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| Can Innovation Be Continuous?Impression Management andEnterprise Innovation of New CEOs During the Transition Period |
| Liu Jingdong,Jiang Shan |
| (School of Business, Anhui University, Hefei 230601, China) |
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Abstract Continuous innovation is a necessary condition for the long-term development of enterprises. Enterprises need stable innovation resources to maintain dynamic competitive advantages. However, CEO change will inevitably occur in company operation and management. During the transition period, in order to win the trust of the board of directors, the new CEO would bias the enterprise resources to the direction of quick effects and low risks, which would bring a negative impact on the continuous innovation capability of enterprises. This contradiction puts forward higher requirements for the research on the influence of the new CEO behavior on the continuous innovation of enterprises during the transition period. According to the impression management theory, in order to prove their own ability and quickly establish authority, new executives will try to establish, maintain or change others' impressions on them through self-promotion, flattery and pleading to gain recognition from the stakeholders of the organization so that they could quickly carry out strategic deployment, coordinate the allocation of enterprise resources, and thus affect the continuous innovation capability of enterprises.#br#In view of this, this study combines the two theories of impression management and continuous innovation, and studies the impact of self-promotion and stock increase of new CEOs on the continuous innovation capability of enterprises. At the same time, the former CEO's retention on the board of directors affects the early survival prospects of the new CEO, and the existence of organizational practices affects the continuous innovation capability of enterprises. Hence, it is necessary to further analyze the moderating effects of the former CEO's retention on the board of directors and organizational practices. To sum up, this study establishes the corresponding research model and puts forward the research hypotheses. In order to further verify the reliability of the model and hypotheses, listed companies with CEO changes in Shanghai and Shenzhen stock markets from 2007 to 2018 are selected as the initial samples. In order to meet the requirement of the first three years as a transitional period after the new CEO takes office, the sample of companies with CEOs who have been in office for less than three years since the appointment is excluded. A questionnaire survey is conducted to the executives of the 796 sample companies through on-site research, MBA classes, emails, etc., and there are 295 valid samples obtained, and SPSS26.0 software is used for reliability and validity tests. The descriptive statistics, regression analysis and other empirical analyses are made.#br#The results show that, during the transition period, new CEO self-promotion and stock ownership are conducive to the continuous innovation of enterprises, but the mechanisms of the two kinds of impression management behavior are different. The former CEO retained by the board of directors has a negative moderating effect on the relationship between the new CEO's self-promotion and the enterprise's continuous innovation. Organizational practices have no significant moderating effect on the relationship among new CEO self-promotion, stock ownership increase and enterprise's continuous innovation.#br#The major originalities of this study are mainly reflected in the following aspects. First, it fills the research gap between the contradiction between the innovation strategy jump caused by the change of leadership of listed companies and the need for CONTINUOUS innovation of enterprises during the transition period. Second, this study focuses on the mechanism of new CEO's impression management behavior on the enterprise's continuous innovation from two aspects of self-promotion and stock ownership, and expands the theoretical research on CEO impression management. Third, the former CEO's retention on the board of directors negatively moderates the relationship between the new CEO's self-promotion and the company's continuous innovation, and thus it is taken as a scenario variable to deepen the research on enterprise continuous innovation. The conclusions of this paper also provide important guiding significance for new CEOs to reduce the risk of "early dismissal" and enterprises to maintain dynamic competitive advantages.#br#
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Received: 27 September 2022
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