高管团队稳定性与公司战略:不破不立?

TMT Stability and Corporate Strategy:No Destruction,No Construction?

当前,战略转型升级已经成为广大企业面临的重要挑战,而高管团队特征深刻影响公司战略变革的决策。本文选取2010~2022年A股上市公司作为研究样本,研究发现,高管团队稳定性与公司战略激进度之间呈现U型关系,即相对稳定的高管团队可能受组织惯性的影响不易作出大幅战略调整,但是当高管团队稳定性达到一定程度后,其组织能力沉淀能够激发高管团队进行大幅战略调整。进一步研究发现,市场竞争程度的提高和高管团队教育背景异质性的增加会显著增强高管团队稳定性与公司战略激进度之间的U型关系。此外,高管团队稳定性对公司价值的影响关系也表现为U型关系,这意味着高管团队稳定性的经济影响效应并不是简单的“不破不立”,而是存在阶段性差异。

At present,enterprises are facing an important challenge of strategic transformation and upgrading,and the characteristics of the top management team(TMT)plays a significant role in shaping the decision-making process.This paper focuses on Chinese A-share listed companies from 2010 to 2022 as research samples,and finds a significant non-linear U-shaped relationship between the top management team stability and the aggressiveness of the company's strategy.That is,the relatively stable top management team,constrained by organizational inertia,is less likely to make radical strategic change decisions.However,once the stability of top management team reaches a certain level,the cohesion accumulated by the team can stimulate them to engage in aggressive strategic adjustments.Further research finds that the increase of market competition and the increase of educational heterogeneity of the top management team significantly enhance the non-linear U-shaped impact relationship between the top management team stability and the strategic aggressiveness.Moreover,the impact of top management team stability on company value also exhibits a non-linear U-shaped relationship,implying that the economic effect of the top management team stability is not simply characterized by"no change,no progress"but there are phase differences.