The ambidextrous innovation strategy is an inevitable choice for companies to achieve sustainable development,and external analysts are an important medium for the transmission of information on capital markets and corporate innovation activities.It is particularly important to achieve the ambidextrous innovation strategy through the governance effect of analysts.Based on the dual perspective,using the data of A-share listed companies in China from 2015 to 2022,this paper empirically tests the relationship between analyst attention and corporate exploratory innovation and exploitative innovation.The results show that analyst attention helps to enhance both exploratory innovation and exploitative innovation.Further research shows that corporate risk-taking plays a partial mediating role in the impact mechanism of analyst attention on exploratory innovation and exploitative innovation.In addition,the overseas background of senior executives enhances the positive impact of analyst attention on corporate risk-taking.This study enriches the literature on factors influencing corporate ambidextrous innovation and the economic consequences of analyst attention,and helps to deepen the understanding of the role played by analysts in corporate innovation strategy choices.
维普
万方数据