Can the degree of party membership among management enhance corporate innovation performance? The moderating role of technology finance

Empirical analysis is conducted utilizing a longitudinal panel dataset comprising Chinese publicly listed corporations from 2007 to 2022, this paper focuses on examining whether the proportion of Communist Party members in corporate management can enhance corporate innovation performance. The empirical results demonstrate that the proportion of Party members in management significantly improves corporate innovation performance. Moreover, the level of technological finance plays a significant moderating role in the relationship between the proportion of Party members in management and corporate innovation performance. The impact of Party membership in management on corporate innovation performance exhibits heterogeneity between state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs), between profitable and loss-making enterprises, and between high-tech and non-high-tech enterprises.