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| Top Management Team's Social Capital, Risk-taking Ability and Innovation Willingness of Small and Medium-sized Enterprises |
| Feng Bing1,Xu Yang1,Zhang Qing2 |
| (1.School of Management, Wuhan Institute of Technology, Wuhan 430205, China; 2.School of Accounting, Hubei University of Economics, Wuhan 430205, China) |
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Abstract Innovation incentives of small and medium-sized enterprises(SMEs) is the key issue in promoting enterprises to become bigger and stronger, achieve high-quality development and speed up economic upgrading.Due to the Sino-US trade frictions, with the increasing external pressure and industrial policy stimulus, domestic enterprises have fully expressed and promoted their innovation willingness. However, the lack of innovation in SMEs has laid a hidden danger for the sustainable development in the future. Therefore, it is of great theoretical significance to study the mechanism of SMEs' innovation willingness, and explore effective innovation motivations for the sustainable and high-quality development of China's SMEs.#br#By employing a set of survey data from OTC listed companies in Hubei Province, this study starts from the current situation of SMEs in China, revises the existing innovation willingness scale to analyze the formation mechanism of innovation willingness. The results show that social capital of the management team can significantly improve the innovation attitude of SMEs and effectively strengthen their innovation motivation. Social capital has a positive effect on enterprise's risk-taking ability. Risk-taking ability can help promote innovation willingness, thus playing an intermediary role between them. The power of executives positively mediates the relationship among social capital, innovation attitude and innovation motivation. Compared to traditional enterprises and early-established enterprises, social capital has a more positive effect on innovation willingness in technological innovation-oriented enterprises and new start-ups.#br#These findings shed lights on the related fields from multiple perspectives. On the one hand, this paper enriches the research on the determinants of innovation willingness. Existing research mainly focus on internal governance, financing capabilities, executives' personal characteristics, and macroeconomic policies, while this study explores the positive role of management team social capital on innovation willingness. On the other hand, this paper broadens the boundary of economical effects of corporate social capital. A large number of studies have proved its role in financing constraints, investment efficiency, operating risks and business performance. This study further explores the impacts of corporate social capital on innovation willingness and its economical mechanism.#br#This study proposes several suggestions for corporate management and policy making. Firstly, in addition to economic incentives such as compensation, enterprises need to focus more on stakeholders management. Secondly, professional managers with rich experience should be hired to enhance innovation ability and improve the incentive mechanism. Thirdly, active R&D cooperation among universities, research institutes and other enterprises should be fully promoted, and it is conducive for SMEs' innovation strategy. From the perspective of policy making, in order to stimulate the innovation willingness of SMEs, the authorities are suggested to make full use of their informational and organizational capabilities to establish a stable channel, to provide SMEs with sufficient external resources, and shore up the specific industries and emerging enterprises to maximize the stimulus effect with limited political costs.#br#The deficiencies in this study are listed as follows.There is a bias of sample selection in this paper, for example, the listed companies in this study have distinct regional characteristics.For small and medium-sized enterprises, in addition to positive innovation willingness and risk-taking ability,it is a topic worthy of further discussion of how to achieve successful innovation and even high-quality innovative R & D. Small and medium-sized enterprises often have weak internal governance, serious homogeneity of senior management team, and lack attraction to external talents. In addition to hiring professional managers, it is also a great challenge to quickly and effectively expand the social capital of enterprises.#br#
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Received: 09 June 2022
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