CEO特征、创业导向与企业成长——基于内生性视角的实证研究

CEo Characteristics,Entrepreneurial Orientation and Firm Growth——An Empirical Analysis Based on Endogenous Perspective

以2014-2018年创业板中互联网和软件行业上市公司为研究样本,通过联立方程组模型和3SLS估计方法考察创业导向与创业企业成长之间相互影响的内生关系,以及CEO个体特征在其中的影响作用。实证结果表明:创业企业前期采用创业导向战略促进当期企业成长,而企业成长也会反馈作用于当期的创业导向战略。同时,职能经验越丰富,创业导向的促进作用越强烈;受教育程度越高,创业导向的促进作用反而被削弱;而政治联结和两职合一未能发挥调节作用。

Taking the listed companies in Internet and software industry in Second-board Market from 2014 to 2018 as samples,this paper investigates the endogeneity of entrepreneurial orientation and firm growth through the simultaneous equations model and 3SLS estimation method,and the influence of CEO individual characteristics on it.The empirical results show that,entrepreneurial orientation adopted by new ventures in the early stage promotes the growth of firms in the current period,and firm growth will also feedback the entrepreneurial orientation in the current period.At the same time,entrepreneurial orientation effect on outcomes will be more prominent when the functional experience is more abundant;and the positive effect of entrepreneurship orientation will be inhibited when the education level is higher.However,political connections and chairman-CEO duality have no significant impact on the above relationship.