摘要
企业的战略变革是宏观经济转型和产业升级的重要微观基础,然而,变革活动的引领者CEO对自身职业生涯的认知会给战略变革带来怎样的影响是一个重要但仍具争议性的问题。本文整合高阶梯队理论和特质激活理论,以2007—2014年A股上市公司为样本,研究CEO职业生涯关注对战略变革的影响;采用CEO年龄和职业余期来代理CEO职业生涯关注,选择企业关键战略维度来构建战略变革的指标,对相关理论假设进行实证检验。研究发现,CEO职业生涯关注对战略变革有显著的正向影响;同时,在环境不确定性较低、经营期望落差较小、组织冗余较少以及CEO持股比例较高等组织内外部情境下,CEO职业生涯关注所能发挥的影响作用更大,对战略变革的促进效应也更为明显;进一步研究表明,在非国有企业中,CEO职业生涯关注对战略变革的影响更为显著;区分战略变革的类型,与战略变异相比,CEO职业生涯关注对战略背离的影响更为显著。本文不仅从新的视角拓展了战略变革动因的研究,而且对企业如何有效从内部驱动变革、推动企业转型发展有一定的启示意义。
With the acceleration of industrial restructuring,the rapid development of technology and the impact of global competition,strategic change is an important means for companies to effectively respond to environmental changes and maintain competitive advantage.However,previous studies have regarded strategic change as a passive response to the external environment,ignoring the inherent power of the organization.In fact,strategic change is a complex process,and the personality characteristics of the CEO as the main body of decision-making are the key factors affecting the implementation of strategic change.Because strategic changes often have long payback periods,high risks,and high uncertainties,CEO's decision-making behavior will be affected by his career concerns.However,previous research didn't investigates the effect of CEO career concerns on strategic change.Meanwhile,there is still a controversy about whether“young and promising young”or“old but vigorous”in China's corporate change practice.The upper echelons theory believes that the personality characteristics of executives have an influence on the strategic choices of enterprises.Career concerns is an important dimension of the CEO's invisible traits,which reflects the psychological and cognitive characteristics of the CEO,and thus has an impact on corporate strategic change decisions.In addition,strategic decision-making is the result of continuous interaction between the individual and the environment.Trait activation theory suggests that individual traits have different degrees of activation in different situations.Situation can play a role in enhancing or weakening the influence of traits on behavior.At the same time,the internal and external environment of the organization(environmental uncertainty and operating expectations gap),resource conditions(organizational redundancy),and governance mechanisms(equity incentives)are the most important organizational contextual factors that affect the CEO's strategic behavior.This paper explore the impact of CEO career concerns on strategic change based on upper echelons theory and trait activation theory.Using the data of Chinese A-listed companies from 2007 to 2014,the study find that CEO career concerns has a positive impact on corporate strategic change,and this positive impact is more significant in firms with lower environmental uncertainty,lower aspiration gap,less slack resource,and higher proportion of CEO holdings.These conclusions remain robust after a series of robustness checks,including lag phase I test,PSM method,various measurements of variables and nonlinear relationship test.Further research shows that the impact of CEO career concerns on strategic change is more obvious in non-state-owned firms;compared with strategic variation,CEO career focus has a more significant impact on strategic deviation.The main contributions of this paper are as follows:Firstly,This paper provides a new perspective for understanding on the motivation of strategic change,enriches the relevant literature on the economic consequences of career concerns.Secondly,this paper combines upper echelons theory with trait activation theory to investigate some situational factors that affect the relationship between CEO career concerns and strategic change,deepens the understanding of the boundary conditions of career concern.Thirdly,unlike most existing studies that consider strategic change as a single variable,this paper divide strategic change into strategic variation and strategic divergence,and further examine the impact of CEO career concerns on different types of strategic change.It makes up the gap of previous literature and provide more comprehensive empirical evidence.Finally,this paper not only helps to understand the role of time cognition in the process of strategic change,but also has practical significant implications for motivating CEO change willingness and driving corporate strategic change.In particular,this paper has policy guidance significance for deepening the reform of state-owned enterprises and improving the effectiveness of state-owned enterprise incentives.
作者
韵江
宁鑫
YUN Jiang;NING Xin(School of Business Administration,DongBei University of Fiance & Economics/Center for Corporate Strategy and Social Innovation,Dalian,Liaoning,116025,China)
出处
《经济管理》
CSSCI
北大核心
2020年第6期135-152,共18页
Business and Management Journal ( BMJ )
基金
国家自然科学基金面上项目“联结TMT创造力与战略变革的有效机制:以高阶(特征)和双元(过程)为整合主线的探索”(71672025)
辽宁省教育科学规划项目“工商管理教学模式创新中的探索研究”(JG14DB155)
东北财经大学创新团队项目“社会创新背景下的中国企业战略研究”(DUFE2017T02)。
作者简介
韵江,男,教授,博士生导师,管理学博士,研究方向是战略管理与创新管理,电子邮箱:jiang.yun@dufe.edu.cn;通讯作者:宁鑫,男,博士研究生,研究方向是战略管理,电子邮箱:cgscholar@163.com。
