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The Impact of Corporate Social Network on Innovation: A Mediation Analysis of Agency Costs and Financial Constraints

机译：企业社会网络对创新的影响：机构成本和财务限制的调解分析

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摘要

This paper examines the impacts of corporate social network on innovation activities (both R&D inputs and patent outputs) and explores the potential influence path of social networks driving corporate innovation. Using Chinese share markets’ listed companies in the period from 2009 to 2016 as the sample, we establish a new type of social network based on the connections of the core management team (including directors, supervisors and executives) and find that a corporate social network based on the core management team has a positive causal effect on enhancing R&D investments and patent performance. Empirical results are robust after controlling for endogeneity and the causal relationship between social networks and corporate innovation is robustly monotonic. We perform a mediation analysis following the bootstrapping procedures, and find that alleviating financial constraints plays a mediating role in the process of a social network of this new type improving corporate innovation, while mitigating agency conflicts does not. Our conclusions demonstrate that, in the promotion of corporate innovation by the corporate social network, financial constraints have a more profound impact than agency costs.
机译：本文探讨了企业社会网络对创新活动的影响（研发投入和专利产出），并探讨了驾驶企业创新的社会网络的潜在影响路径。在2009年至2016年期间使用中国股市上市公司作为样本，我们基于核心管理团队（包括董事，监事和高管）的联系，建立了一种新型的社交网络，并发现公司社交网络基于核心管理团队对加强研发投资和专利表现具有积极的因果影响。经验结果在控制内核性和社会网络与企业创新之间的因果关系方面是强大的，是强大的单调的。我们在引导程序后执行调解分析，并发现减轻财政限制在这种新型改善企业创新的社交网络过程中发挥着调解作用，同时减轻了机构冲突。我们的结论表明，在企业社会网络促进企业创新方面，财政限制比代理成本更深刻。

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