组织演化理论视角下的股权结构与子公司生存——环境突变、冗余资源的调节作用

Abstract

Abstract: Understanding why organizations are affected so differently by environmental change is fundamental to theories of industrial organization and evolutionary. One possible explanation for differential effects is that the impact of environmental change on performance and survival depends, to some extent, on an organization's autonomy.Based on onevolutionary theory of organization, the effect of slack resources of subsidiaries and ownership structure of subsidiaries on the ability of them dealing with environmental change is studied,and the analysis of dynamic evolution in environmental change and the survival of subsidiaries is carried out by piecewise-exponential model. To investigate this problem, a model is tested that examines differences between wholly owned subsidiaries and joint ventures at founding and during environmental change, while addressing the role of resources in this process. Furthermore, empirical research is made based on the sample of 1932 non-state-owned enterprises' subsidiaries on Guangdong province in China. Most data comes from the enterprise database in Guangdong province administration for industry and commerce.It is found that the wholly ownedsubsidiaries have low mortality rates when compared to joint ventures (JVs) in the stable environment, but that their mortality rates increase more rapidly during an environmental jolt. The differences in slack resources, the utilization efficiency and ability of resources is an important factor leading to the difference of subsidiaries survival in the environment change, whereas these capabilities is influenced by subsidiary autonomy to some extent, and the autonomy is influenced by ownership structure. The results not only disentangle the effects of unobserved heterogeneity in learning, adaptation and evolution processes of subsidiaries, but also indicate that subsidiary autonomy helps cultivate their competitiveness and the ability of dealing with environmental changes, and then reduce the mortality rates of subsidiary. Going beyond the traditional focus on static analysis of the relationship between ownership structure and the survival of subsidiaries, the theory perspectives for research on the issue is enriched by this paper.

Key words: ownership structure, slack resources, environmental jolt, survival analysis

CLC Number:

C936

YU Fei, LIU Ming-xia. The Relationship of Ownership Structure and Survival of Subsidiary Based on Evolutionary Theory：The Moderating Effect of Environmental Jolt and Slack Resources[J]. Chinese Journal of Management Science, 2014, 22(5): 138-148.

References

[1] 邓德军,周仁俊.公司最终所有权结构与绩效关系研究综述[J].外国经济与管理,2007,4,18-32.

[2] Hill C W, Hwang P, Kim W C. An eclectic theory of the choice of international entry mode [J]. Strategic Management Journal, 1990, 11(2): 117-128.

[3] Kim W C, Hwang P. Global strategy and multinationals' entry mode Choice[J]. Journal of International Business Studies, 1992, 23(1): 29-54.

[4] Gatignon H, Anderson E. The multinational corporation`s degree of control over foreign subsidiaries: An empirical test of a transaction cost explanation[J]. Journal of Law, Economics and Organization, 1988, 4(2): 305-336.

[5] Ekeledo I, Sivakumar K. International market entry mode strategies of manufacturing firms and service firms: A resource-based perspective[J]. International Marketing Review, 2004, 21(1): 68-10.

[6] Yiu D, Makino S. The choice between joint venture and wholly owned subsidiary: An institutional perspective[J]. Organization Science, 2002, 13(6): 667-683.

[7] Morschett D, Schramm-klein H, Swoboda B. Decades of research on market entry modes: What do we really know about external antecedents of entry mode choice?[J]. Journal of International Management, 2010, 16(1): 60-77.

[8] 黄速建, 刘建丽.中国企业海外市场进入模式选择研究[J].中国工业经济, 2009,1, 108-117.

[9] Dunning J H.Explaining international production[M]. UK, London: Unwin Hyman, 1988.

[10] Barney J B. Firm resources and sustained competitive advantage[J]. Journal of Management, 1991, 17(1): 99-120.

[11] Meyer K E, Peng M W. Probing theoretically into central and eastern europe: Transactions, resources, and institutions [J]. Journal of International Business Studies, 2005, 36(6): 600-621.

[12] Brouthers K D. Institutional, cultural and transaction cost influence on entry mode choice and performance[J]. Journal of International Business Studies, 2002,33(2):203-221.

[13] 王进猛,沈志渔.跨国公司在华独资化改善了绩效吗——基于企业面板数据的实证研究[J].经济管理,2011,33,59-69.

[14] Hennart J F. Can the new forms of investment substitute for the old forms? A transaction costs perspective [J]. Journal of International Business Studies, 1989, (20): 211-2341.

[15] Madhok A. Cost, value and foreign market entry mode: The transaction and the firm [J].Strategic Management Journal, 1997, 18(1), 39-61.

[16] Hennart J F, Zeng Ming. Structural determinants of joint ventures performance [J]. European Management Review, 2005, 2(2): 105-1151.

[17] Woodcock C, Beamish P W, Makino S. Ownership-based entry mode strategies and international performance [J].Journal of International Business Studies, 1994, 25(2) : 253-2731.

[18] Xu D, Pan Yigang, Wu Changqi, et al. Performance of domestic and foreign-invested enterprises in China[J]. Journal of World Business, 2006, 41(3): 261-274.

[19] Pan Yigang, Chi P S,K. Financial performance and survival of multinational corporations in China [J]. Strategic Management Journal, 1999, 20(4): 359-3741.

[20] Pan Yigang, Li Shaomin, Tse D K. The impact of order and mode of market entry on profitability and market share [J]. Journal of International Business Studies, 1999, 30(1): 81-103.

[21] Vermeulen F, Barkema H. Learning through acquisitions [J]. Academy of Management Journal, 2001, 44 (3):457-476.

[22] Miller A, Spann M S, Lerner L. Competitive advantages in new corporate ventures: The impact of resource sharing and reporting level [J]. Journal of Business Venturing, 1991,6(5):335-350.

[23] Baum J. Organizational ecology [M]//Clegg S, Hardy C, Nord W.Handbook of Organization Studies, London: Sage,1996.

[24] Sharfman M P, Wolf G, Chase R B, et al. Antecedents of organizational slack [J]. Academy of Management Review, 1988, 13(4):601-614.

[25] Swaminathan A. Environmental conditions at founding and organizational mortality: A trial-by fire model [J]. Academy of Management Journal, 1996, 39(5):1350-1377.

[26] Meyer A D. Adapting to environmental jolts [J]. Administrative Science Quarterly, 1982, 27(4): 515-537.

[27] Venkataraman S, Van de Ven A H. Hostile environmental jolts, transaction set, and new business [J]. Journal of Business Venturing, 1998, 13(3):231-255.

[28] Aldrich H, Ruef M. Organizations Evolving[M]. 2th ed.London, UK:Sage, 2006.

[29] Chakravarthy B S. Adaptation: A promising metaphor for strategic management [J]. Academy of Management Review, 1982, 7(1):35-44.

[30] Hrebiniak L G, Joyce W F. Organizational adaptation: Strategic choice and environmental determinism [J]. Administrative Science Quarterly, 1985, 30(3):336-349.

[31] Oliver C. Network relations and loss of organizational autonomy [J]. Human Relations, 1991, 44(9):943-961.

[32] Levinthal D A. Adaptation on rugged landscapes [J]. Management Science, 1997, 43(7): 934-950.

[33] Pfeffer J, Salancik G R. The external control of organizations: A resource dependence perspective [M]. New York:Harper & Row,1978.

[34] Shepherd D A, Douglas E J, Shanley M. New venture survival: Ignorance, external shocks, and risk reduction strategies [J]. Journal of Business Venturing, 2000, 15(5/6):393-410.

[35] Stinchcombe F. Social structure and organizations [M]. Chicago: Rand McNally, 1965.

[36] Nohria N, Gulati R. Is slack good or bad for innovation? [J]. Academy of Management Journal, 1996, 39(5):1245-1264.

[37] Leibenstein H. Organizational or frictional equilibria, X-efficiency, and the rate of innovation [J]. Quarterly Journal of Economics, 1969, 83: 600-625.

[38] Williamson O E. The economics of discretionary behavior: Managerial objectives in a theory of the firm [M]. Englewood Cliffs, NJ: Prentice-Hall, 1964.

[39] Tan J, Peng M W. Organizational slack and firm performance during eeonomic transitions: Two studies from an emerging economy [J]. Strategic Management Journal, 2003, 24(13): 1249-1263.

[40] George G. Slack resources and the performance of privately held firms [J]. Academy of Management Journal, 2005, 48(4): 661-676.

[41] 李晓翔,刘春林.冗余资源与企业绩效关系的情境研究——兼谈冗余资源的数量变化[J].南开管理评论,2011,(3),4-14.

[42] Fahy J. Competitve advantage in international services: A resource- based view [J]. International Studies of Management & Organization, 1996, 26(2):24- 37.

[43] Sorenson O, Stuart T E. Syndication networks and the spatial distribution of venture capital investments [J]. American Journal of Sociology, 2001, 106(6): 1546-1588.

[44] Barnett W P, Greve H R, Park D Y. An evolutionary model of organizational performance [J]. Strategic Management Journal, 1994, 15:(S1)11-28.

[45] Sharfman M P, Wolf G, Chase R B, et al. Antecedents of organizational slack [J]. Academy of Management Review, 1988, 13(4): 601-614.

[46] Herold D M, Jayaraman N, Narayanaswamy C R. What is the relationship between organizational slack and innovation? [J]. Journal of Managerial Issues, 2006, 18(3): 372-392.

[47] Peng M, Li Yuan, Xie En. CEO duality, organizational slack and firm performance in China [J]. Asia Pacific Journal of Management, 2010, 27(4):611-624.

[48] Freeman H M. Structural inertia and organizational Change [J]. American Sociological Review, 1984, 49:149-164.

[49] Killing J P. Strategies for joint venture success [M]. New York: Praeger, 1983.

[50] Beamish P W, Jiang Ruihua. Investing profitably in China: Is it letting harder? [J]. Long Range Planning, 2002, 35(2):135-151.

[51] Lu J W. Characteristics and Performance of Japanese FDI in China [J]. Journal of Asian Business, 2000, 16(3):51-71.

[52] Barnett W P, Swanson A N, Sorenson O. Asymmetric selection among organizations [J]. Industrial and Corporate Change, 2003, 12(4): 673-695.

[53] Fischer H, Pollock T. Effects of social capital and power on surviving transformational change: The case of initial public offerings [J]. Academy of Management Journal, 2004, 47(4): 463-481.

The Relationship of Ownership Structure and Survival of Subsidiary Based on Evolutionary Theory：The Moderating Effect of Environmental Jolt and Slack Resources

PDF (PC)

Knowledge

Abstract

Cite this article

share this article

References

Related Articles 9

Metrics

Comments

Recommended 10

[1]	GONG Zhi-wen, CHEN Jin-long. Theoretical Deduction on Existence, Effective and Its Fairness of Internal Capital Markets [J]. Chinese Journal of Management Science, 2015, 23(7): 53-59.
[2]	LIU Xin, JIANG Hong. The Influence of Check-and-balance Ownership Structure on the M&A Performance under Idiosyncratic Expectations [J]. Chinese Journal of Management Science, 2013, 21(4): 144-151.
[3]	Xiao Zuo-ping. The Effects of Ultimate Ownership Structure on the Choice of Capital Structure: Empirical Evidence from Chinese Listed Companies [J]. Chinese Journal of Management Science, 2012, (4): 167-176.
[4]	MENG Qing-chun, ZHANG Jiang-hua, ZHAO Bing-xin. Ownership Structure,Corporate Governance,Social Security and SOE’s Reform——A Systematic Analysis Based on Cournot Competition [J]. Chinese Journal of Management Science, 2010, 18(6): 138-139.
[5]	DANG Wen-juan, ZHANG Zong-yi, WU Jun. A Research on Corporate Governance Model of Multi-Large Shareholders Based on Game Theory [J]. Chinese Journal of Management Science, 2008, 16(3): 164-172.
[6]	LIN Chao-nan, LIU Xing, HAO Ying. Study of Ownership Structure on Private Benefits of Control [J]. Chinese Journal of Management Science, 2007, 15(6): 132-139.
[7]	LEI Ming, TAN Chang-chun, MIAO Bai-qi. Study of Shanghai Stock Index with Survival Analysis and Change Point Theory [J]. Chinese Journal of Management Science, 2007, 15(5): 1-8.
[8]	LI Zhi-tong, ZHANG Rui-jun. An Empirical Analysis of Company's Ownership Structure and Influence Factor [J]. Chinese Journal of Management Science, 2004, (6): 143-148.
[9]	PENG Hai-zhen, REN Rong-ming. Ownership Structure and Environmental Performance [J]. Chinese Journal of Management Science, 2004, (3): 136-140.