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5286From the perspective of individual managers, this research analyzes the impact of managerial resilience on enterprise innovation performance, and examines the moderating role of performance decline and industry competitiveness. Besides, We also discuss in depth that corporate R&D investment and manager short-sightedness are the mediators of managerial resilience and enterprise innovation performance. This paper selects Shanghai and Shenzhen A-share non-financial listed companies from 2007-2018 as the research object and uses OLS regression to conduct empirical testing. The results show that managerial resilience can promote the improvement of enterprise innovation performance. That is, the higher the manager’s psychological resilience, the higher the enterprise innovation performance. The results of a series of robustness tests support our conclusion. Furthermore, the dilemma of declining corporate performance and strong industry competitiveness will stimulate managers’ psychological resilience, and then strengthen the positive correlation between managers’ psychological resilience and enterprise innovation performance. Further research finds that R&D investment and manager short-sightedness play an intermediary role respectively. Managers with high psychological resilience can indirectly affect the improvement of enterprise innovation performance by increasing R&D investment and improving manager short-sightedness.
The contributions of this research are as follows: (1) From the perspective of managers’ psychological traits, it discusses the impact of enterprise managers’ psychological resilience on enterprise innovation performance, which will help the academic community to understand the role of managers’ traits and enterprise innovation performance, and makes up for the lack of micro-level research in the previous literature. (2) Based on the CD-RISC scale, it takes the managers of Shanghai and Shenzhen A-share listed companies as the research object and uses the emerging technology of video scoring to describe the level of managerial resilience, which provides a useful empirical reference for evaluating the psychological resilience of corporate managers. (3) It examines the direct mechanism, dilemma stimulating mechanism and indirect mechanism of the impact of managerial resilience on enterprise innovation performance, and enriches and expands the theoretical understanding of the factors affecting enterprise innovation performance. Furthermore, the results of this research also show that the key to enterprises’ promotion of innovation is to pay more attention to the development and cultivation of managerial resilience traits, which has important reference value for current innovation.
