摘要
面临经济与制度"双重转型"以及日益动荡的经营环境,如何驱动公司创业是战略学者讨论的热点议题。本文基于高阶理论与现代管家理论,以2010—2014年中国创业板上市公司数据为样本,研究探讨CEO过度自信对企业创业导向的影响,并在此基础上检验环境情景的调节作用。实证研究结果表明,CEO过度自信对创业导向有显著的正向影响,环境动态性正向调节CEO过度自信与创业导向之间的关系。在多种稳健性检验之后,CEO过度自信与创业导向的显著正向关系仍然稳健。进一步研究发现,相比两职分离的企业,CEO过度自信对创业导向的促进作用在两职合一企业中更为明显;相比非高新技术企业,CEO过度自信与创业导向的正相关关系在高新技术企业中更为显著。研究结论深化并扩展了行为金融学理论中过度自信在创业导向领域的研究范畴,为创业管理实践提供了新的理论视角和经验证据,补充和丰富了CEO个人特征和公司决策的相关研究。
Faced with the economic and institutional"dual transformations"and increasingly turbulent business environment,how to drive corporate entrepreneurship is a hot topic discussed by strategic scholars.Based on the high-order theory and modern housekeeping theory and with the data from 2010-2014 China listed companies on GEM as samples,this apper explores the impact of CEO overconfidence on entrepreneurial orientation and examines the moderating effect of environmental scenarios.The empirical results show that CEO overconfidence has a significant positive impact on entrepreneurial orientation,and environmental dynamics positively regulates the relationship between CEO overconfidence and entrepreneurial orientation.After a variety of robustness tests,the significant positive relationship between CEO overconfidence and entrepreneurial orientation is still robust.Further research shows that CEO overconfidence has a more prominent role in promoting entrepreneurial orientation in duality enterprises than in two-job separation ones;and compared with non-high-tech enterprises,the positive correlation between CEO overconfidence and entrepreneurial orientation is more significant in high-tech enterprises.The conclusion deepens and expands the research scope of overconfidence in the field of entrepreneurship orientation in behavioral finance theory,provides a new theoretical perspective and empirical evidence for entrepreneurship management practice,and supplements and enriches the relevant research on CEO's personal characteristics and corporate decision-making.
作者
刘良灿
宁鑫
LIU Liangcan;NING Xin(School of Business Administration,Guizhou University of Finance and Economics,Guiyang 550025,China)
出处
《山东财经大学学报》
2018年第6期41-54,共14页
Journal of Shandong University of Finance and Economics
基金
国家社会科学基金项目"产学研互惠性协同创新机制研究"(17BJL075)
教育部人文社会科学研究规划基金项目"基于复杂系统视角的我国企业隐性知识转移微观机制研究"(12YJA630188)
关键词
CEO过度自信
创业导向
环境动态性
两职合一
创业型企业
CEO overconfidence
entrepreneurial orientation
environmental dynamism
duality
entrepreneurial enterprise
