Revealing academic networks’ impact: driving innovation in Chinese high-tech enterprises

Innovation is a critical aspect in China's development as a great modern socialist country and in realizing its second-century goals. As key decision-makers in enterprises, the academic network resources carried by senior executives are seldom noticed. This study is going to explore whether senior executives' academic network relationships (i.e. senior executives are or were employed by universities or research institutions) will spur corporate innovation performance. Drawing on panel data from Chinese A-share high-tech listed companies from 2014 to 2021, the study examines this relationship through multiple linear regression analysis and investigates the mediating role of R&D manipulation in this connection. The results of the study show that the more academic network relationships embedded in senior executives, the better the high-tech firms' innovation performance. Additionally, R&D manipulation serves as an intermediary factor between senior executives' academic network relationships and corporate innovation performance. Furthermore, when these individuals hold key positions and have a higher level of academic background, the facilitating effect of senior executives' academic network relationships is more pronounced. This study broadens the application scope of social network theory and provides valuable insights for high-tech companies aiming to augment their knowledge-based innovation performance and refine their managerial recruitment strategies.