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The aim of this paper is to explore the specific relationship between managerial power and enterprise innovation performance. Combined with managerial power theory and stewardship theory, financing constraints and strategic orientation, including, strategic market orientation and strategic technology orientation are included in the analysis framework to test how managerial power influences enterprise innovation performance in detail from the perspective of enterprise internal influence mechanisms.

Based on the A-share listed companies in Shanghai and Shenzhen covering the period from 2001 to 2017, this paper uses the ordinary least square method (OLS) to explore how managerial power affects enterprise innovation performance.

The results show that managerial power has a positive impact on enterprise innovation performance. Furthermore, the authors find that financing constraints, strategic market orientation and strategic technology orientation all have partial mediating effects in the relationship between managerial power and enterprise innovation performance.

This paper verifies the application of managerial power theory and stewardship theory in the relationship between managerial power and enterprise innovation performance in Chinese A-share listed companies, contributing to the literature on enterprise innovation. Moreover, by introducing the mediating mechanisms of financing constraints, strategic market orientation and strategic technology orientation, this paper builds an effective path for in-depth study to analyze how managerial power influences enterprise innovation performance and finds ways to improve enterprise innovation performance from the inside view of the enterprise.

Innovation is the most important quality of enterprise management. It is an important and controversial issue whether the heterosexual leadership structure of the chairman and chief executive officer (CEO) makes the work “easy” or “very tired” in enterprise innovation. This study investigates the specific impact of the heterosexual leadership structure on enterprise innovation investment, and further explores influence mechanism between them from two perspectives. Specifically, from the perspective of enterprise leaders including the chairman and CEO, this paper analyzes the impact of surname sharing, intergenerational differences and top management team (TMT) external social network between the heterosexual leadership structure and enterprise innovation investment. And from the perspective of enterprise itself, this study explores the impact of ownership and organizational slack between the heterosexual leadership structure and enterprise innovation investment.

By using ordinary least squares regression (OLS), this study mainly takes the unbalanced panel data of A-share listed companies from 2008 to 2019 in Shanghai and Shenzhen as the research sample to empirically analyze the relationship and influence mechanism between the heterosexual leadership structure and enterprise innovation investment.

The results show that the heterosexual leadership structure of the chairman and CEO has a negative impact on enterprise innovation investment. Surname sharing and ownership positively moderate the negative impact of the heterosexual leadership structure of the chairman and CEO on enterprise innovation investment. Intergenerational differences and TMT external social network negatively moderate the relationship between the heterosexual leadership structure of the chairman and CEO and enterprise innovation investment. In addition, the moderating effects of intergenerational differences and TMT external social network on the relationship between the heterosexual leadership structure and enterprise innovation investment both depend on organizational slack. When organizational slack is lower and intergenerational differences are higher, the negative impact of the heterosexual leadership structure of the chairman and CEO on enterprise innovation investment will be the strongest. And when organizational slack is lower and TMT external social network is higher, the negative impact of the heterosexual leadership structure of the chairman and CEO on enterprise innovation investment will be the strongest.

By exploring the influence and the boundary mechanism of the heterosexual leadership structure of the chairman and CEO on enterprise innovation investment, the “heterosexual difference effect” is verified in this paper, that is, when men and women work together, work is very tired. This not only enriches the existing research of enterprise innovation investment, but also provides practical guidance for effectively improving enterprise innovation investment from a new perspective. In addition, it broadens the moderating mechanism of the impact of the heterosexual leadership structure of the chairman and CEO on enterprise innovation investment, which is conducive to reasonable response to improve enterprise innovation investment.

The purpose of this paper is to empirically analyze the impact of chief executive officer (CEO) turnover on strategic change and explore the mediating role of organizational slack between them, as well as the moderating role and joint moderating role of top management team (TMT) external social network, ownership nature and industry type.

Based on the upper echelons theory, resource allocation theory and structuration theory, this paper takes the unbalanced panel data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges of China from 2001 to 2018 as the research sample, uses ordinary least squares (OLS) regression method and fixed effect model to study the relationship between CEO turnover and strategic change, and focuses on the mediating mechanism and moderating mechanism between them.

The authors find that CEO turnover is positively related to strategic change. When a CEO turns over, a new CEO will initiate strategic change. Precipitation organizational slack plays a mediating role between CEO turnover and strategic change. Non-precipitation organizational slack has no mediating effect between CEO turnover and strategic change, which is embodied as “suppressing effects.” When the non-precipitation organizational slack variable is controlled, the impact of CEO turnover on strategic change will be enhanced. TMT external social network, ownership nature and industry type all negatively moderate the relationship between CEO turnover and strategic change. TMT external social network and ownership nature have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive effect on strategic change in both state-owned enterprises and non-state-owned enterprises, but the promotion effect is stronger in non-state-owned enterprises. When TMT external social network is large, the positive effect of CEO turnover on strategic change in state-owned enterprises is from strong to weak, but in the non-state-owned enterprises is from weak to strong. TMT external social network and industry type have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive impact on strategic change in high-tech enterprises and non-high-tech enterprises, but the promotion effect is stronger in non-high-tech enterprises. When TMT external social network is large, the positive impact of CEO turnover on strategic change in high-tech enterprises is from strong to weak, but in the non-high-tech enterprises is from weak to strong.

On the basis of previous studies, this paper further expands the research scope of the mechanism of CEO turnover on strategic change, echoing the research arguments of relevant scholars. At the same time, the research results reveal the mechanism of organizational slack, TMT external social network, ownership nature and industry type in the relationship between CEO turnover and strategic change, and further deepen the application of upper echelons theory, resources allocation theory and structuration theory in China. In addition, the research conclusions of this paper also provide reference value for Chinese enterprises in carrying out strategic change, promoting enterprise transformation and improving the level of corporate governance, and help to enhance the understanding and attention of Chinese enterprises to CEO turnover, organizational slack, TMT external social network, strategic change and corporate governance under the background of high-quality economic development.