基于地缘关系的高管搭档稳定性研究

Research on the Stability of Executive Partner Based on Geographical Relationship

高管搭档稳定性影响公司持续经营、战略与绩效稳定,但其是否受文化因素,如地缘关系影响却缺乏研究。利用手工收集的高管同乡关系数据,基于同乡所代表的地缘文化背景和制度环境、社会认同理论,剖析董事长与CEO同乡关系对双方合作关系的影响机理,以2007—2016年沪深A股上市公司实证检验了同乡关系对双方搭档稳定性的影响。研究发现董事长与CEO同乡关系能显著提升其搭档稳定性,且由同省到同县提升效果递增。机制检验发现,同乡关系通过降低代理成本提高了搭档稳定性。与此一致,情境检验发现,当双方代理问题更严重,如内部控制质量较差时同乡关系对搭档稳定性的提升作用更显著。据此提出重视地缘关系等传统文化影响,通过稳定内部关系对冲外部环境不确定性的策略建议。

The stability of executive partners affects companies’sustainable operation,strategy and performance stability,but there is a lack of research on whether it is affected by cultural factors,such as geographical relations.Using the manually collected data of senior executives’hometown relationship,based on the geo cultural background,institutional environment and social identity theory represented by the hometown,the impact mechanism of the chairman’s and CEO’s hometown relationship on the cooperative relationship between the two sides was analyzed,and the impact of the hometown relationship on the stability of the two partners with Shanghai and Shenzhen A-share listed companies from 2007 to 2016 was empirically tested.The study found that the hometown relationship between the chairman and CEO can significantly improve the stability of their partners,and the improvement effect is increasing from the same province to the same county.The mechanism test found that the hometown relationship improved the partner stability by reducing the agency cost.Consistent with this,the situational test found that when the agency problems of both parties are more serious,such as the quality of internal control is poor,the hometown relationship plays a more significant role in improving the stability of partners.The corporate governance role behind China’s unique geo culture was analyzed,the literature on geo relations and executive change was enriched,and a new empirical basis for market parties was put forward to understand the regulatory role of China’s unique geo culture on economic development.