TMT Stability and Corporate Digital Innovation——Research Based on Risk Prevention
Using a sample of A-share listed companies from 2012 to 2020,this paper empirical-ly tests the influence of TMT stability on corporate digital innovation.The results after robustness test show that corporate digital innovation level is significantly enhanced with the improvement of TMT stability.The subsequent test find that TMT stability can improve corporate digital innovation by reducing the corporate risk-taking level,which verifies TMT stability has a risk prevention effect in enhancing corporate digital innovation.In addition,when industry monopoly position is higher,financing constraints is higher,information asymmetry is higher,media sentiment is more negative and investor sentiment is more negative,TMT stability has a stronger promotion effect on corporate digital innovation,which provides evidence for the risk prevention effect of TMT stability in the pro-cess of promoting corporate digital innovation.This study aims to explore the mechanism of TMT stability affecting corporate digital innovation,reveals that TMT stability can play an important role in risk buffer in corporate digital innovation activities and provides experience and inspiration for TMT construction and innovation strategy implementation in digital economy era.
Top management team(TMT)stabilityDigital economyDigital innovationRisk prevention
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