【佳作分享】CEO变更对战略变革的影响：一个中介效应和联合调节效应模型

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首席执行官（Chief Executive Officer，简称：CEO）是在一个企业中负责日常事务的最高行政官员，主司企业行政事务。CEO对于一个企业而言重要无比，因此CEO变更是企业最重要的战略决策之一，对企业有着重要影响。有关CEO变更的影响因素，国内外学者已经进行了大量的研究。

今天将为大家介绍的也是研究这一话题的文章——发表在CFRI上的The impact of chief executive officer turnover on strategic change: a model of mediating effect and joint moderating effect一文。

文章简介

本文旨在实证分析CEO变更对战略变革的影响关系，探讨组织冗余在两者之间的中介作用，以及TMT外部社会网络、股权性质、产业类型所发挥的调节作用和联合调节作用。

基于高层梯队理论、资源配置理论和结构化理论，文章以2001-2018年中国沪深两市A股上市公司的非均衡面板数据为研究样本，运用OLS回归方法和固定效应模型研究了CEO变更与战略变革之间的关系，并重点探讨了两者之间的中介机制和调节机制。

研究发现，CEO变更与战略变革正相关。当企业CEO发生变更时，新任CEO会发起战略变革。沉淀性组织冗余在CEO变更与战略变革之间起着中介作用。非沉淀性组织冗余在CEO变更与战略变革之间没有中介作用，具体表现为“遮掩效应”，即，当非沉淀性组织冗余得到控制时，CEO变更对战略变革的影响会进一步增强。TMT外部社会网络、股权性质和产业类型对CEO变更与战略变革之间的关系均具有负向调节作用。TMT外部社会网络和股权性质对CEO变更与战略变革之间的关系具有联合调节作用。当TMT外部社会网络较小时，无论是国有企业还是非国有企业，CEO变更对战略变革均具有正向的影响，但在非国有企业中，该促进作用更强。当TMT外部社会网络较大时，国有企业CEO变更对战略变革的正向影响由强到弱，而非国有企业CEO变更对战略变革的正向影响则由弱到强。TMT外部社会网络和产业类型对CEO变更与战略变革之间的关系具有联合调节作用。当TMT外部社会网络较小时，CEO变更对高新技术企业和非高新技术企业的战略变革均具有正向的影响，但对非高新技术企业战略变革的促进作用更强。当TMT外部社会网络较大时，高新技术企业CEO变更对战略变革的正向影响由强到弱，而非高技术企业CEO变更对战略变革的正向影响则由弱到强。

文章在前人研究的基础之上，进一步拓展了CEO变更对战略变革影响机制的研究范围，呼应了相关学者的研究观点。同时，本文的研究结论揭示了组织冗余、TMT外部社会网络、股权性质以及产业类型等影响因素在CEO变更与战略变革关系之间的作用机制，进一步深化了高层梯队理论、资源配置理论和结构化理论在中国的应用。此外，本文的研究结论也为中国企业在实施战略变革、推动企业转型、提升公司治理水平等方面提供了参考价值，有助于增强中国企业在经济高质量发展背景下对CEO变更、组织冗余、TMT外部社会网络、战略变革以及公司治理的理解和重视。

作者介绍

刘人怀，西南交通大学经济管理学院教授，暨南大学战略管理研究中心主任，中国工程院工程管理学部院士，中国工程院机械与运载工程学部院士，主要研究领域为战略管理、公司治理、旅游管理和企业创新。

李超，西南交通大学经济管理学院博士研究生，主要研究方向为战略管理、公司治理和企业创新。李超是本文的通讯作者，联系方式：[e-mail]; [e-mail]

霍孟军，西南交通大学经济管理学院博士研究生，主要研究方向为战略管理、公司治理和企业创新。

文章原文

Purpose: The purpose of this paper is to empirically analyse the impact of chief executive officer (CEO) turnover on strategic change and explore the mediating role of organizational slack between them, as well as the moderating role and joint moderating role of top management team (TMT) external social network, ownership nature and industry type.

Design/methodology/approach: Based on the upper echelons theory, resource allocation theory and structuration theory, this paper takes the unbalanced panel data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges of China from 2001 to 2018 as the research sample, uses ordinary least squares (OLS) regression method and fixed effect model to study the relationship between CEO turnover and strategic change, and focuses on the mediating mechanism and moderating mechanism between them.

Findings: The authors find that CEO turnover is positively related to strategic change. When a CEO turns over, a new CEO will initiate strategic change. Precipitation organizational slack plays a mediating role between CEO turnover and strategic change. Non-precipitation organizational slack has no mediating effect between CEO turnover and strategic change, which is embodied as “suppressing effects.” When the non-precipitation organizational slack variable is controlled, the impact of CEO turnover on strategic change will be enhanced. TMT external social network, ownership nature and industry type all negatively moderate the relationship between CEO turnover and strategic change. TMT external social network and ownership nature have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive effect on strategic change in both state-owned enterprises and non-state-owned enterprises, but the promotion effect is stronger in non-state-owned enterprises. When TMT external social network is large, the positive effect of CEO turnover on strategic change in state-owned enterprises is from strong to weak, but in the non-state-owned enterprises is from weak to strong. TMT external social network and industry type have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive impact on strategic change in high-tech enterprises and non-high-tech enterprises, but the promotion effect is stronger in non-high-tech enterprises. When TMT external social network is large, the positive impact of CEO turnover on strategic change in high-tech enterprises is from strong to weak, but in the non-high-tech enterprises is from weak to strong.

Originality/Value: On the basis of previous studies, this paper further expands the research scope of the mechanism of CEO turnover on strategic change, echoing the research arguments of relevant scholars. At the same time, the research results reveal the mechanism of organizational slack, TMT external social network, ownership nature and industry type in the relationship between CEO turnover and strategic change, and further deepen the application of upper echelons theory, resources allocation theory and structuration theory in China. In addition, the research conclusions of this paper also provide reference value for Chinese enterprises in carrying out strategic change, promoting enterprise transformation and improving the level of corporate governance, and help to enhance the understanding and attention of Chinese enterprises to CEO turnover, organizational slack, TMT external social network, strategic change and corporate governance under the background of high-quality economic development.

Keywords: strategic change; CEO turnover; organizational slack; TMT external social network; ownership nature; industry type

一键引用

Citation

Liu, R., Li, C. and Huo, M. (2021), "The impact of chief executive officer turnover on strategic change: a model of mediating effect and joint moderating effect", China Finance Review International, forthcoming. https://doi.org/10.1108/CFRI-03-2021-0055

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