TMT异质性、战略变革与绩效改善的关系研究——基于绩效下滑的非多元化企业的数据实证

doi:10.16381/j.cnki.issn1003-207x.201.06.020

Abstract

Abstract: Based on Upper Echelons Perspective, this study focuses on corporations with declining performance to analyze relationship among TMT heterogeneity, strategic change (including strategic variation and strategic deviation) and improvement of corporate performance. Choosing the data from 2005 to 2013 as variables, an empirical research of 145 Chinese listed non-diversified companies which had CEO successions during 2008-2010 after firm performance declined is carried on. It is shown that TMT tenure heterogeneity and strategic variation are negatively related, and that strategic deviation has a negative effect on the improvement of corporate performance. As exploring the direction of strategic change, it is discovered that strategic variation has a U-shaped relationship with improvement of corporate performance; strategic deviation has an inverted U-shaped relationship with improvement of corporate performance. A new perspective for researches about transformative strategy of non-diversified enterprises with declining performance is provided, and a basis for Chinese enterprises to select TMT is also proposed.

Key words: TMT heterogeneity, strategic variation, strategic deviation, improvement of corporate performance

CLC Number:

C93
F272

LI Wei-ning, LI Li. Relationshipamong TMT Heterogeneity, Strategic Change and Improvement of Corporate Performance——Empirical Study Based on Non-Diversified Enterprises with Declining Performance[J]. Chinese Journal of Management Science, 2015, 23(6): 153-161.

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Relationshipamong TMT Heterogeneity, Strategic Change and Improvement of Corporate Performance——Empirical Study Based on Non-Diversified Enterprises with Declining Performance

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