CEO任期、高管团队特征与战略变革

CEO Tenure,TMT Characteristics and Strategic Change

本文基于高管团队理论,以2007—2015年中国A股上市公司为研究样本,理论分析并实证检验了CEO任期对战略变革的影响,以及高管团队任期、高管团队年龄、高管团队教育水平对上述两者关系的调节作用。研究结果表明:(1)CEO既有任期越长,越不可能实施程度较大的战略变革;而CEO预期任期越长,越有可能实施程度较大的战略变革。(2)高管团队任期越长,越强化CEO既有任期长度与战略变革程度之间的反向关系,并对CEO预期任期长度与战略变革程度之间的正向关系起到先削弱后增强的调节作用。(3)高管团队年龄既强化CEO既有任期长度与战略变革程度之间的反向关系,也强化CEO预期任期长度与战略变革程度之间的正向关系。(4)高管团队教育水平对CEO既有任期长度与战略变革程度之间的反向关系起到先削弱后增强的调节作用,并对CEO预期任期长度与战略变革程度之间的正向关系起到先增强后削弱的调节作用。本文丰富了企业战略决策研究的成果,也为企业响应不断变化的外部环境而实施战略变革提供了有益的启示。

Focusing on the Upper Echelon Theory and using the data of Chinese A-share listed companies from 2007 to 2015 as a sample,this paper theoretically analyzes and empirically tests the impact of CEO tenure on strategic change,as well as the moderating effects of top management team(TMT)tenure,TMT age and TMT education level on the relationship between the above two.The results of this study show that:(1)CEOs are more likely to implement a smaller degree of strategic change as the time of they taking up their current positions prolongs;as CEOs estimate that they will continue to extend their current term of office in the future,they are more likely to implement a greater degree of strategic change.(2)When TMT tenure is longer,CEOs are more likely to implement a smaller degree of strategic change in the case of longer actual tenure;CEOs among longer or shorter TMT tenure companies are more likely to implement a smaller degree of strategic change when their expected tenure is shorter,compared to the medium TMT tenure companies.(3)When the TMT is older,CEOs are more likely to implement a smaller degree of strategic change in the case of longer actual tenure,while CEOs are more likely to implement a smaller degree of strategic change in the case of shorter expected tenure.(4)CEOs in the medium TMT education level enterprises are more likely to implement a smaller degree of strategic change in the case of longer actual tenure,as opposed to those with higher and lower education level of the TMT;CEOs in the medium TMT education level enterprises are more likely to implement a smaller degree of strategic change in the case of shorter expected tenure than those with higher and lower education level of the TMT.This paper shows that in order to promote enterprises to implement strategic change to respond to the changing external environment,enterprises should pay attention to the direct effect of CEOs’actual and expected tenure and the moderating effect of TMT characteristics.