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Top management team stability and enterprise innovation: A chairman's implicit human capital perspective

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  • Danting Cao
  • Yike Yu

Abstract

Based on the data of A‐share listed enterprise from 2008 to 2020, the paper investigates the impact of the stability of top management team on enterprise innovation from the perspective of chairman's implicit human capital. The results show that a stable top management team can effectively promote enterprise innovation; the chairman's psychological capital plays an inverted U‐shaped regulatory role in the impact of the stability of the top management team on enterprise innovation; the social capital and emotional capital play a positive regulatory role in the impact of the stability of the top management team on enterprise innovation. After further identifying the motivation of enterprise innovation, it is confirmed that the stability of top management team promotes enterprise innovation and the chairman's implicit human capital regulates enterprise substantive innovation. The research of this paper provides new ideas for optimizing the human resource and organizational structure of top management team and improve the efficiency of enterprise innovation.

Suggested Citation

  • Danting Cao & Yike Yu, 2023. "Top management team stability and enterprise innovation: A chairman's implicit human capital perspective," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(4), pages 2346-2365, June.
    • Handle: RePEc:wly:mgtdec:v:44:y:2023:i:4:p:2346-2365
    DOI: 10.1002/mde.3821
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    3. Hui Xia & Shixian Ling & Zhangxin (Frank) Liu, 2023. "Heterogeneous Blockholders and Enterprise Innovation: Evidence From the Mixed-Ownership Reform in China," SAGE Open, , vol. 13(4), pages 21582440231, November.
    4. Cai, Cen & He, Limiao & Wen, Jialian, 2025. "Stability of executive teams, corporate financialization, and cross-border mergers and acquisitions," International Review of Economics & Finance, Elsevier, vol. 100(C).
    5. Yu, Lingling & Duan, Dongshan, 2025. "The effects of executive team stability on the dynamic adjustment of corporate capital structure—Analysis based on the perspective of human capital heterogeneity," Finance Research Letters, Elsevier, vol. 86(PG).
    6. Jia Liao & Yun Zhan & Yu Yuan, 2024. "Top management team stability and corporate default risk: The moderating effects of industry competition and strategic deviance," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(2), pages 809-827, March.

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