文章摘要：Drawing on human capital theory, this paper develops a contingency approach to explore how independent directors’ scarce human capital affects innovation investment intensity and innovation outputs in the Chinese context. Controlling for the presence of ordinarytechnical independent directors (TIDs) and a range of other factors, we find that academyfellow independent directors (AFIDs) have an incremental positive effect on innovationinvestment intensity and innovation outputs, and that this effect exists only for non–state-owned enterprises (non-SOEs), which are more constrained in their ability and resources to pursue value-enhancing innovation activities. Our channel analyses suggest that AFIDs play a strong resource provision role in enhancing innovation. However, their positive role in promoting impactful innovation activities diminishes when they face intensified government intervention and political risk. We clearly document that regulations that are designed to impose only intense external monitoring of independent directors may have unintended negative consequences on innovation, particularly when firms’ demands for resource provision are intense, as is the case with firm innovation.
作者简介：李四海：中南财经政法大学会计学院教授、博士生导师，会计学院副院长。
全怡（通讯作者）：中南财经政法大学会计学院副教授、硕士生导师。
Tian Gang Gary：Macquarie University教授。
Wang Tracy Kun：Australian National University讲师。
Wu Huiying：Western Sydney University副教授。
期刊简介：Asia Pacific Journal of Management是工商管理学科具有显著影响力的知名国际期刊，进入欧美大多数知名商学院重要学术期刊列表。该刊创刊于1984年，一年共4期（季刊），2019年影响因子为5.616，五年影响因子为6.721。
