环境不确定性、高管特征与组织冗余——来自中国上市公司的证据

Environmental Uncertainty,Characteristics of CEOs and Organizational Slack:Evidence from Chinese Listed Companies

组织冗余可以为企业有效缓冲环境不确定性,但持有过多的组织冗余需要付出成本,因此企业需要持有合理的组织冗余。笔者从环境包容性和环境动态性两个维度探索了环境不确定性对于企业组织冗余持有水平的影响机制,以及高管特征对环境不确定性与组织冗余二者关系的调节作用;利用397家中国A股制造业上市公司面板数据进行了实证检验。研究发现:环境包容性对组织冗余有显著的负向影响;环境动态性对组织冗余有显著的正向影响;高管特征正向调节了环境不确定性与组织冗余之间的关系,这在实证层面上解释了客观环境不确定性与认知环境不确定性存在差异的原因。我们的结论揭示了组织冗余的产生机制,有助于厘清组织冗余与企业战略的关系。笔者基于研究结论认为:企业应该根据环境不确定性程度来调整组织冗余的持有水平,同时还要警惕高管个人认知对真实的环境不确定出现认知偏差,导致企业不能有效应对环境变化。

Organizational slack has an effectively buffering effect on the firm when it suffers environment uncertainty,but it should hold a reasonable level of organizational slack,because too many need to pay for cost. To better understand the relationship between organizational slack and corporate strategy,we need to reveal the mechanism of how the organizational slack is generated. Based on resource dependent theory,it discusses the mechanism of how environmental uncertainty influences on organizational slack. This paper has investigated how environmental munificence and dynamism influence how much organizational slack that a firm maintains,and moderating effect of CEO ’s characteristics on this relationship. Empirical evidence from 397 Chinese listed companies in manufacturing industry proves that organizational slack is negative with environmental munificence while positive with environmental dynamism. Besides,we find characteristics of CEO moderate the relationships of environmental uncertainty and slack. The conclusion reveals the mechanism of how environmental uncertainty has effects on organizational slack, and the CEO ’s characteristics moderating effects,so it supplies empirical evidence on why there are differences between the objective and cognitive environmental uncertainty. This study proposes the firm should adjust the level of organizational slack holding according to the degree of environmental uncertainty,which provides a new way for the firm to decide what organizational slack should hold.