基于组织惯例调节作用的新兴市场企业战略选择探究

A Study on Strategic Choices of Enterprises in Emerging Markets Based on the Moderating Effect of Organizational Routines

不同战略导向涉及公司内部资源与核心能力不同程度的消耗,并最终对公司竞争优势和长期绩效甚至生存机会产生差异化影响。选取我国长三角地区223家上市新兴市场公司为研究样本,探究增长导向战略和利润导向战略以及两者互补对公司长期绩效的直接效应,并探讨了组织惯例这一内部情境变量对它们之间关系的调节效应。研究结果表明:增长导向战略与公司长期绩效之间存在倒“U”型关系;利润导向战略与公司长期绩效之间有积极正向影响;组织惯例正向调节增长导向战略对公司长期绩效的影响,正向调节利润导向战略对公司长期绩效的影响;增长导向战略与利润导向战略二者交互对公司长期绩效具有正向影响。研究结论进一步丰富了不同战略导向和公司长期绩效相关研究,为企业应对不断变化的行业环境,做出最优战略导向选择,提高公司持续竞争优势和长期绩效提供了理论参考,具有一定的指导意义。

Different strategic orientations involve different levels of consumption of internal resources and core capabilities of the company,having differentiated impacts on the company’s competitive advantages,long-term performance and even survival opportunities.In this paper,223 listed companies in emerging markets in the Yangtze River Delta region of China are selected as research samples to explore the direct effects of growth-oriented strategies,profit-oriented strategies and their complementation on the long-term corporate performance,and to discuss the moderating effect of the internal situational variable of organizational routines on their relationship.The results show that:(1)There is an inverted U-shaped relationship between growth-oriented strategies and long-term corporate performance;(2)Profit-oriented strategies have a positive influence on the long-term corporate performance;(3)Organizational routines positively moderates the impact of growth-oriented and profit-oriented strategies on the long-term corporate performance;(4)The interaction of growth-oriented and profit-oriented strategies has a positive impact on the long-term performance of the company.The conclusion of the study further enriches the research on the relationship between different strategic orientations and long-term performance of the company,and provides a theoretical reference for enterprises to make the optimal strategic orientation choice,to cope with the changing industry environment,and to improve sustainable competitive advantages and long-term performance,being of a certain guiding significance.