董事长-总经理的价值观差异与企业创新战略

Chairman-CEO’s Value Differences and Enterprise Innovation Strategy

囿于数据可得性,现有研究集中于考察高管人口特征差异等浅层异质性对企业创新的影响,而对价值观差异等深层异质性的影响则缺乏关注,而后者更能影响高管团队在认知上的差异,进而影响企业行为。有鉴于此,论文利用价值观差异来测度高管团队深层异质性,基于中国上市公司的数据,重点分析并考察了董事长与总经理的价值观差异对企业创新战略的影响。研究发现,董事长与总经理的价值观差异越大,企业研发强度就越高。进一步研究发现,在国有企业和股权集中度较高的企业,董事长与总经理的价值观差异对企业研发强度的正向影响减弱,而在组织冗余更多的企业,董事长与总经理的价值观差异对研发强度的正向影响增强。论文的贡献在于,首次探讨并实证检验了高管团队价值观差异对战略决策的影响,拓展了高阶理论中高管价值观的相关研究;利用董事长与总经理的价值观差异测量高管团队深层异质性,也拓展了高管团队异质性的相关研究;还为从微观层面探索文化差异对企业战略的影响提供了新思路,也为洞悉中国区域文化对企业发展的影响提供了新的实证依据。

Due to the availability of data,prior research focused on the impact of shallow heterogeneity,such as differences of demographic characteristics,on firm innovation,while lacking attention to the effects of deep heterogeneity such as differences in values,while the latter is more likely to influence the cognitive differences between the executive team,which in turn affects corporate strategy and behavior.In view of this,using the differences among TMT’s values to measure the deep heterogeneity,it analyzes and examines the effect of the difference between the chairman and CEO’s values on the innovation strategy.It finds that the greater the difference between the chairman and CEO’s values,the more helpful to make an innovation strategy,the higher the company’s research and development intensity.It further finds that the state ownership and ownership concentration both have negative moderating effects,and the slack resource has a positive moderating effect.