How the Stickiness of Executive Compensation Affects Corporate Technological Innovation——an Analysis of A-share Listed Companies Data
Technological innovation,as an important manifestation of new quality productive forces,is an unending driving force for corporate sustainable development.The paper conducts empirical analysis on data of listed companies on the Shanghai Stock Exchange from 2015 to 2022,and the research findings are as follows:the stickiness of executive compensation has a significant positive effect on the enterprise's technological innovation input and output,and the promotion of the stickiness of executive compensation on enterprise technological innovation is more significant in non-state-owned enterprises and high-tech industries;the degree of shareholding concentration plays a positive moderating role between the stickiness of executive compensation and enterprise technological innovation input and output;government subsidies play a positive moderating role between the stickiness of executive compensation and enterprise technological innovation output.The stickiness of executive compensation,as a kind of compensation incentive system that"emphasizes rewards and light punishments and tolerates failure",to some extent reduces the concerns of senior executives in the process of technological innovation due to fear of failure.By alleviating the negative expectations of failure consequences,the stickiness of executive compensation helps to stimulate the continuous innovation drive of senior executives and promote the progress of the capacity of corporate technological innovation.
stickiness of executive compensationcorporate technological innovationshareholding concentrationgovernment subsidies
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