Influences of Top Management Team Social Networks on Enterprise Digital Innovation

This study analyzed the important role of top management team (TMT) social networks in enterprise digital innovation as well as the moderating impact of financing constraints on this association based on an attention-based perspective. A sample of A-share listed companies in China in 2010–2018 is employed. The multidimensional fixed-effect regression results show that the influence of internal TMT relationship stability on digital innovation exhibits an inverted U-shaped relationship and the external TMT alumni network exerts positive effects on digital innovation. The interaction between TMT relationship stability and TMT alumni network positively affects digital innovation. In addition, financing constraints have no moderating effects on the relationship between TMT relationship stability and digital innovation, but negatively moderate the relationship between TMT alumni network and digital innovation. These findings extended the literature on the relationship between TMT social networks and digital innovation from the perspective of attention allocation.