Based on the data of A‐share listed enterprise from 2008 to 2020, the paper investigates the impact of the stability of top management team on enterprise innovation from the perspective of chairman's implicit human capital. The results show that a stable top management team can effectively promote enterprise innovation; the chairman's psychological capital plays an inverted U‐shaped regulatory role in the impact of the stability of the top management team on enterprise innovation; the social capital and emotional capital play a positive regulatory role in the impact of the stability of the top management team on enterprise innovation. After further identifying the motivation of enterprise innovation, it is confirmed that the stability of top management team promotes enterprise innovation and the chairman's implicit human capital regulates enterprise substantive innovation. The research of this paper provides new ideas for optimizing the human resource and organizational structure of top management team and improve the efficiency of enterprise innovation.

We studied the influence of the fellow‐villager relationship between the independent directors and the chairman of the board and found that the above relationship significantly eased the shareholder's encroachment. Furthermore, the above suppression effect is more significant in the poor formal institutional environment, and higher equity balance will weaken the restraining effect. At last, we revealed that the reputation mechanism presented the key factor that urged independent directors to exert influence on the decision of the chairman through the fellow‐villager relationship and, in turn, inhibited the encroachment.

Purpose At present, the number of corporates certified by ISO14001 in China is ranked first in the world. This paper aims to explore the effectiveness of ISO14001 certification and the moderating effect of financial performance and external institutional pressures on the effectiveness. Design/methodology/approach This paper selects Shenzhen and Shanghai A-share listed companies in the heavy polluting industry from 2010 to 2017 as the research sample, and studies the impact of ISO14001 certification on corporate environmental performance and the moderating effect of financial performance and external institutional pressures. Findings This paper finds that ISO14001 certification has a positive impact on corporate environmental performance; corporate financial performance has a positive moderating effect in the relationship between ISO14001 certification and corporate environmental performance; government regulation, industry competition and media supervision also have positive moderating effects; and corporate environmental information disclosure has not yet had a positive moderating effect. Originality/value Most of the current empirical research on this topic are carried out in the context of developed countries, and lack empirical evidence from developing countries. This paper will help to make up for this deficiency. In addition, this paper will help explain why the effectiveness of ISO14001 certification generates variation in different corporates and under what conditions it will play a positive role.