CEO微博利己还是利公？ 抑或兼而有之？

Does CEO Weibo Benefit for Himself or Firm Performance,or Both?

基于高阶梯队理论和委托代理理论,以2009—2016年非金融类上市公司CEO为研究对象,本文实证检验了CEO微博对个人知名度及企业绩效的影响.研究发现:(1)CEO微博(发表与企业或个人相关微博)对个人知名度均具有显著正向影响,而CEO发表与企业相关微博对企业绩效的正向影响不显著,发表与个人相关微博对企业绩效呈现显著地负向影响,且个人知名度并不能作为CEO微博影响企业绩效的中介路径;(2)在不同情境(消费者敏感行业、国有企业以及两职合一)作用下,CEO微博对其个人知名度均具有显著正向影响;(3)而基于不同情境环境,CEO微博对企业绩效呈现出不同程度的影响.本文的研究结论不仅拓展了高阶梯队理论及委托代理理论,亦为CEO如何更好的使用微博提供有效的理论支持和实践参考.

Based on the upper echelon and principal-agent theory,using the non-financial listed companies in China from 2009 to 2016 as the research sample,we theoretically analyze and empirically test the impact of CEO weibo on his individual reputation and firm performance.The results show that,whether in traditional industries or new technology industries,CEOs are willing to register and use weibo to enhance the communication and interaction with the public,in order to maintain public concern for them.The more CEO weibo publishes,the better CEOs’individual reputation will be,regardless of whether the content is related to individuals or firms.On the other hand,the total number of CEO weibo has a significant and negative impact on firm performance.And the more the number of individualrelated weibo is,the stronger the negative impact on firm performance is.In different organizational contexts,the impact of CEO weibo on firm performance is different.Specifically,there is a more significant and negative effect of the total CEO weibo number on firm performance in non-consumerrelated industries,non-state-owned enterprises and the enterprises where CEOs are not the board chair.Only in consumer-related industries,individual-related weibo will have a significant and positive impact on firm performance.To some extent,the competition between individuals or firms is becoming increasingly fierce in the era of rapid development of information,so that the use of the weibo platform to increase exposure has become the trend of the times.Though CEO weibo is conducive to CEOs’own social attention and improves their individual reputation,CEO individual-related weibo improves firm performance only in consumer-related industries.As a whole,CEO weibo is not always conducive to improve firm performance.This paper enriches and expands the research on the effect of CEO characteristics on firm performance,and provides a new empirical evidence for the upper echelon perspective and the principalagent theory.At the same time,the theoretical analysis and conclusions of this paper also have certain reference value for corporate policy-makers and external investors.