Abstract Based on the data, from 2009 to 2014, on the GEM listed companies, we have, in this article, explored the relationship between the upper threat, management background characteristics and the R&D investment. The result of our study shows that the background of the top management and the board of directors have a significant impact on the companies’ R&D investment, which means that the management background is an important factor affecting the companies’ innovation. Furthermore, distinguishing of the intensity of supplier concentration, we find that the upper threat has a clear effect on the relationship between the management background characteristics and the R&D investment, which shows the role of inhibition.
2016, Vol. 33 
