Impact of subsidies on innovations of environmental protection and circular economy in China.

Technological innovations in China's energy conservation and environmental protection industry (EEPI) are capital-intensive and useful to mitigate environmental externality, thus they need policy support and government subsidies (GSs) at the emerging stage. Nevertheless, research is limited on the influence of GSs onto innovation performance of China's EEPI, with particular to the effect of GSs from enterprise level. This study investigated 62 listed energy conservation and environmental protection enterprises (EEPEs) in China's market in 2013-2018. The innovation performance of these enterprises was quantitatively evaluated, and multivariate regression models were devised to examine GSs and other potential drivers that might influence the innovation. Key findings include (1) EEPEs' investment in R&D and protection of intellectual properties played a positive intermediary and regulatory role between GSs and enterprise innovation performance (correlation at the significance level of 0.05 (p = 0.045; p = 0.036)). (2) There is a significant positive correlation at the significance level of 0.05 (p = 0.011), which indicates that the strongest positive relation between GSs and innovation performance was identified in an environment of low external regulation and high internal regulation, and the effects were more significant for non-state-owned EEPEs(correlation at the significance level of 0.05 (p = 0.018)). (3) The promotion of GSs to innovation was found less effective in the three most developed regions in China, i.e., the Yangtze River Delta, the Pearl River Delta, and the Beijing-Tianjin-Hebei Area. Nonetheless it was more effective for enterprise engaged in the circular economy and resource recycling (correlation at a significant level of 0.05 (P = 0.048)). These findings may shed lights on decision making of green technology development for environmental conservation and circular economy.

The Impact of Interactive Control in Budget Management on Innovation Performance of Enterprises: From the Perspective of Manager Role Stress.

This study aimed to study the influence of the interactive budget on enterprise innovation performance from the perspective of managerial psychology, and to examine the mediating effect of managers' stress and the moderating effect of environmental turbulence in this influence. The study collected 228 managers' data in the Yangtze River Delta region of China through online questionnaires; the structural equation model is constructed by IBM SPSS Amos 24.0, and the data is analyzed by Mplus 7.4 and IBM SPSS 23.0. The results showed that: (1) an interactive budget positively affects enterprise innovation performance; (2) the role stress of managers plays a partial mediating role in the relationship between an interactive budget and enterprise innovation performance; (3) environmental turbulence positively moderates the relationship between the interactive budget and enterprise innovation performance; and (4) the positive effect of the interactive budget on enterprise innovation performance is more significant in enterprises with a high proportion of female managers, and the negative effect on the role stress of managers is more significant in high-tech enterprises. In theory, the results enrich the research on the impact of an interactive budget on individual managers' psychology, and further reveals the "black box" of the impact of an interactive budget on enterprise innovation performance; in practice, the results make enterprises attach importance to the influence of control environments on the psychological health of managers, and provides a reference for enterprises to use control methods rationally to promote innovation in budget management.

Is Heterogeneity Better? The Impact of Top Management Team Characteristics on Enterprise Innovation Performance.

Although the importance of the top management team's characteristics has attracted research attention, its influence remains undetermined. This paper considers the influence of top management team characteristics' heterogeneity on GEM-listed enterprises' innovation performance. From the perspective of optimizing top management team human capital and improving enterprise innovation performance, this study analyzes 634 GEM-listed enterprises via regression analysis. The results show that the effect of shallow-factor heterogeneity of the top management team on enterprise innovation performance is not significant, but deep-factor heterogeneity has a negative effect. These findings indicate that deep-factor heterogeneity is more important than shallow-factor heterogeneity and is subject to closer attention. If a GEM-listed enterprise wants to set up a strong top management team that contributes to the improvement of enterprise innovation performance, it must examine the consistency of each member's educational background and extend their tenure as long as possible without considering the gender ratio or age structure of the team.

Top Management Team Knowledge Hiding and Enterprise Innovation Performance: A Moderated Mediation Model.

Top management team (TMT) knowledge hiding, which is not only related to the normal operation of the team but also closely related to enterprise innovation performance, has been paid little attention to in the previous studies. Based on the theories of upper echelons, knowledge management, and innovation, this study proposed a moderated mediation model to research how TMT knowledge hiding affected enterprise innovation performance. In this model, TMT knowledge hiding was the independent variable, TMT creativity was the mediating variable, enterprise innovation performance was the dependent variable, and team competitive climate was the moderating variable. MPLUS7.0 was used for the CFAs to evaluate the discriminate validities of the key variables, and SPSS 22.0 was used to calculate the descriptive statistics, analyze the correlations between variables, make the multiple regression analysis, and process the data obtained from 612 executives in 53 TMTs. The results showed that TMT knowledge hiding had a significant negative impact on enterprise innovation performance; TMT creativity had a partial mediating effect between TMT knowledge hiding and enterprise innovation performance, and team competitive climate had a moderating effect on the relationship between TMT knowledge hiding and TMT creativity. These research results fill up the gap of the theoretical research in TMT knowledge hiding and provide scientific guidance to reasonably reduce or eliminate the phenomenon of TMT knowledge hiding and improve enterprise innovation performance.