How Does Managerial Ability Affect R&D Efficiency of Emerging-Economy High-Tech Enterprises

Numerous publications have discussed the nexus between managerial ability (MA) and innovation capability; however, regarding the hi-tech enterprises in transition economies, the nexus between MA and R&D efficiency will be discussed in depth. Considering the data from high-tech listed companies A-shares in Mainland China in 2012-2017, the data envelopment analysis (DEA) window, Tobit panel model, and panel threshold model is utilised to analyse the direct, moderating effects and threshold effect of MA on R&D efficiency of China's high-tech enterprises. The findings illustrated that MA could significantly facilitate R&D efficiency, and this enhancement effect is interestingly more evident in state-owned enterprises. Enterprise ownership exerts a significant positive moderation effect between MA and R&D efficiency of China's hi-tech enterprises. Both equity incentive and salary incentive exerts a significant negative moderation effect between MA and R&D efficiency of China's hi-tech enterprises. In addition, the panel threshold model proved a nonlinear nexus between MA and its R&D efficiency. Based on the abovementioned findings, corresponding countermeasures are proposed.