摘要
本文基于2004-2014年间上市公司外聘CEO的实证数据,研究了外聘CEO的职业经历丰富性对公司战略变革的影响,以及外聘CEO任期与公司战略变革的关系,此外本文还对董事会权力对外聘CEO职业经历对公司经营战略变革的调节作用进行了实证检验。研究发现:(1)外聘CEO任职经历越丰富,公司战略年度变化和行业偏离度越大;(2)董事会权力对两者之间的关系具有负向调节作用,削弱了外聘CEO任职经历对公司战略变革的正向影响;(3)外聘CEO任期对公司战略年度变革影响不显著,但新任CEO随着任期的增长,公司战略变革向靠近行业平均值的方向进行变更,当任期3年左右时行业偏离度最小,之后又逐渐偏离行业平均值。
Based on the empirical data about new external CEO of listed companies in the period from 2004 to 2014,this paper examines the impact of external CEO career variety and tenure on the company＇s strategic reform,as well as the moderating role of the board＇s power on the relationship between external CEO career variety and corporate strategic reform. The results show：（ 1） external CEO career variety is positively associated with the company＇s annual strategic change and strategic distinctiveness（ deviance from industry central tendencies）;（ 2） the board＇s power has a negative moderating effect on the relationship between external CEO career variety and the company＇s strategic change;（ 3） external CEO tenure has no significant effect on the strategic annual change,while with the growth of the new CEO＇s tenure,strategic deviation descends to the lowest when the CEO has held the post for about 3 years and,after that,increases gradually.
作者
孟祥展
张俊瑞
白雪莲
Meng Xiangzhan;Zhang Junrui;Bai Xuelian(l.School of Management,Xi＇ an Jiaotong University,Xi＇ an 710049;School of Management,Yangtze University,Jingzhou 434023;School of Accounting,Capital University of Economics and Business,Beijing 100070)
出处
《管理评论》
CSSCI
北大核心
2018年第8期168-181,共14页
Management Review
基金
国家自然科学基金面上项目(71472148
71572144)
中国博士后科学基金项目(2014M550505
2015T81041)
