PurposeThe study aims to empirically study the effect of venture capital on open innovation of China's enterprises.Design/methodology/approachThis paper selects China's A-share listed companies on the small and medium-sized enterprises (SMEs) board and the Growth Enterprise Market from 2014 to 2018 as research samples to empirically study the effect of venture capital on open innovation of China's enterprises.FindingsThe authors find that venture capital can significantly promote open innovation of enterprises. This promoting effect is more significant when the venture capital institutions have profounder industry experience, higher shareholding ratio and are syndicated. Further research finds that venture capital mainly promotes open innovation through three mechanisms: increasing monetary funds, improving absorptive capacity and strengthening executive incentives, and the effect of venture capital on open innovation is significantly different under the conditions of different regions, industries and property rights.Originality/valueThis paper not only reveals the effect of venture capital on enterprises' open innovation and the specific mechanism, but also provides empirical evidence for emerging economies to build a national innovation ecosystem and make use of capital markets to accelerate innovation strategies.

PurposeUnder extensive pressure from normal market competition, frequent technological change and extreme exogenous shock, firms are facing severe challenge nowadays. How to withstand discontinuous crises and respond to normal risks through improving resilience (RE) is an important question worth researching. Thus, drawing on the strategic entrepreneurship theory, the purpose of this study is exploring the relationship between entrepreneurial orientation (EO) and RE, and combining digitization to discuss the role of digital business capability (DBC), digital business model innovation (DBMI) and environmental hostility (EH).Design/methodology/approachBased on survey data from 203 Chinese firms, using the methods of linear regression and bootstrap to test our hypothesis. Furthermore, fuzzy-set qualitative comparative analysis (FsQCA) is used to identify previously unknown combinations which lead to strong/weak RE in digital context.FindingsFirst, EO positively influenced DBC and RE. Second, DBMI promoted RE, DBC and DBMI served as sequential mediators that linked EO and RE. Third, EH positively moderated the effects of EO on RE. Further the study revealed that different configuration of DBMI and dimensions of EO and DBC can explain RE.Originality/valueThe study explains mechanism of RE from perspective of digitization. The conclusion is good for further consolidating strategic entrepreneurship theory, and providing a new frame for firms to build the ability of antifragile.

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How to successfully drive open innovation (OI) has been an important issue. However, the existing literature on the determinants of OI mainly focuses on organizational and contingent factors, and the “human side” of it is still not well understood, which also motivates us to explore it more deeply. This paper attempts to link upper echelon theory with OI research using data from a large sample of Chinese listed companies to investigate how the overconfident tendency of the CEO affects his or her preference for different OI modes. At the same time, what role do other top management team (TMT) members play in this process. The results show that overconfident CEOs favor market and organization‐oriented OI over technology‐oriented OI, and TMT governance can moderate such relationship, that is, as the level of TMT governance increases, the preference of overconfident CEOs for market and organization‐oriented OI will be weakened, avoiding the negative effect of excessive adoption of such activities on firm performance. By focusing on the human side of OI, this paper adds to the literature on the impact of strategic leadership, namely the influence of key individual CEO and other executives within the organization on OI management, which is also a response to the emphasis that more attention should be paid to the microfoundations of OI in the future.

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