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动态环境下上市公司高管团队异质性与战略变革关系逐渐成为上市公司治理研究的热点问题,但两者的关系机理尚不明确。基于高阶理论和战略变革理论,本文引入结构惯性作为调节变量,探讨其对高管团队异质性与企业战略变革关系的影响。通过对我国中小企业板上市公司2010—2013年210组数据的分析发现,高管团队年龄异质性、任期异质性和职业背景异质性与战略变革显著正相关,高管团队的教育背景异质性与战略变革呈显著负相关关系。结构惯性负向调节职业背景异质性与战略变革的关系,正向调节教育水平异质性与战略变革的关系,但对年龄异质性、任期异质性与战略变革之间关系的调节效应不显著。本文为高管团队异质性与战略变革关系研究提供了新视角。研究结果也表明,我国上市公司战略转型过程中结构惯性的作用不容忽视。
The relationship between the heterogeneity of senior management team and the strategic change of listed companies in a dynamic environment has gradually become a hot issue in the study of corporate governance in listed companies. However, the relationship between the two is still not clear. Based on high-order theory and strategic change theory, this paper introduces the structural inertia as a regulatory variable to explore its impact on the relationship between the top management team heterogeneity and corporate strategic change. Through the analysis of data from 210 groups in 2010-2013 of SME listed companies in China, it is found that senior management team age heterogeneity, tenure heterogeneity and occupational heterogeneity are significantly and positively related to the strategic change. The education background of senior management team Heterogeneity is negatively correlated with strategic change. Structural inertia negatively regulates the relationship between occupational heterogeneity and strategic change, positively regulates the relationship between heterogeneity of education level and strategic change, but regulates the relationship between age heterogeneity, tenure heterogeneity and strategic change Not obvious. This article provides a new perspective for the study of the relationship between the heterogeneity of senior management and strategic change. The results also show that the role of structural inertia in the strategic transformation of Chinese listed companies can not be ignored.