Firm New Quality Productive Forces in China: Do Research and Development Experience Directors on Boards Matter? Moderators of Financial Stability and Taoism

ABSTRACT Fostering firm new quality productive forces (FNQPF) is important for China's high‐quality economic development. Using a panel dataset of Chinese listed firms from 2008 to 2023, this study examines how research and development (R&D) experience directors affect FNQPF and whether this relationship depends on financial stability and regional Taoist influence. The results show that R&D experience directors positively affect FNQPF, and that this positive relationship is stronger for firms with higher financial stability and for firms located in regions with stronger Taoist influence. Mechanism analysis suggests that alleviating financial constraints represents one potential channel. Heterogeneity analyses show that the relationship is more pronounced in the Middle region, high‐tech firms, and old firms. Instrumental variable analysis and robustness tests provide additional evidence consistent with the main findings. This study extends resource dependence theory by demonstrating how board‐level R&D expertise, financial conditions, and regional informal cultural environments jointly relate to FNQPF development.