家乡社会资本与供应链构建--基于CEO管理防御的视角

Hometown Social Capital and Construction of Supply Chain:From the Perspective of CEO’s Managerial Entrenchment

管理防御问题是公司治理实践中的重要问题。本文从管理防御视角探讨依附于CEO个体的家乡社会资本如何影响企业供应链构建及效果。基于2001-2020年手工整理的CEO家乡数据以及上市公司供应商地理分布数据,本文考察了CEO家乡社会资本对企业供应链的影响。研究发现:(1)CEO会更多地在家乡构建供应链,表现为在CEO家乡有更多的采购。(2)这种CEO家乡供应链有经理专用型投资特点,能够增强管理防御,表现为降低CEO被更替的概率,并且弱化CEO更替业绩敏感性。(3)异质性上,年长、低学历、任期较长、国有企业、权力较弱以及持股比例较低的CEO更倾向构建家乡供应链。(4)经济后果上,CEO家乡供应链提高了公司供应商稳定度,增加了供应商提供的商业信用,但同时也降低了公司成长性。本文的结论有助于理解企业中个体社会资本的私利动机使用,对公司董事会及外部投资者与监管者认识、监督和监管中国式CEO管理防御构建提供参考。

Selecting the CEO is a crucial issue of corporate governance research,but the existence of managerial entrenchment poses challenges to this issue.The existing literature on managerial entrenchment mostly emphasizes defensive measures or financial policies,while the original starting point of managerial entrenchment-manager specific investment-has not been reflected.The construction of managerial entrenchment for manager specific investments combines the characteristics of“exclusivity”and economic“lock-in”.For these two characteristics,the company's supply chain selection is a relatively suitable defensive measure.Firstly,if the selection and maintenance of supply chain are based on individual social capital,it has a certain degree of exclusivity.Secondly,enterprises are embedded in the supply chain and often have a certain“locking”nature.The transfer and suspension of critical nodes of the supply chain will bring huge losses to the enterprise.In addition,research on social capital has also overlooked a problem.The foundation of social capital is based on the social network composed by individuals.Theoretically,the use of social capital depends on individuals'motivations,and the economic consequences may also be diverse.Specific to the company,the CEO has a selfish motive to use social capital for the construction of managerial entrenchment in the framework of the principal-agent.Therefore,this article defines individual social capital based on the CEO's hometown,and attempts to explore whether the CEO constructs managerial entrenchment by building supply chain to his hometown from the perspective of the CEO's hometown supply chain,as well as its impact on managerial entrenchment.Based on the manually collected data of the CEO's hometown and the geographical distribution data of the suppliers,this paper constructs the data structure of“company-region-year”from 2001 to 2020.We find that:(1)The CEO will build more supply chain to his hometown,which is reflected in more procurement in the CEO's hometown.(2)This kind of supply chain in the CEO's hometown has the characteristics of manager-specific investment,which can enhance managerial entrenchment.It is manifested by reducing the probability of being replaced,weakening the CEO's turnover performance sensitivity.(3)In terms of heterogeneity,senior CEOs,lower educated CEOs,CEOs with longer tenure,CEOs in state-owned enterprises,weaker CEOs and CEOs with lower shareholdings are more inclined to construct their hometown supply chain.(4)In terms of economic consequences,the supply chain improves the stability of suppliers and increases the trade credit provided by suppliers,but also reduces the growth of the company.The marginal contributions of this paper to the existing literature mainly include the following aspects:First,this paper analyzes the dynamic construction of CEO managerial entrenchment from the perspective of the CEO's hometown supply chain creatively,and enriches the research on managerial entrenchment in corporate governance.The existing literature on managerial entrenchment neglects manager-specific investments.This article provides a dynamic analysis of the managerial entrenchment construction for this manager specific investment.Second,it is of great significance for the deepening and development of social capital theory to expand the diverse consequences of social capital at a micro level,which through the use of individual motivation by self-interest.Third,this article finds new evidence for managers using supply chain construction to achieve the goal of entrenchment,expanding and enriching relevant research on the economic consequences of supply chains.Unlike the previous literature that explores the economic consequences of supply chain in corporate financial behavior,this paper provides large-scale empirical evidence on the managerial entrenchment from the perspective of hometown supply chain.The conclusions of this paper are helpful to understand the use of individual social capital in enterprises for selfish motives,and remind the management and board of directors to avoid the possible risks while utilizing the resources and advantages brought by individual social capital for companies.At the same time,this paper also provides a new perspective for external investors and regulators to understand and supervise the behavior and consequences of enterprises,and provides empirical evidence support for strengthening corporate governance and regulation.