Main Article Content

Siqingaowa Bai


The intensified market competition has made corporate R&D capabilities critical to corporate development. This research starts from increasing corporate R&D investment and uses listed companies from 2014 to 2018 as a research sample. The empirical research found that the heterogeneity of the senior management team corporate R&D investment has a significant negative impact, but because corporate marketing capabilities can increase corporate R&D investment, after the intervention of marketing capabilities, the interaction effect of the heterogeneity of the corporate executive team and marketing capabilities will promote corporate R&D investment.


Download data is not yet available.

Article Details

How to Cite
Bai, S. (2022). THE IMPACT OF HETEROGENEITY, MARKETING CAPABILITIES AND INTERACTIONS OF EXECUTIVE TEAMS ON R&D INVESTMENT. Chinese Journal of Social Science and Management, 6(2), 45–52. Retrieved from
Research Articles


Alexiev, A. S., Jansen, J. J. P., Bosch, F. A. J. V. D., & Volberda, H. W. (2010). Top management team advice seeking and exploratory innovation: The moderating role of TMT heterogeneity. Journal of Management Studies, 47(7), 1343-1364.

Barker, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), 782-801.

Becker, M. H. (1970). Stoichiometric location and innovativeness: reformulation and extension of the diffusion model. American Sociological Review, 35(2), 267-282.

Cai, C. N., Tao, B. S., & Hua, R. R. (2016). The impact of senior management characteristics on corporate R&D investment: Taking listed companies in Zhejiang Province as an example. Financial Supervision, (19), 87-91. [in Chinese]

Fu, J. J. (1998). Technology innovation. Tsinghua University Press.

Guo, B. C., & Zhang, D. (2013). Research on the characteristics and R&D investment behavior of small and medium innovative enterprise executives——Based on the analysis of advanced management theory. Securities Market Herald, (1), 18-24, 29. [in Chinese]

Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.

He, X., & Su, X. H. (2012). The background characteristics of the executive team, executive incentives and corporate R&D investment: Data analysis from a-share listed high-tech companies. Science and Technology Management Research, 32(6), 100-108. [in Chinese]

Kor, Y. Y. (2006). Direct and interaction effects of top management team and board compositions on R&D investment strategy. Strategic Management Journal, 27(11), 1081-1099.

Lei, H., & Liu, P. (2013). The impact of the characteristics of the senior management team of small and medium-sized enterprises on technological innovation——From the perspective of the nature of ownership. Journal of Zhongnan University of Economics and Law, 199(4), 149-156. [in Chinese]

Li, D. W., & Wu, J. (2017). The impact of senior management team heterogeneity on corporate social performance. Management Review, (12), 84-93. [in Chinese]

Li, T. (2014). Research on open innovation strategy based on the characteristics of senior management team. Special Economic Zone, 11(1), 103-126. [in Chinese]

Li, W. N., Shang, H. B., & Lan, H. L. (2007). Theoretical overview of born international business enterprise. Science and Technology Management Research, 27(7), 175, 201-202. [in Chinese]

Liang, L. X., Jin, Y., & Zhao, N. (2010). Research on the relationship between R&D investment and corporate performance based on the life cycle of a company——Experience data from listed companies. Science of Science and Management of Science and Technology, 31(12), 11-17. [in Chinese]

Liu, B., Liu, J. X., & Li, Y. F. (2015). The relationship between senior management team heterogeneity and corporate performance: The moderating role of management autonomy. Science and Technology Management Research, 12(2), 154-160. [in Chinese]

Liu, X. M., Sun, T. T., & Wu, S. J. (2017). Research on the relationship between the heterogeneity and innovation of the senior management team of Chinese equipment manufacturing enterprises. Technology and Innovation Management, (3), 238-247. [in Chinese]

Liu, Y. G., & Liu, W. (2006). Senior management tenure and R&D expenditure: Based on the empirical evidence of listed companies in my country. In The 2006 Annual Meeting and the 19th Theoretical Symposium of the Financial Cost Branch of the Chinese Accounting Association (pp. 101-113). Peking University Press. [in Chinese]

Liu, Y. G., & Liu, W. (2007). The tenure and R&D expenditure of senior executives of listed companies in China. Management World, (1), 128-136. [in Chinese]

Ren, H. Y. (2014). Research on the value correlation between advertising expenditures and R&D expenditures. Scientific Research Management, 35(8), 153-160. [in Chinese]

Srivastava, A., & Lee, H. (2005). Predicting order and timing of new product moves: The role of top management in corporate entrepreneurship. Journal of Business Venturing, 20(4), 459-481.

Tian, X. Y., Du, Y. Y., & Li, P. Y. (2018). Will staggered tenure of executives affect corporate innovation investment? Accounting Research, 374(12), 57-62. [in Chinese]

Wang, H., Zang, R. H., & Li, W. (2015). The heterogeneity of senior management team, behavior integration and enterprise innovation decision-making. Science and Technology and Economy, 23(1), 254-276. [in Chinese]

Wang, S. Y., & Zhang, S. J. (2017). The heterogeneity of the senior management team, the nature of ownership and the bank’s innovation ability: Based on an empirical study of 16 listed banks in China (2006-2015). Financial Theory and Practice, 453(4), 39-45. [in Chinese]

Wang, Y. N., & Song, T. (2013). Research on the moderating effect of top management team heterogeneity on R&D investment and corporate performance. Modern Finance (Journal of Tianjin University of Finance and Economics), (9), 109-118. [in Chinese]

Xu, Q. R., Zhu, L., & Wang, F. R. (2006). From R&D-marketing integration to technological innovation--Market innovation collaboration. Scientific Research Management, 27(2), 22-30. [in Chinese]

Yue, C. Y. (2003). Decision theory and method. Science Press. [in Chinese]

Zhang, M. M., & Duan, H. Y. (2015). Research on the impact of senior management team characteristics on corporate R&D investment--Taking GEM listed companies as an example. Friends of Accounting, (3), 51-57. [in Chinese]

Zhao, X. G., Wang, K. Y., & Sun, H. Y. (2012). Research on the lag effect of the impact of Chinese listed companies’ R&D investment on corporate performance: An empirical analysis based on a two-way fixed effect model. Modern Management Science, (8), 17-19. [in Chinese]

Zhong, F. Y., Liu, H., & Zhao, X. (2018). Research on the moderating effect of senior management team characteristics on R&D investment and corporate performance. Friends of Accounting, (18), 71-77. [in Chinese]