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| Research on the Impact of the Board Hierarchy Consistency on Enterprises Innovation Efficiency |
| WANG Zemin，LONG Jing，ZHANG Jichang |
| Nanjing University, Nanjing, China |
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Abstract Based on the conservation of resources theory, this study empirically evaluates the impact of the board hierarchy consistency on enterprises’ innovation efficiency by taking the second-board non-financial listed companies from 2009 to 2019 as the samples. The empirical study shows that there is an inverted U-shaped relationship between the board hierarchy consistency and enterprises innovation efficiency. This relationship will be affected by the two key resources, energy and conditions. That is, the improvement of ownership concentration and tenure heterogeneity will weaken the inverted U-shaped relationship, while different resource types and different performance of director groups in the crossover process will flip the inverted U-shaped curve. Although the inverted U-shaped moderating effect of career background similarity is not supported, the resource caravans phenomenon between career background and tenure also shows the same moderating effect as tenure heterogeneity.
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Received: 09 June 2021
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