Influence of top management team heterogeneity on technological innovation of China’s agriculture-related listed enterprises

doi:10.3969/j.issn.1004-1524.2021.07.20

Acta Agriculturae Zhejiangensis ›› 2021, Vol. 33 ›› Issue (7): 1339-1346.DOI: 10.3969/j.issn.1004-1524.2021.07.20

• Agricultural Economy and Development • Previous Articles

Influence of top management team heterogeneity on technological innovation of China’s agriculture-related listed enterprises

ZHANG Hengrui(), HUANG Tianzhu^*()

School of Economics and Management, Shaanxi University of Science and Technology,Xi’an 710021,China

Received:2021-02-22 Online:2021-07-25 Published:2021-08-06
Contact: HUANG Tianzhu

Abstract

Abstract:

Technological innovation is considered to be the key to enhance the core competitiveness of agriculture-related enterprises. As the highest decision-making body of the enterprise, top management team (TMT) plays an important role in the improvement of the technological innovation level. Based on the relevant theories of technological innovation and high-level echelon theory, the relevant data of TMT characteristics and finance status of China’s agriculture-related listed enterprises in 2017-2019 were collected in the present study, along with variables set and models constructed, to study the relationship within the heterogeneity of TMT, government subsidies and technological innovation level of China’s agriculture-related listed enterprises via empirical analysis. The results showed that the improvement of the heterogeneity of tenure, occupation and educational background of TMT was conducive to technological innovation, but the improvement of age heterogeneity of TMT inhibited technological innovation. The government subsidies positively stimulated the influence of tenure and occupation heterogeneity of TMT on technological innovation. The above results could provide references for China’s agriculture-related listed enterprises to continuously improve their technological innovation level by perfection of the TMT structure.

Key words: top management team heterogeneity, government subsidies, technological innovation, agriculture-related listed enterprises

CLC Number:

S-9
F306

ZHANG Hengrui, HUANG Tianzhu. Influence of top management team heterogeneity on technological innovation of China’s agriculture-related listed enterprises[J]. Acta Agriculturae Zhejiangensis, 2021, 33(7): 1339-1346.

Figures/Tables 5

References 17

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变量类型 Variable type	变量 Variable	符号 Symbol	衡量指标 Measurement
因变量 Dependent variable	技术创新 Technological innovation	R&D	研发支出与企业主营业务收入之比 Ratio of R&D expenditure to main business income
自变量 Independent variable	年龄异质性 Age heterogeneity	Hage	高管团队成员年龄大小的Herfindahl系数 Herfindahl coefficient of age of TMT members
	任期异质性 Tenure heterogeneity	Htenu	高管团队成员任职时长的Herfindahl系数 Herfindahl coefficient of service tenure of TMT members
	职业异质性 Occupation heterogeneity	Hfum	高管团队成员职业背景的Herfindahl系数 Herfindahl coefficient of career background of TMT members
	学历异质性 Educational background heterogeneity	Hdeg	高管团队成员受教育程度的Herfindahl系数 Herfindahl coefficient of education level of TMT members
调节变量 Regulatory variable	政府补贴 Government subsidies	Gov	政府补贴的自然对数 Natural logarithm of government subsidies
控制变量 Control variable	团队规模 Team size	Tsize	高管团队成员人数 Number of TMT members
	企业规模 Enterprise scale	Size	企业年末总资产的自然对数 Natural logarithm of total assets at the end of the year
	平均任期 Average tenure	Mtenu	高管团队成员任职时间均值 Average service tenure of TMT members
	平均年龄 Average age	Mage	高管团队成员年龄均值 Average age of TMT members
	平均学历 Average education	Mdeg	高管团队成员受教育程度均值 Average education level of TMT members
	财务杠杆 Financial leverage	Def	普通股每股收益变动率/息税前利润变动率 Change rate of earnings per share of common stock/change rate of profit before interest and tax
	上市时间 Time to market	Cage	当期年份-上市时间 Current year-time to market
	资产收益率 Return on assets	Roe	资产收益率=净利润/平均资产总额 Return on assets=net profit/average total assets
	行业因素 Industry factor	Ind	虚拟行业 Virtual industry
	年份因素 Year factor	Year	虚拟年份 Virtual year

变量类型 Variable type	变量 Variable	符号 Symbol	衡量指标 Measurement
因变量 Dependent variable	技术创新 Technological innovation	R&D	研发支出与企业主营业务收入之比 Ratio of R&D expenditure to main business income
自变量 Independent variable	年龄异质性 Age heterogeneity	Hage	高管团队成员年龄大小的Herfindahl系数 Herfindahl coefficient of age of TMT members
	任期异质性 Tenure heterogeneity	Htenu	高管团队成员任职时长的Herfindahl系数 Herfindahl coefficient of service tenure of TMT members
	职业异质性 Occupation heterogeneity	Hfum	高管团队成员职业背景的Herfindahl系数 Herfindahl coefficient of career background of TMT members
	学历异质性 Educational background heterogeneity	Hdeg	高管团队成员受教育程度的Herfindahl系数 Herfindahl coefficient of education level of TMT members
调节变量 Regulatory variable	政府补贴 Government subsidies	Gov	政府补贴的自然对数 Natural logarithm of government subsidies
控制变量 Control variable	团队规模 Team size	Tsize	高管团队成员人数 Number of TMT members
	企业规模 Enterprise scale	Size	企业年末总资产的自然对数 Natural logarithm of total assets at the end of the year
	平均任期 Average tenure	Mtenu	高管团队成员任职时间均值 Average service tenure of TMT members
	平均年龄 Average age	Mage	高管团队成员年龄均值 Average age of TMT members
	平均学历 Average education	Mdeg	高管团队成员受教育程度均值 Average education level of TMT members
	财务杠杆 Financial leverage	Def	普通股每股收益变动率/息税前利润变动率 Change rate of earnings per share of common stock/change rate of profit before interest and tax
	上市时间 Time to market	Cage	当期年份-上市时间 Current year-time to market
	资产收益率 Return on assets	Roe	资产收益率=净利润/平均资产总额 Return on assets=net profit/average total assets
	行业因素 Industry factor	Ind	虚拟行业 Virtual industry
	年份因素 Year factor	Year	虚拟年份 Virtual year

指标Index	R&D	Hage	Htenu	Hfum	Hdeg	Tsize	Size	Mtenu	Mage	Mdeg	Def	Cage	Roe
平均值Mean	0.129	0.657	0.550	0.248	0.413	7.318	22.30	2.671	48.41	2.183	1.240	20.74	0.068
标准差SD	0.138	0.201	0.334	0.190	0.195	2.541	0.996	0.515	3.120	0.363	0.489	4.503	0.115

指标Index	R&D	Hage	Htenu	Hfum	Hdeg	Tsize	Size	Mtenu	Mage	Mdeg	Def	Cage	Roe
平均值Mean	0.129	0.657	0.550	0.248	0.413	7.318	22.30	2.671	48.41	2.183	1.240	20.74	0.068
标准差SD	0.138	0.201	0.334	0.190	0.195	2.541	0.996	0.515	3.120	0.363	0.489	4.503	0.115

指标Index	R&D	Hage	Htenu	Hfum	Hdeg	Tsize	Size	Mtenu	Mage	Mdeg	Def	Cage
Hage	0.020^*
Htenu	0.139^**	-0.153
Hfum	0.127^**	-0.008	-0.122
Hdeg	0.116^**	0.071	-0.038	0.083
Tsize	0.118^**	0.061	0.036	0.266	0.068
Size	-0.178^***	-0.063	0.112	0.103	-0.169	0.248
Mtenu	0.125^**	-0.091	0.394	0.159	0.001	-0.106	0.116
Mage	-0.102^*	-0.200	0.138	0.202	-0.015	0.143	0.253	0.229
Mdeg	-0.015	0.044	0.080	0.085	-0.097	-0.017	0.360	0.172	0.048
Def	-0.019	0.119	0.012	-0.008	0.102	0.130	-0.029	-0.041	-0.064	-0.009
Cage	-0.164^***	-0.213	0.319	-0.168	-0.203	-0.146	0.132	0.115	0.146	0.038	-0.082
Roe	-0.032	-0.010	-0.116	0.094	-0.111	-0.019	0.268	0.016	0.049	0.098	-0.437	0.001

Influence of top management team heterogeneity on technological innovation of China’s agriculture-related listed enterprises

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指标Index	Hage	Htenu	Hfum	Hdeg	Gov	Tsize	Size	Mtenu	Mage	Mdeg	Cage	Roe	Def
VIF	1.17	1.43	1.29	1.11	1.57	1.3	1.48	1.44	1.26	1.22	1.27	1.40	1.34
1/VIF	0.85	0.70	0.78	0.90	0.64	0.77	0.67	0.70	0.79	0.82	0.78	0.72	0.75

变量 Variable	模型1 Model 1	模型2 Model 2	模型3 Model 3
Tsize	0.024^***	0.017^**	0.017^**
Size	-0.077^***	-0.074^***	-0.111^***
Mtenu	0.085^**	0.019^*	0.016^*
Mage	-0.007^*	-0.011^**	-0.010^*
Mdeg	0.066	0.068	0.043
Cage	-0.009^***	-0.011^***	-0.012^***
Roe	0.028	0.062	0.106
Def	-0.054	-0.054	-0.043
Hage	—	-0.103^*	-0.092^*
Htenu	—	0.183^***	-0.947^***
Hfum	—	0.250^***	-3.975^***
Hdeg	—	0.149^*	-0.432
Gov	—	—	-0.124^***
Gov*Hage	—	—	0.003^*
Gov*Htenu	—	—	0.068^***
Gov*Hfum	—	—	0.258^***
Gov*Hdeg	—	—	0.036
Year	—	—	—
Ind	—	—	—
常数项Constant	1.971^***	2.096^***	4.943^***
R²	0.166	0.211	0.260