The Effect of Board Capital Development on Innovation Performance of High-Tech Enterprises in Shandong Province, China
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Abstract
The objectives of this study were threefold: This study aimed to investigate the influence of board capital investment on technological innovation performance in high-tech enterprises. Specifically, it examined the relationships between board capital, technological innovation resources, and the quality of innovation strategies, as well as their collective impact on innovation performance. Utilizing a quantitative research method, 450 questionnaires were distributed to board members of high-tech enterprises in Shandong Province, with 401 valid responses, yielding an 89.11% validity rate. Structural equation modeling (SEM) and confirmatory factor analysis (CFA) were employed to test the proposed hypotheses.
The results revealed several key findings: 1) Human capital (HCB), social capital (SCB), and institutional capital (ICB) of the board significantly affect the innovation performance of high-tech enterprises; 2) The human capital of the board has a significant positive impact on resource acquisition and the quality of strategic decisions, while social capital significantly impacts strategic decision quality but not resource acquisition. Institutional capital does not significantly affect resource acquisition but positively influences the quality of strategic decisions; and 3) Technological innovation resource acquisition and the quality of strategic decision-making both have significant positive effects on technological innovation performance.
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