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| Technical Directors, R&D Investment and Sustainable Growth |
| LIU Zhongyan1,ZHOU Zejiang2 |
1. School of Economics and Management, Anhui Jianzhu University
2. Business School,Anhui University
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Abstract Based on the research paradigm of “Characteristics-Behavior-Economic consequences” and with the A-share Chinese listed companies that disclosed R&D investment from 2008 to 2015 as analytical sample, this paper utilizes the mediating variables to study the technical directors’ influence on the enterprise sustainable growth through the R&D investment, and the mediating effect is quantified. The results show that: Firstly, technical directors have a significantly positive impact on the implementation of enterprises’ sustainable growth. Secondly, technical directors have significantly positive impact on enterprises’ R&D investment. Thirdly, technical directors affect enterprises’ sustainable growth partly through R&D investment, which acts as part of the mediating variable between technical directors and enterprise sustainable growth. This paper offers enlightenment for building the structure of board governance which is oriented towards sustainable growth, and also provides empirical evidence for the innovation-driven effect of technical directors.
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Received: 07 April 2019
Published: 15 August 2019
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Corresponding Authors:
LIU Zhongyan
E-mail: yunhai207@126.com
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2019, Vol. 39 
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