{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,2]],"date-time":"2026-05-02T06:54:48Z","timestamp":1777704888866,"version":"3.51.4"},"reference-count":33,"publisher":"SAGE Publications","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["IFS"],"published-print":{"date-parts":[[2021,1,4]]},"abstract":"<jats:p>As an important psychological feature that affects the strategic decision-making of top management team (TMT), risk preference exerts important impact on the failure of innovation. Taking Chinese pharmaceutical listed companies from 2011 to 2017 as research samples, this paper uses principal component analysis and probit regression model to empirically test the impact of TMT risk preference on technological innovation failure of firms from the perspective of government intervention. It is found that TMT\u2019s risk preference has a significantly positive impact on the failure of firms\u2019 technological innovation. The regulatory role of government intervention between TMT\u2019s risk preference and failure of firms\u2019 technological innovation is an inverted U-shaped relationship. Low or high level of government intervention will promote the positive impact of TMT\u2019s risk preference on the failure of technological innovation, and increase the risk of technological innovation failure. The findings of this study contribute to: (1) broaden the research perspective of technological innovation failure. (2) The innovation failure rate can be reduced by constructing or optimizing the TMT and the government intervening in firm innovation through reasonable and perfect technology innovation guidance policies. (3) expand the research means of innovation failure, making the results more convincing.<\/jats:p>","DOI":"10.3233\/jifs-201516","type":"journal-article","created":{"date-parts":[[2020,10,23]],"date-time":"2020-10-23T14:05:40Z","timestamp":1603461940000},"page":"1161-1173","source":"Crossref","is-referenced-by-count":9,"title":["Risk preference of top management team and the failure of technological innovation in firms\u2013based on principal component analysis and probit regression"],"prefix":"10.1177","volume":"40","author":[{"given":"Yang","family":"Zhang","sequence":"first","affiliation":[{"name":"School of Management, Wuhan University of Technology, Wuhan, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jianmu","family":"Ye","sequence":"additional","affiliation":[{"name":"School of Management, Wuhan University of Technology, Wuhan, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"179","reference":[{"issue":"2","key":"10.3233\/JIFS-201516_ref1","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1007\/s11365-014-0342-3","article-title":"The possible adverse impact of innovation subsidies: some evidence from Italy","volume":"12","author":"Catozzella","year":"2016","journal-title":"International Entrepreneurship & Management Journal"},{"issue":"2","key":"10.3233\/JIFS-201516_ref2","first-page":"298","article-title":"Does government R&D policy mainly benefit scientists and engineers?","volume":"88","author":"Goolsbee","year":"1998","journal-title":"American Economic Review"},{"issue":"1-2","key":"10.3233\/JIFS-201516_ref3","doi-asserted-by":"crossref","first-page":"58","DOI":"10.1016\/j.acclit.2014.10.001","article-title":"Prospect Theory predictions in the field: Risk seekers in settings of weak accounting controls","volume":"33","author":"Abdel-Khalik","year":"2014","journal-title":"Journal of Accounting Literature"},{"issue":"5","key":"10.3233\/JIFS-201516_ref4","doi-asserted-by":"crossref","first-page":"1039","DOI":"10.1016\/j.respol.2013.02.008","article-title":"The market failure and the systemic failure rationales in technological innovation systems","volume":"42","author":"Mercedes","year":"2013","journal-title":"Research Policy"},{"issue":"1","key":"10.3233\/JIFS-201516_ref5","first-page":"5","article-title":"Matthew effects and R&D subsidies: knowledge cumulability in high-tech and low-tech industries","volume":"71","author":"Antonelli","year":"2012","journal-title":"Giornale degli Economisti e Annali di Economia"},{"issue":"2","key":"10.3233\/JIFS-201516_ref7","doi-asserted-by":"crossref","first-page":"107","DOI":"10.1046\/j.1540-6520.2003.00034.x","article-title":"Entrepreneurial founder teams: factors associated with member entry and exit","volume":"28","author":"Ucbasaran","year":"2010","journal-title":"Entrepreneurship Theory & Practice"},{"issue":"2","key":"10.3233\/JIFS-201516_ref8","doi-asserted-by":"crossref","first-page":"217","DOI":"10.1016\/j.respol.2010.09.017","article-title":"Evaluating the impact of R&D tax credits on innovation: A microeconometric study on Canadian firms","volume":"40","author":"Czarnitzki","year":"2011","journal-title":"Research Policy"},{"issue":"12","key":"10.3233\/JIFS-201516_ref9","first-page":"84","article-title":"Top Management Team Heterogeneity, Government Intervention and Corporate Social Performance","volume":"29","author":"Li","year":"2017","journal-title":"Management Review"},{"key":"10.3233\/JIFS-201516_ref10","doi-asserted-by":"crossref","first-page":"714","DOI":"10.1002\/smj.2358","article-title":"Change and persistence with failed technological innovation","volume":"37","author":"Maslach","year":"2016","journal-title":"Strategic Management Journal"},{"issue":"4","key":"10.3233\/JIFS-201516_ref11","doi-asserted-by":"crossref","first-page":"819","DOI":"10.1016\/j.respol.2015.01.010","article-title":"Do the effects of R&D tax credits vary across industries? 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