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Intellectual capital (IC) and venture capital (VC) play an important role in enterprise development. While the literature has investigated the relationship between IC and the profitability of companies, the relationship among IC, VC and enterprise value (EV) is still not well understood.

Drawing insights from the literature, we develop a few testable hypotheses about the relationships among IC, VC and EV. Using the panel data of companies listed in the Chinese stock market from 2009 to 2019, we employ fixed-effects regression models to test these hypotheses.

We find that IC has a significant positive effect on long-term EV. VC is found to have a positive direct effect on long-term EV but has a negative direct effect when its moderating effect with IC is considered. To explain this finding, we develop a simple economic model and provide an over-investment perspective.

We believe this paper can shed light on pro-venture investment policies in China, as well as provide indications for similar policies around the world.

Participative leadership's influence on employee task performance has garnered significant attention in a rapidly evolving organizational landscape. This study explores the multilevel dynamics of participative leadership congruence between unit managers and direct supervisors and its effects on employee task performance.

Drawing on two longitudinal studies based on the firms randomly selected from the Taiwan Economic Journal (TEJ) database, the research observes the mediating role of Person-Unit fit and the moderating influence of Unit-Member Exchange in the participative leadership-performance relationship.

The findings reveal how participative leadership congruence enhances person-unit fit, which in turn benefits employee task performance. Unit-member exchange plays a critical role in augmenting the participative leadership congruence? Person-unit fit? Employee task performance relationship.

The study extends leadership literature by highlighting the significance of leadership alignment across levels and the interplay between psychological and social factors in improving employee performance.