as character experiences, attributes of natural persons, and overconfidence. There is still room for further exploration of how their psychological characteristics affect enterprise innovation.#br#In order to study the relationship between entrepreneurial emotions and enterprise innovation, the entrepreneur emotion scale is constructed based on the public data sets of listed companies in Hubei province. The total number of patent applications filed by enterprises in the current year is taken as a proxy variable for innovation performance. In order to test the heterogeneous impact of entrepreneurial sentiment on innovation, it further divides patents into invention patents , utility model patents , and design patents for testing one by one. Then the strategic innovation tendency indicators are proposed to measure the quality of enterprise innovation. The influences of entrepreneurial emotions on innovation performance at both quantity and quality levels are examined. In addition, due to the fact that the subsidy policies introduced by the government may lead to enterprises’ catering behaviors and lower the quality standards of enterprise innovation, the moderating role of government subsidies on entrepreneur emotion and innovation performance is thus analyzed.#br#The empirical results show that, firstly, entrepreneurial emotions can significantly motivate companies to engage in more innovative R&D activities. Companies with a higher level of entrepreneurial emotion also have more patent applications. Secondly, entrepreneurs with noble social emotions have higher risk-taking ability, and their enterprises are stronger in resisting risk shocks. The more risks they take, the better the innovation performance is achieved, so risk-taking ability plays a mediating role. Thirdly, the innovation incentive effect of entrepreneur emotion is mostly on invention patents, and it has a small impact on design patents, and no significant impact on utility model patents. Entrepreneurs with noble social emotions have significantly lower strategic innovation tendencies and higher innovation quality. Lastly, government subsidies can strengthen the impact of entrepreneurial emotions on enterprise innovation performance quality, and thus play a positive moderating role between entrepreneur emotion and innovation.#br# Compared with the existing literature with the focus on the influencing factors of enterprise innovation from aspects such as business environment, internal governance, and executive characteristics, the research findings in this paper are effective complements to those studies. From the perspective of entrepreneur emotion, this paper expands the research boundary of influencing factors of innovation performance, and explores the intrinsic mechanism of risk-taking ability improvement. It further deepens the relevant theoretical research on the measurement of entrepreneurial emotion and its economic consequences. By clarifying the positive incentive role of government subsidies in the special context of how entrepreneurial emotions promote innovation performance, this paper provides an empirical reference for the further introduction of economic policies.#br#
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Received: 01 December 2022
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