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Does TMT political capital enhance or hinder firm innovation? While both the innovation benefits and costs of TMT political capital are acknowledged in the literature, we lack a systematic understanding of the theoretical context in which each perspective regarding the innovation outcomes of TMT political capital applies, specifically when the institutional environments are subject to fundamental and ongoing changes. Drawing on insights from upper echelons theory (UET), we propose a non-linear relationship between TMT political capital and firm innovation performance. Based on an analysis of 620 publicly listed firms in China, we find that TMT political capital has a U-shaped relationship with innovation performance. This curvilinear U-shaped relationship is negatively moderated by the marketization of commercial activities and resource allocation. Our study evokes new theoretical mechanisms for the innovation paradox of TMT political capital and sheds light on its boundary conditions in the context of transition economies.

Despite increasing interest in the relationship between trade and macroeconomic performance in development economics, very limited studies have been conducted on the causal links between exports and productivity growth in Asian economies. This paper examines empirically the interplay between exports and productivity growth for eight East Asian economies in a multivariate framework by applying bound tests and modified Wald tests. The results indicate that causality is bi-directional in the case of Korea, Singapore and Taiwan, while unidirectional from productivity to exports for Mainland China, Hong Kong, Indonesia, Malaysia and the Philippines. These findings provide little support for the conventional export-led growth hypothesis.