摘要
基于地方依赖理论和区域文化差异的"学习效应"假说,本文实证检验了外地CEO对企业创新投入的影响。研究发现,外地CEO会促进企业创新投入,较低的CEO原生地风险文化偏好和较好的CEO企业所在地创新文化环境均会加强外地CEO对企业创新投入的促进作用,而CEO的多元文化经历则会削弱外地CEO对企业创新投入的促进作用。机制检验表明,较高的风险偏好和较强的创新意识是外地CEO促进企业创新投入的两条作用机制。进一步研究发现,外地CEO在提升企业价值、抑制企业社会资本维护支出方面具有积极作用。本文的研究为市场监管部门引导上市公司主动披露高管原生地等个性化信息、上市公司不断创新选人用人机制和战略重视企业内外部文化环境的影响等提供了管理启示。
Enterprise innovation investment will be affected by the CEO’s personal characteristics.Many studies have tested the relationship between CEO’s characteristics,such as age,educational background,professional experience,tenure and so on,and the enterprise innovation investment based on the upper echelons theory.However,the existing studies do not cover all the issues.Among them,the CEO’s birthplace where the CEO is born and grows up,will also affect the cognition and values of the CEO,that is different regional culture will shape different individuals.In terms of the influence of regional culture on individual decisions,most studies focus only on the local CEOs and their less myopically decisions,investment behaviors et al.,do not pay enough attention to the non-local CEOs and their individual decisions.In fact,with the development of modern society,the mobility of population has become a common thing,and there are more and more non-local employees in the organizations,and they will have an important influence on the organization.CEO,as the main decision-maker of the corporate strategic decisions and the important participant in the actual operation of the company,the cultural difference of his/her birthplace and workplace will have a particularly important influence on his/her values and cognition,which are not only related to his/her individual decisions,but also are associated with the corporate strategic decisions.So the research of non-local CEOs is needed,and these questions,such as the relationship between non-local CEOs and enterprise innovation investment,the factors which will affect the relationship,are worth discussing.Based on the theory of local dependence and the hypothesis of"learning effect"of regional cultural differences,this paper empirically examines the influence of non-local CEOs on the enterprise innovation investment.The results are as follows:(1)Non-local CEOs will promote the enterprise innovation investment,which indicates that non-local CEOs have higher risk preference and stronger innovation consciousness,and these attributes are good for the improvement of the enterprise innovation investment.(2)The lower the risk cultural preference of the CEO’s birthplace,the higher the risk preference of the non-local CEOs,and the stronger the promoting effect of the non-local CEOs on the enterprise innovation investment.(3)The better the innovation cultural environment of the CEO’s workplace,the stronger the innovation consciousness of the non-local CEOs,and the stronger the promoting effect of the non-local CEOs on the enterprise innovation investment.(4)The multicultural experience of the non-local CEOs will weaken the"learning effect"of the cultural difference between the CEO’s birthplace and the CEO’s workplace,thus reducing the promoting effect of the non-local CEOs on the enterprise innovation investment.After a series of robust tests,the above conclusions remains the same.Further research results show that the enterprises with non-local CEOs have higher firm value,and the enterprise innovation investment plays a mediating role,indicating that non-local CEOs promote the innovation investment and then enhance the firm value.Besides,non-local CEOs significantly restrain the social capital maintenance expenditure of their enterprises,which further verifies the theory of local dependence.The main contributions of this paper are as follows:(1)Compared with executives’personal characteristics such as age,tenure,education background and so on,this paper extends the research of factors in CEO’s regional cultural differences that affect enterprise innovation investment.(2)The results of this paper show that non-local CEOs will promote the enterprise innovation investment,and the risk cultural preference of CEO’s birthplace,innovation cultural environment of CEO’s workplace and the CEO’s multicultural experience will mediate the relationship between the non-local CEOs and the enterprise innovation investment,these results will provide management implications to lead listed companies to disclose the information of CEO’s birthplace for the supervision departments,and help managers realize the importance of internal and external cultural environment.(3)This paper verified the positive role of non-local CEOs in promoting enterprise innovation investment,enhancing firm value and restraining enterprise social capital maintenance expenditure,which will provide management implications for listed companies to reform in employment mechanisms.
作者
严若森
周燃
YAN Ruo-sen;ZHOU Ran(Economics and Management School,Wuhan University,Wuhan,Hubei,430072,China)
出处
《经济管理》
CSSCI
北大核心
2021年第2期139-156,共18页
Business and Management Journal ( BMJ )
基金
国家自然科学基金面上项目“中国营商环境、总经理自主权与企业技术创新:制度基础观与高层梯队理论整合视角下的多层次研究”(72072137)
教育部人文社会科学研究规划基金项目“中国家族企业的创始人政治关联、社会情感财富与控制权代际锁定研究”(18YJA630126)
关键词
外地CEO
企业创新投入
风险文化偏好
创新文化环境
多元文化经历
non-local CEOs
enterprise innovation investment
risk cultural preference
innovation cultural environment
multicultural experience
作者简介
通讯作者:严若森,男,教授,博士生导师,管理学博士,研究方向为公司治理、企业理论、制度理论、战略管理、创新管理,电子邮箱:yrforest@163.com;周燃,女,博士研究生,研究方向为公司治理,电子邮箱:2019101050074@whu.edu.cn
