Manager Confidence and Enterprise R&D Investment—Empirical Evidence Based on A-share Listed Companies
This article selects panel data from 1911 listed companies in the Shanghai and Shenzhen A-shares from 2011 to 2020 as samples,constructs a comprehensive indicator through principal component analysis to define the level of manager confidence,and examines the impact of manager confidence on corporate R&D investment.The research results found that manager confidence significantly increased the R&D investment level of the enterprise.After using instrumental variable meth-od to alleviate endogeneity and placebo test,the results remained robust.Further research has found that the political,techni-cal and overseas backgrounds of managers have a significant positive moderating effect on this relationship,indicating that the above background of managers will enhance their innovation awareness,thereby increasing the investment of enterprises in re-search and development innovation.Heterogeneity analysis shows that compared to state-owned enterprises,the level of confi-dence of management in non-state-owned enterprises has a more significant promoting effect on the R&D investment level of enterprises;due to differences in resource availability and decision-making power among managers,the moderating effects of political,technical and overseas backgrounds of managers are more evident in non-state-owned enterprises.This article pro-vides a basis for regulating corporate R&D investment disclosure,selecting corporate managers and improving corporate innova-tion levels.
manager's confidence levelenterprise research and development investmentmanager's characteristics
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