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| Performance Expectation Gap and Corporate Digital Innovation： The Perspectives of Resource and Capability |
| Cui Yuwen1,Liu Hong1,Zhang Jing2 |
| (1.Business School, Nanjing University, Nanjing 210093, China;2.School of Economics and Business Administration, Chongqing University, Chongqing 400044, China) |
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Abstract Digital innovation has facilitated some Chinese companies to diversify their products and services, streamline their business processes and gain a place in the wave of digital economy. However, due to the high risks, long cycle and complexity of digital innovation, most enterprises are still in the initial stage of digital innovation, facing the dilemmas of resource and technology constraints, and industry development imbalance. How to steadily promote digital innovation has become an important issue faced by enterprises in the process of digital construction.#br#Scholars have proposed that performance expectation gap, as an important organizational factor, affects corporate digital innovation. However, following the corporate behavior theory, some scholars propose that influenced by the wave of digital economy, firms with the performance expectation gap tend to cope with the continuous decline of performance by adopting digital technology and carrying out digital innovation activities, i.e., performance expectation gap promotes digital innovation. However, some scholars argue that performance expectation gap reduces the willingness of enterprises to engage in digital innovation and makes them cut their digital innovation investment, which is not conducive to digital innovation.#br#The inconsistency of the research results suggests that the mechanism of interaction between the two is still unclear and needs to be further explored. To this end, this paper hypothesizes that there is a nonlinear relationship between performance expectation gap and corporate digital innovation by integrating the corporate behavior theory and the “threat-rigidity” theory. Then it attempts to find the boundary conditions between performance expectation gap and digital innovation. Resource-based theory suggests that innovation decisions are not only related to a firm's own business situation, but also vary according to the organization's resources and capabilities. This makes the firm's resources and capabilities important boundary conditions for the performance expectation gap to affect digital innovation. Therefore, this study proposes that whether a firm with the performance expectation gap engages in digital innovation needs to fully consider both the influence of redundant resources and government subsidies, and the role of CEO power which is a corporate governance capability. Hence, this paper focuses on the following two questions: Is there a nonlinear relationship between performance expectation gap and digital innovation? How do corporate resources (redundant resources and government subsidies) and corporate governance capability (CEO power) further influence this inverted U-shaped relationship?#br#In view of this,the study analyzes the impact of performance expectation gap on digital innovation and examines the moderating effect of corporate resources (redundant resources and government subsidies) and governance capacity (CEO power) on the above relationship based on the corporate behavior theory and “threat-rigidity” theory, using the data of Chinese listed companies in Shanghai and Shenzhen A-shares from 2015-2021. The results show that there is an inverted U-shaped relationship between performance expectation gap and digital innovation, and this conclusion still holds after endogeneity and robustness tests. Both CEO power and redundant resources weaken the inverted U-shape relationship between performance expectations gap and digital innovation, while government subsidies enhance the inverted U-shape relationship. Further analysis finds that the effect of performance expectation gap on digital innovation is more pronounced in SOEs. The findings enrich the current theoretical explanation of the relationship between performance expectation gap and corporate digital innovation, and provide theoretical guidance and empirical evidence for implementing corporate digital innovation in a performance expectation gap state.#br#Compared with the existing literature, this paper complements and explores the mechanism of the relationship between performance expectation gap and corporate digital innovation, and it provides a research idea to solve the paradoxical relationship between them. Furthermore, the boundary conditions of the relationship between performance expectation gap and digital innovation are explored and enriched. Following the resource-based theory, this study explores the influence of corporate resources (redundant resources and government subsidies) and governance capabilities (CEO power) on the relationship between the two, reveals the boundary conditions of performance expectation gap acting on corporate digital innovation, and expands the application of redundant resources, government subsidies, and CEO power in the field of performance expectation gap and corporate digital innovation.#br#
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Received: 28 March 2023
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