Research question/issue:This study examines whether geographic proximity produces a proximity preference as interlocking firms observe each other and learn innovative behaviors through information transmission among i...Research question/issue:This study examines whether geographic proximity produces a proximity preference as interlocking firms observe each other and learn innovative behaviors through information transmission among interlocking directors.Research findings/insights:We study the performance of A-share-listed companies in China from 2007 to 2017 on the basis of resource dependence theory,agglomeration effect theory,and Porter’s competitive theory.When target firms learn about research and development–related innovation behaviors from interlocking firms closer to them,they experience more efficient learning effects and have improved convergent traits.Moreover,this proximity advantage increases the willingness of the target firm to communicate with and learn from interlocking firms closer to them.Highly developed areas and research and development–intensive industries positively affect the learning efficiency of interlocking firms.Theoretical/academic implications:Our conclusion is consistent with resource dependence theory;target firms in highly developed areas are more willing to imitate and study nearby interlocking firms to maintain their peer relations,innovation potential,and competitiveness.Our conclusion is also consistent with competition theory,which states that the exchange of information between target firms in highly research and development–intensive industries and distant interlocking firms increases innovation differentiation,innovation potential,and competitiveness,even when such exchange has a high cost.Practitioner/policy implications:The results support resource dependence theory and peers’effects.The information obtained by interlocking directorates through external social relations guides firm decision-making,and closer distances reveal more obvious effects.展开更多
深入分析连锁董事网络演化动因及其作用机制对理解企业各种经营行为具有关键意义.基于社会网络分析方法,结合指数随机图模型(Exponential Random Graph Model,ERGM)和系统动力学(System Dynamics,SD)模型,对2010—2019年中国沪深A股上...深入分析连锁董事网络演化动因及其作用机制对理解企业各种经营行为具有关键意义.基于社会网络分析方法,结合指数随机图模型(Exponential Random Graph Model,ERGM)和系统动力学(System Dynamics,SD)模型,对2010—2019年中国沪深A股上市企业连锁董事网络结构的演化特征、驱动因素及形成机制展开分析.研究结果表明:(1)我国连锁董事网络呈现持续扩张的趋势,具有高度社群化和小世界特性,网络结构具备一定韧性,在遭遇冲击后更倾向于建立轻量级联结;(2)通过对ERGM的分析发现,网络结构稳定并持续演化,监事会规模、两权分离率、地理距离与产权性质对网络形成及演化影响显著;(3)SD仿真结果显示,市场化进程和外部冲击促使企业增加董事联结以获取竞争优势和资源支持,中心度受企业间董事联结数量、多维邻近性及其滞后作用的多重影响,路径长度和外部冲击显著影响社区数量与聚类集群;外部冲击下,企业间董事联结数量、社区数量与聚类集群变化明显,而股权制衡度和两权分离率相对稳定.本研究解析的连锁董事网络的演化因素与形成机制对理解和解释企业行为提供了新视角和思路.展开更多
基金funded by the NSFC number(71903199)NSSFC number(19ZDA061,19AJY027)Financial support from the Innovation and Talent Base for Digital Technology and Finance(B21038).
文摘Research question/issue:This study examines whether geographic proximity produces a proximity preference as interlocking firms observe each other and learn innovative behaviors through information transmission among interlocking directors.Research findings/insights:We study the performance of A-share-listed companies in China from 2007 to 2017 on the basis of resource dependence theory,agglomeration effect theory,and Porter’s competitive theory.When target firms learn about research and development–related innovation behaviors from interlocking firms closer to them,they experience more efficient learning effects and have improved convergent traits.Moreover,this proximity advantage increases the willingness of the target firm to communicate with and learn from interlocking firms closer to them.Highly developed areas and research and development–intensive industries positively affect the learning efficiency of interlocking firms.Theoretical/academic implications:Our conclusion is consistent with resource dependence theory;target firms in highly developed areas are more willing to imitate and study nearby interlocking firms to maintain their peer relations,innovation potential,and competitiveness.Our conclusion is also consistent with competition theory,which states that the exchange of information between target firms in highly research and development–intensive industries and distant interlocking firms increases innovation differentiation,innovation potential,and competitiveness,even when such exchange has a high cost.Practitioner/policy implications:The results support resource dependence theory and peers’effects.The information obtained by interlocking directorates through external social relations guides firm decision-making,and closer distances reveal more obvious effects.
文摘深入分析连锁董事网络演化动因及其作用机制对理解企业各种经营行为具有关键意义.基于社会网络分析方法,结合指数随机图模型(Exponential Random Graph Model,ERGM)和系统动力学(System Dynamics,SD)模型,对2010—2019年中国沪深A股上市企业连锁董事网络结构的演化特征、驱动因素及形成机制展开分析.研究结果表明:(1)我国连锁董事网络呈现持续扩张的趋势,具有高度社群化和小世界特性,网络结构具备一定韧性,在遭遇冲击后更倾向于建立轻量级联结;(2)通过对ERGM的分析发现,网络结构稳定并持续演化,监事会规模、两权分离率、地理距离与产权性质对网络形成及演化影响显著;(3)SD仿真结果显示,市场化进程和外部冲击促使企业增加董事联结以获取竞争优势和资源支持,中心度受企业间董事联结数量、多维邻近性及其滞后作用的多重影响,路径长度和外部冲击显著影响社区数量与聚类集群;外部冲击下,企业间董事联结数量、社区数量与聚类集群变化明显,而股权制衡度和两权分离率相对稳定.本研究解析的连锁董事网络的演化因素与形成机制对理解和解释企业行为提供了新视角和思路.
