Research on the Influence of the Stability of Top Management Team on the Sustainable Innovation Ability of Enterprises

Abstract

Sustained innovation ability is related to the success or failure of an enterprise, and the stability of the executive team is regarded as the weathervane of the development status of the enterprise. In this regard, based on the data of A-share listed companies in Shenzhen and Shanghai from 2008 to 2023, the study takes the stability of the executive team as the starting point, and the sustained innovation ability of the enterprise as the starting point, constructs the fixed effect model and the intermediary mechanism model, and explores the complex impact of the stability of the executive team on the sustained innovation ability of the enterprise. It is found that: firstly, executive team stability can directly have a significant promotion effect on the sustained innovation capability of enterprises, and this conclusion still holds after endogeneity treatment and a series of robustness tests; secondly, executive team stability can enhance the sustained innovation capability of enterprises by increasing the proportion of management shareholding and the proportion of R&D personnel; thirdly, this effect will have heterogeneous effects in different types of enterprises . This study provides certain reference value and useful policy implication for enterprises to optimise the structure of executive team and enhance the sustainable innovation capability.