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| A Study of the Mechanism of TMT Optimism on Firm Performance |
| XIONG Jiakuo，ZHAO Weidong，LIANG Ying，WANG Guofeng |
| University of Electronic Science and Technology of China, Chengdu, China |
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Abstract With a sample of listed firms in Shanghai and Shenzhen from 2014 to 2019, based on dynamic capability and social cognitive perspective, this study uses the two-dimensional fixed effects model to study the mediating role of dynamic capability between TMT optimism and firm performance, and to dissect the moderating role of management autonomy and environmental dynamics on this causal chain. Empirical evidence shows that: ①TMT optimism positively affects innovative capacity and has a U-shaped relationship with adaptive capacity, and innovative capacity negatively affects firm performance and adaptive capacity has an inverted U-shaped relationship with firm performance;② Innovative capacity and adaptive capacity play a partially mediating role in the relationship between TMT optimism and firm performance;③ Management autonomy enhances the U-shaped relationship between TMT optimism and adaptive capacity and environmental dynamics enhances the negative relationship between innovative capacity and firm performance;④Innovative capacity positively affects firm long-term performance.
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Received: 28 August 2020
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