Research on the Differential Impact of Interlocking Directorate Networks on the Breadth and Depth of Cooperative Innovation
In the era of VUCA(volatility、uncertainty、complexity、ambiguity),more and more enterprises are ac-quiring external innovation knowledge,sharing innovation costs and shortening R&D cycles through cooperation that breaks organizational boundaries to adapt to external environment characterized by variability,uncertainty,complexity and ambiguity.Many enterprises have regarded the interlocking directorate networks as important channels for inter-enterprise resource and information transfer.This is because on the one hand,the knowledge and information related to innovation in the interlocking directorate networks can reduce the information asymmetry among enterprises and promote cooperative in-novation among enterprises.On the other hand,the interlocking directorate networks are conducive to enhancing the trust of all parties involved in the cooperation,reducing opportunistic behavior,and ultimately improving the success rate of co-operative innovation,and promoting the formation of enterprise innovation networks.However,the existing research on the the interlocking directorate networks'influence on cooperative innovation has not reached a consensus.Based on so-cial network theory and organizational learning theory and considering the heterogeneity of cooperative innovation,this study subdivides cooperative innovation into two dimensions,breadth and depth.This study explores the differential ef-fects of interlocking directorate networks(centrality and structural hole)on the breadth and depth of cooperative innova-tion and constructs a theoretical model with the age of interlocking directors as moderation.The data of listed companies in China's pharmaceutical manufacturing industry from 2006 to 2020 were collected for empirical analysis.It was found that interlocking directorate networks(centrality and structural hole)had a positive influence on the breadth of coopera-tive innovation,and a negative influence on the depth of cooperative innovation.Besides,the positive effect of interlock-ing directorate networks on the breadth of cooperative innovation is negatively moderated by the age of interlocking direc-tors,and the negative effect of interlocking directorate networks on the depth of cooperative innovation is negatively mod-erated by the age of interlocking directors.Further,based on the frequency of board meetings,the samples were divided in-to a high-frequency group and a low-frequency group to test whether the central effect was established.Results show that the above effect existed in the firms with a low and medium board meeting frequency,but not in those with a high fre-quency of board meetings.The conclusions provide some enlightenment and insight for enterprises:First,when appointing directors,enterprises should pay attention to the board candidates'position in network.Secondly,enterprises should reasonably optimize the structure of the board of directors.The first is to optimize the age structure of board members,so as to avoid over-aged di-rectors refusing the inflow of external knowledge due to the solidification of the circle and the reduction of learning abili-ty,resulting in the decline of the cooperative innovation network due to exclusivity,which will have a negative impact on the long-term development of enterprises.The second is to optimize the proportion of interlocking directors in the board of directors in order to build a long-term stable cooperative innovation network.Thirdly,enterprises should reasonably ar-range the frequency of board meetings to avoid creating"busy directors".
interlocking directorate networkscooperative innovationcentrality and structural holesbreadth and depth
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