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| Informal Hierarchy of Board of Directors, Opportunity Response and Enterprise Innovation Efficiency |
| Lyu Hengyu,Ma Chunai,Tang Tong,Cao Mengyao |
| (School of Economics and Management, China University of Petroleum (Beijing), Beijing 102249, China) |
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Abstract With the constant changes in the international environment and increasingly fierce market competition, it is crucial for enterprise to improve their innovation efficiency, and how to improve innovation efficiency through optimizing enterprise governance structure has become the key. There are no institutional constraints in the informal hierarchy of the board of directors as a recessive force, and it plays the same role as the formal hierarchy, and has become a key factor affecting corporate governance and innovation efficiency. At present, the research on the effect of informal hierarchical governance of the board of directors focuses on the quantity of innovation scale, the direct impact and influencing factors of the informal hierarchy of the board of directors, and the transmission path of the informal hierarchy governance effect of the board of directors needs further exploration.#br#Therefore,drawing on the relational contract theory, the organizational hierarchy theory and the dynamic capability theory, this paper analyzes the impact of the informal hierarchy of the board of directors on enterprise innovation efficiency and its mechanism under the Chinese social and cultural background and explores the role of opportunity response in the impact . Specifically is the informal hierarchy of the board of directors conducive to the improvement of enterprise innovation efficiency? If it is conducive to the improvement of enterprise innovation efficiency, does it improve the innovation efficiency of enterprises by conducting the decision-making behavior of the board of directors through opportunity response? #br#This paper selects the Chinese A-share listed companies from 2007 to 2020 as the initial sample, and finally obtains 17 114 sample observations. The study follows the research paradigm of "structure-response-efficiency" and adopts the test method of mediating effect. It verifies the hypothesis by defining variables and constructing a multiple linear regression model to conduct an empirical study on the impact of informal board of directors on enterprise innovation efficiency and its mechanism. Then the study analyzes the basic relationship between the informal hierarchy of the board of directors and enterprise innovation efficiency and opportunity response in turn, and further discusses the mediating role of opportunity response. The empirical results show that there is a significant positive correlation between the informal hierarchy of the board of directors and the innovation efficiency of enterprises; there is a significant positive correlation between the informal hierarchy of the board of directors and the responsiveness of enterprises to innovation opportunities; the informal hierarchy of the board of directors promotes the improvement of enterprise innovation efficiency by encouraging enterprise innovation opportunity response. The research conclusions are helpful to open the "black box" of the internal interaction process of the board of directors and deepen the research on the impact mechanism of the informal hierarchy of the board of directors.#br#The innovation of this paper is mainly reflected in the following aspects. First of all, most of the current research on the board of directors and enterprise focuses on the formal structure without the consideration of the interaction between members in China's "relationship-based" social and cultural background. Different from the previous studies on the overall level of the board of directors from the intermediate perspective, this paper focuses on the impact of the interaction between individual directors on the efficiency of enterprise innovation from the micro perspective. Secondly, this paper explores the relationship between the informal hierarchy of the board of directors and enterprise innovation efficiency from the new perspective of efficiency, which is a supplement to the previous research. Finally, unlike previous research on informal hierarchy of the board of directors with a focus on its direct impact and influencing factors, this paper deeply explores the impact path of informal hierarchy of the board of directors on enterprise innovation efficiency by constructing the research paradigm of "structure-response-efficiency" and combining the mediating effect test method. The study provides theoretical references for revealing the "black box" of internal interaction among board members.#br#
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Received: 20 September 2022
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