{"id":"https://openalex.org/W4414531982","doi":"https://doi.org/10.3390/systems13100842","title":"TMT Diversity and the Financial Performance of Listed Chinese Companies: Three-Way Interaction Analysis of Innovativeness and Government R&amp;D Subsidies","display_name":"TMT Diversity and the Financial Performance of Listed Chinese Companies: Three-Way Interaction Analysis of Innovativeness and Government R&amp;D Subsidies","publication_year":2025,"publication_date":"2025-09-25","ids":{"openalex":"https://openalex.org/W4414531982","doi":"https://doi.org/10.3390/systems13100842"},"language":"en","primary_location":{"id":"doi:10.3390/systems13100842","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems13100842","pdf_url":"https://www.mdpi.com/2079-8954/13/10/842/pdf?version=1758808434","source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Systems","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2079-8954/13/10/842/pdf?version=1758808434","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5111245119","display_name":"Yu Jin Chang","orcid":null},"institutions":[{"id":"https://openalex.org/I93906172","display_name":"Anyang University","ror":"https://ror.org/018pdh902","country_code":"KR","type":"education","lineage":["https://openalex.org/I93906172"]}],"countries":["KR"],"is_corresponding":false,"raw_author_name":"Yu Chang","raw_affiliation_strings":["Department of Global Business Administration, Anyang University, Anyang 14028, Republic of Korea"],"raw_orcid":"https://orcid.org/0000-0001-7517-7183","affiliations":[{"raw_affiliation_string":"Department of Global Business Administration, Anyang University, Anyang 14028, Republic of Korea","institution_ids":["https://openalex.org/I93906172"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5119737369","display_name":"Tin Wai","orcid":null},"institutions":[{"id":"https://openalex.org/I24062138","display_name":"Konkuk University","ror":"https://ror.org/025h1m602","country_code":"KR","type":"education","lineage":["https://openalex.org/I24062138"]}],"countries":["KR"],"is_corresponding":false,"raw_author_name":"Tin Wai","raw_affiliation_strings":["College of Business Administration, Konkuk University, Seoul 05029, Republic of Korea"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Business Administration, Konkuk University, Seoul 05029, Republic of Korea","institution_ids":["https://openalex.org/I24062138"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5023085481","display_name":"Jae Ho Yoo","orcid":"https://orcid.org/0000-0003-3065-944X"},"institutions":[{"id":"https://openalex.org/I24062138","display_name":"Konkuk University","ror":"https://ror.org/025h1m602","country_code":"KR","type":"education","lineage":["https://openalex.org/I24062138"]}],"countries":["KR"],"is_corresponding":true,"raw_author_name":"Jae Yoo","raw_affiliation_strings":["College of Business Administration, Konkuk University, Seoul 05029, Republic of Korea"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Business Administration, Konkuk University, Seoul 05029, Republic of Korea","institution_ids":["https://openalex.org/I24062138"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5023085481"],"corresponding_institution_ids":["https://openalex.org/I24062138"],"apc_list":{"value":1600,"currency":"CHF","value_usd":1732},"apc_paid":{"value":1600,"currency":"CHF","value_usd":1732},"fwci":1.737,"has_fulltext":true,"cited_by_count":1,"citation_normalized_percentile":{"value":0.88976458,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":95,"max":98},"biblio":{"volume":"13","issue":"10","first_page":"842","last_page":"842"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10415","display_name":"International Business and FDI","score":0.9850999712944031,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10415","display_name":"International Business and FDI","score":0.9850999712944031,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9821000099182129,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12851","display_name":"Firm Innovation and Growth","score":0.9718999862670898,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/subsidy","display_name":"Subsidy","score":0.7062000036239624},{"id":"https://openalex.org/keywords/diversity","display_name":"Diversity (politics)","score":0.6485000252723694},{"id":"https://openalex.org/keywords/government","display_name":"Government (linguistics)","score":0.5735999941825867},{"id":"https://openalex.org/keywords/china","display_name":"China","score":0.5189999938011169},{"id":"https://openalex.org/keywords/moderation","display_name":"Moderation","score":0.5127999782562256},{"id":"https://openalex.org/keywords/multilevel-model","display_name":"Multilevel model","score":0.5034000277519226},{"id":"https://openalex.org/keywords/upper-echelons","display_name":"Upper echelons","score":0.4571000039577484},{"id":"https://openalex.org/keywords/stock","display_name":"Stock (firearms)","score":0.44670000672340393}],"concepts":[{"id":"https://openalex.org/C84265765","wikidata":"https://www.wikidata.org/wiki/Q193219","display_name":"Subsidy","level":2,"score":0.7062000036239624},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6707000136375427},{"id":"https://openalex.org/C2781316041","wikidata":"https://www.wikidata.org/wiki/Q1230584","display_name":"Diversity (politics)","level":2,"score":0.6485000252723694},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.5735999941825867},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.5189999938011169},{"id":"https://openalex.org/C93225998","wikidata":"https://www.wikidata.org/wiki/Q1941972","display_name":"Moderation","level":2,"score":0.5127999782562256},{"id":"https://openalex.org/C53059260","wikidata":"https://www.wikidata.org/wiki/Q374758","display_name":"Multilevel model","level":2,"score":0.5034000277519226},{"id":"https://openalex.org/C2993025222","wikidata":"https://www.wikidata.org/wiki/Q574562","display_name":"Upper echelons","level":3,"score":0.4571000039577484},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.44670000672340393},{"id":"https://openalex.org/C147887874","wikidata":"https://www.wikidata.org/wiki/Q16252774","display_name":"Institutional theory","level":2,"score":0.4465000033378601},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.3458999991416931},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.33799999952316284},{"id":"https://openalex.org/C2778719706","wikidata":"https://www.wikidata.org/wiki/Q6501447","display_name":"Local government","level":2,"score":0.337799996137619},{"id":"https://openalex.org/C2777724570","wikidata":"https://www.wikidata.org/wiki/Q4669907","display_name":"Absorptive capacity","level":2,"score":0.3262999951839447},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.29829999804496765},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.2971999943256378},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.28929999470710754},{"id":"https://openalex.org/C152877465","wikidata":"https://www.wikidata.org/wiki/Q208042","display_name":"Regression analysis","level":2,"score":0.28459998965263367},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.28290000557899475},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.27549999952316284},{"id":"https://openalex.org/C14224292","wikidata":"https://www.wikidata.org/wiki/Q13600188","display_name":"Conceptual framework","level":2,"score":0.267300009727478},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.2671000063419342},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.26409998536109924},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.26030001044273376},{"id":"https://openalex.org/C198477413","wikidata":"https://www.wikidata.org/wiki/Q7647069","display_name":"Survey data collection","level":2,"score":0.2551000118255615},{"id":"https://openalex.org/C86275758","wikidata":"https://www.wikidata.org/wiki/Q376657","display_name":"Strategic management","level":2,"score":0.2533000111579895}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3390/systems13100842","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems13100842","pdf_url":"https://www.mdpi.com/2079-8954/13/10/842/pdf?version=1758808434","source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Systems","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:d60cc3258c3646928a94c9068993d48b","is_oa":true,"landing_page_url":"https://doaj.org/article/d60cc3258c3646928a94c9068993d48b","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Systems, Vol 13, Iss 10, p 842 (2025)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/systems13100842","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems13100842","pdf_url":"https://www.mdpi.com/2079-8954/13/10/842/pdf?version=1758808434","source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Systems","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[{"id":"https://openalex.org/G3188893131","display_name":null,"funder_award_id":"2025-A019-0148","funder_id":"https://openalex.org/F4320321372","funder_display_name":"Konkuk University"}],"funders":[{"id":"https://openalex.org/F4320321372","display_name":"Konkuk University","ror":"https://ror.org/025h1m602"}],"has_content":{"grobid_xml":false,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4414531982.pdf"},"referenced_works_count":55,"referenced_works":["https://openalex.org/W220221994","https://openalex.org/W1917122625","https://openalex.org/W1965278510","https://openalex.org/W1973612587","https://openalex.org/W1995729815","https://openalex.org/W2030214259","https://openalex.org/W2061151651","https://openalex.org/W2072909010","https://openalex.org/W2087712586","https://openalex.org/W2087765149","https://openalex.org/W2103324604","https://openalex.org/W2108795964","https://openalex.org/W2112256230","https://openalex.org/W2119598042","https://openalex.org/W2130982534","https://openalex.org/W2147713958","https://openalex.org/W2148049298","https://openalex.org/W2170341003","https://openalex.org/W2306185535","https://openalex.org/W2330277600","https://openalex.org/W2421344171","https://openalex.org/W2495829876","https://openalex.org/W2796910081","https://openalex.org/W3010853778","https://openalex.org/W3035368609","https://openalex.org/W3083786795","https://openalex.org/W3121736426","https://openalex.org/W3122121511","https://openalex.org/W3123282572","https://openalex.org/W3123511825","https://openalex.org/W3126077007","https://openalex.org/W3134880186","https://openalex.org/W3179709493","https://openalex.org/W3200428549","https://openalex.org/W4200192603","https://openalex.org/W4206491405","https://openalex.org/W4207009530","https://openalex.org/W4220824174","https://openalex.org/W4229003580","https://openalex.org/W4232844343","https://openalex.org/W4241782546","https://openalex.org/W4247184660","https://openalex.org/W4251623583","https://openalex.org/W4287377043","https://openalex.org/W4313324438","https://openalex.org/W4376875427","https://openalex.org/W4388025580","https://openalex.org/W4388203007","https://openalex.org/W4399043410","https://openalex.org/W4402311762","https://openalex.org/W4403748830","https://openalex.org/W4404325855","https://openalex.org/W4406118426","https://openalex.org/W4406124950","https://openalex.org/W4407738355"],"related_works":[],"abstract_inverted_index":{"This":[0,97],"study":[1,50,158],"investigates":[2],"how":[3],"the":[4,13,25,63,142,152,165,175,178],"functional":[5,78],"diversity":[6,30,79,125,184],"of":[7,16,28,145,154,177],"top":[8],"management":[9,167],"teams":[10],"(TMTs)":[11],"affects":[12],"financial":[14,88,127],"performance":[15],"A-share":[17],"Chinese":[18],"companies.":[19],"To":[20],"this":[21,49,95,157],"end,":[22],"we":[23],"examine":[24],"interaction":[26,114],"effects":[27],"TMT":[29,77,124,146,183],"with":[31,90],"organizational":[32,91,188],"innovativeness":[33,92],"and":[34,46,65,71,109,136,150,162],"government":[35,105,155],"institutional":[36,47,138],"support.":[37,139],"Grounded":[38],"in":[39,148],"upper":[40],"echelons":[41],"theory,":[42,45,48],"absorptive":[43],"capacity":[44],"uses":[51],"hierarchical":[52],"multiple":[53],"regression":[54],"to":[55,164],"analyze":[56],"data":[57],"from":[58],"396":[59],"firms":[60,130],"listed":[61],"on":[62,86,169],"Shanghai":[64],"Shenzhen":[66],"stock":[67],"exchanges":[68],"between":[69],"2022":[70],"2023.":[72],"The":[73,120,172],"results":[74],"indicate":[75],"that":[76,123],"has":[80],"a":[81,112],"statistically":[82],"significant":[83],"positive":[84],"effect":[85,99,115,153],"corporate":[87],"performance,":[89],"positively":[93],"moderating":[94,98],"relationship.":[96],"is":[100],"further":[101],"strengthened":[102],"by":[103],"high":[104],"subsidies":[106],"for":[107],"research":[108],"development,":[110],"confirming":[111,141],"three-way":[113],"among":[116],"these":[117],"three":[118],"variables.":[119],"findings":[121,173],"suggest":[122],"improves":[126],"outcomes":[128],"when":[129],"have":[131],"both":[132,160],"robust":[133],"internal":[134],"innovation":[135],"external":[137],"By":[140],"strategic":[143,166],"significance":[144],"composition":[147],"China":[149],"elucidating":[151],"subsidies,":[156],"contributes":[159],"practically":[161],"theoretically":[163],"literature":[168],"emerging":[170],"markets.":[171],"clarify":[174],"implications":[176],"contingent":[179],"conditions":[180],"under":[181],"which":[182],"translates":[185],"into":[186],"superior":[187],"performance.":[189]},"counts_by_year":[{"year":2026,"cited_by_count":1}],"updated_date":"2026-05-21T06:26:12.895304","created_date":"2025-09-26T00:00:00"}
