CEO金融行业工作经历与战略变革——环境不确定性与业绩偏差的联合情境分析

CEO Financial Industry Experience and Strategic Change:Joint Scenario Analysis of Environmental Uncertainty and Deviation of Firm Performance Effect

战略变革是企业动态响应内外环境变化、维持自身持续竞争优势的有效途径,对于企业的长远发展具有重要意义。使用烙印理论与前景理论,基于2008—2019年中国沪深A股上市企业的相关数据,对CEO金融行业工作经历与战略变革之间的关系展开探讨。研究发现,CEO金融行业工作经历促进了战略变革。进一步研究发现环境不确定性增强了CEO金融行业工作经历对战略变革的促进作用。此外,历史业绩偏差与行业业绩偏差越大,环境不确定性之于CEO金融行业工作经历对战略变革的促进作用的增强效果越明显。以上结论在一系列稳健性检验的基础上依旧成立。研究丰富了CEO过往经历经济后果与企业战略变革影响因素的相关文献,为更好地理解具有金融行业工作经历的CEO如何影响战略决策提供了实证依据。

Strategic change is an effective way for enterprises to respond dynamically to changes in the internal and external environment and to maintain their sustainable competitive advantage,which is of great significance to their long-term development.Based on the imprinting theory and the prospect theory,using the sample of China's A-share listed companies in Shanghai and Shenzhen from 2008 to 2019,this paper tests the relationship between CEO work experience in financial industry and strategic change.The result shows that CEO work experience in financial industry has facilitated strategic change.Further research has found that environmental uncertainty has enhanced the promotion effect of CEO financial industry work experience on strategic change.In addition,the greater the historical performance deviation and industry performance deviation,the more obvious the effect of environmental uncertainty on enhancing the promotion effect of CEO financial industry work experience on strategic change.These results are robust after conducting a series of robustness tests.The study enriches the related literature on the past experience economic consequences of CEO and the influencing factors of strategic change,and provides an empirical basis for a better understanding how CEO with work experience in the financial industry influence strategic decisions.