青年高管经验对企业收益及风险的影响:基于门槛效应的视角
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摘要
经验是一种能够产生价值的缄默性知识,它既能够提升认知能力、拓展战略格局、改善决策质量,也可能导致认知模式固化、过度自信、产生管理职能障碍。经验价值的多变性和阶段性在青年高管的职业生涯中得到充分体现。本研究采用2014—2016年间在上市公司连续任职的青年高管数据,以职龄为门槛变量,构建管理经验影响企业收益、管理经验影响企业风险的面板门槛估计模型。研究发现,青年高管的经验值与企业绩效、企业风险之间并非简单的线性关系,而是由高管职龄分隔而成的分段函数。青年高管的风控经验在其职龄达1.63年后开始凸显,而当高管职龄超过3.75年后,他们在逐利和避险这两方面的经验价值将充分彰显。本研究将拓展高阶理论的关注领域,也为企业的知识管理、高管选聘等管理实践活动提供思路借鉴。
Experience is a kind of tacit knowledge that can produce value.Experience can not only improve cognitive ability,expand strategic pattern, improve decision-making quality,but also lead to cognitive model solidification, overconfidence,and management dysfunction.The variability and stage of experience value are fully reflected in the careers of young executives.We use the data of young executives who have served consecutively in listed companies during 2014—2016.We take the professional age as threshold variable, and construct two panel threshold models in which management experience affects enterprise income and enterprise risk.It is found that the empirical value of young executives is not a simple linear relationship with enterprise performance and enterprise risk, but a piecewise function separated by the professional age of young executives.The risk control experience of young executives become prominent after their professional age reaching 1.63 years.When young executives' professional age is more than 3.75 years,their experience in profit-seeking and risk aversion is fully demonstrated.We hope that this research can continue to expand the focus of the upper echelons theory and provide ideas for corporate management activities such as knowledge management and executive selection.
Experience is a kind of tacit knowledge that can produce value.Experience can not only improve cognitive ability,expand strategic pattern, improve decision-making quality,but also lead to cognitive model solidification, overconfidence,and management dysfunction.The variability and stage of experience value are fully reflected in the careers of young executives.We use the data of young executives who have served consecutively in listed companies during 2014—2016.We take the professional age as threshold variable, and construct two panel threshold models in which management experience affects enterprise income and enterprise risk.It is found that the empirical value of young executives is not a simple linear relationship with enterprise performance and enterprise risk, but a piecewise function separated by the professional age of young executives.The risk control experience of young executives become prominent after their professional age reaching 1.63 years.When young executives' professional age is more than 3.75 years,their experience in profit-seeking and risk aversion is fully demonstrated.We hope that this research can continue to expand the focus of the upper echelons theory and provide ideas for corporate management activities such as knowledge management and executive selection.
引文
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[34]Chen,H.L.,W.T.Hsu,Y.S.Huang.Top management team characteristics:R&D investment and capital structure in the IT industry[J].Small Business Economics,2010(3).
[35]Wiersema,M.F.,K.A.Bantel.Top management team demography and corporate strategic change[J].Academy of Management Journal,1992(1).
[36]Fraser,S.,F.Greene.The effect of experience on entrepreneurial optimism and uncertainty[J].Economica,2006(2).
[37]Li,J.J.,L.Poppo,K.K.Zhou.Do managerial ties in China always produce value?Competition,uncertainty and domestic vs.foreign firms[J].Strategic Management Journal,2008(4).
[38]Dirk,E.,L.Ervin.CEO Compensation Incentives and Non-gap Earnings Disclosures[Z].Working Paper,Dartmouth College,2014.
[39]Zheng,Y.,M.L.Devaughn,M.Zellmer-Bruhn.Shared and shared alike? Founders' prior shared experience and performance of newly founded banks[J].Strategic Management Journal,2016(12).
[40]Mannor,M.J.,J.Shamsie,D.E.Conlon.Does experience help or hinder top managers? Working with different types of resources in Hollywood[J].Strategic Management Journal,2016(7).
[41]贺小刚,沈瑜.创业型企业的成长:基于企业家团队资本的实证研究[J].管理世界,2008(1).
[42]Wu,S.,E.Levitas,R.L.Priem.CEO tenure and company invention under differing levels of technological dynamism[J].The Academy of Management Journal,2005(5).
[43]Spanjer,A.,A.Van-Witteloostuijn.The entrepreneur's experiential diversity and entrepreneurial performance[J].Small Business Economics,2017(1).
[44]Hansen,B.E.Threshold effects in non-dynamic panels:Estimation,testing and inference[J].Journal of Econometrics,1999,93.
[45]Altman,E.I.,L.Zhang,J.Yen.Corporate Financial Distress Diagnosis in China[Z].New York:New York University Salomon Center Working Paper,2007.
[46]许晓芳,沃健,方略.CEO性别、产权性质与公司过度投资行为[J].财经论丛,2018(4).
[47]Bergh,D.D.Executive retention and acquisition outcomes:A test of opposing views on the influence of organizational tenure[J].Journal of Management,2001(5).
[48]Fraser,S.,F.Greene.The effect of experience on entrepreneurial optimism and uncertainty[J].Economica,2006(290).
[49]Hambrick,D.C.Upper echelons theory:An update[J].The Academy of Management Review,2007(2).
[50]Certo,S.T.,R.H.Lester,C.M.Dalton,et al.Top management teams,strategy and financial performance:A meta-analytic examination[J].Journal of Management Studies,2006(43).
[51]Fan,J.P.H.,T.J.Wong.Politically connected CEOs,corporate governance,and post-IPO performance of China's partially privatized firms[J].Journal of Financial Economics,2007(2).
[52]陈强.高级计量经济学及Stata应用(第二版)[M].北京:高等教育出版社,2014.
[53]Finkelstein,S.,J.Haleblian.Understanding acquisition performance:The role of transfer effects[J].Organization Science,2002(1).
[2] Hitt,M.A.,J.S.Harrison,R.D.Ireland,et al.Attributes of successful and unsuccessful acquisitions of US firms[J].British Journal Management,1998(9).
[3] Haleblian,J.,S.Finkelstein.The influence of organizational acquisition experience on acquisition performance:A behavioral learning perspective[J].Administrative Science Quarterly,1999(1).
[4] 贾镜渝,李文.经验与中国企业跨国并购成败——基于非相关经验与政府因素的调节作用[J].世界经济研究,2015(8).
[5] 吴建祖,陈丽玲.高管团队并购经验与企业海外并购绩效:高管团队薪酬差距的调节作用[J].管理工程学报,2017(4).
[6] Hart,P.,J.Mellors.Management youth and company growth:A correlation?[J].Management Decisions,1970(2).
[7] Ozgen,E.,R.A.Baron.Social sources of information in opportunity recognition:Effects of mentors,industry networks and professional forums[J].Journal of Business Venturing,2007(2).
[8] Hutzschenreuter,T.,J.Horstkotte.Performance effects of international expansion processes:The moderating role of top management team experiences[J].International Business Review,2013(2).
[9] 陈东.私营企业出资人背景、投机性投资与企业绩效[J].管理世界,2015(8).
[10]Schaltenbrand,B.,K.Foerstl,A.Azadegan,et al.See what we want to see? The effects of managerial experience on corporate green investments[J].Journal of Business Ethics,2016(5).
[11]Zimmerman,M.A.,G.J.Zeitz.Beyond survival:Achieving new venture growth by building legitimacy[J].Academy of Management Review,2002(3).
[12]Wood,R.E.Task complexity:Definition of a construct[J].Organizational Behavior and Human Decision Processes,1986,31.
[13]邱兆祥,史明坤.独立董事个人特征与任期内公司经营绩效[J].财贸经济,2012(11).
[14]曹廷求,段玲玲.治理机制、高管特征与农村信用社经营绩效——以山东省为例的实证分析[J].南开管理评论,2005(4).
[15]Davide,S.,Y.Erdal.Export experience of managers and the internationalisation of firms[J].The World Economy,2015(7).
[16]杨壬飞,陈晓鹏,仝允桓.管理层级、职业经验与项目绩效的实证研究[J].中国管理科学, 2006(10).
[17]吴斌,刘灿辉,史建梁.政府背景、高管人力资本特征与风险投资企业成长能力:基于典型相关方法的中小板市场经验证据[J].会计研究,2011(7).
[18]Cassar,G.Industry and start up experience on entrepreneur forecast performance in new firms[J].Journal of Business Venturing,2014(1).
[19]Mead,G.H.The objective reality of perspectives[A].In S.Brightman(Ed.)Proceedings of the Sixth International Congress of Philosophy[C].New York:Longmans, Green,1926.
[20]Hambrick,D.C.,G.D.S.Fukutomi.The seasons of a CEO's tenure[J].Academy of Management Review,1991,16.
[21]Boeker,W.Strategic change:The influence of managerial characteristics and organizational growth[J].Academy of Management Journal,1997(1).
[22]Zollo,M.,S.G.Winter.Deliberate learning and the evolution of dynamic capabilities[J].Organization Science,2002(1).
[23]Heath,C.,A.Tversky.Preferences and beliefs:Ambiguity and the competence in choice under uncertainty[J].Journal of Risk and Uncertainty,1991(4).
[24]黄志华,闫巩固,王天乐.经验决策:概念、研究和展望[J].心理科学进展,2011(12).
[25]Miller,D.,J.Shamsie.Learning across the life cycle:Experimentation and performance among the Hollywood studio heads[J].Strategic Management Journal,2001(8).
[26]熊立,张典,陈诗颖.动态能力迁徙与企业创新绩效弱化:成功经验的阴暗面效应[J].现代财经,2017(10).
[27]孙轶,武亚军.战略规划、高管任职经验与企业绩效:基于中国转型经济的研究[J].经济科学,2009(4).
[28]徐超,池仁勇.企业家社会资本、个人特质与创业企业绩效——基于中国创业板上市公司的实证研究[J].软科学,2014(4).
[29]王雪莉,马琳,王艳丽.高管团队职能背景对企业绩效的影响:以中国信息技术行业上市公司为例[J].南开管理评论,2013(4).
[30]Hambrick,D.C.,P.A.Mason.Upper echelons:The organization as a reflection of its top managers[J].Academy of Management Review,1984(2).
[31]Daellenbach,U.S.,A.M.McCarthy,T.S.Schoenecker.Commitment to innovation:The impact of top management team characteristics[J].R&D Management,1999(3).
[32]Barker,V.,G.Mueller.CEO characteristics and firm R&D spending[J].Management Science,2002,48.
[33]吴成颂,黄送钦,钱春丽.高管背景特征对银行风险承担的影响——来自中国上市银行的经验证据[J].现代财经,2014(5).
[34]Chen,H.L.,W.T.Hsu,Y.S.Huang.Top management team characteristics:R&D investment and capital structure in the IT industry[J].Small Business Economics,2010(3).
[35]Wiersema,M.F.,K.A.Bantel.Top management team demography and corporate strategic change[J].Academy of Management Journal,1992(1).
[36]Fraser,S.,F.Greene.The effect of experience on entrepreneurial optimism and uncertainty[J].Economica,2006(2).
[37]Li,J.J.,L.Poppo,K.K.Zhou.Do managerial ties in China always produce value?Competition,uncertainty and domestic vs.foreign firms[J].Strategic Management Journal,2008(4).
[38]Dirk,E.,L.Ervin.CEO Compensation Incentives and Non-gap Earnings Disclosures[Z].Working Paper,Dartmouth College,2014.
[39]Zheng,Y.,M.L.Devaughn,M.Zellmer-Bruhn.Shared and shared alike? Founders' prior shared experience and performance of newly founded banks[J].Strategic Management Journal,2016(12).
[40]Mannor,M.J.,J.Shamsie,D.E.Conlon.Does experience help or hinder top managers? Working with different types of resources in Hollywood[J].Strategic Management Journal,2016(7).
[41]贺小刚,沈瑜.创业型企业的成长:基于企业家团队资本的实证研究[J].管理世界,2008(1).
[42]Wu,S.,E.Levitas,R.L.Priem.CEO tenure and company invention under differing levels of technological dynamism[J].The Academy of Management Journal,2005(5).
[43]Spanjer,A.,A.Van-Witteloostuijn.The entrepreneur's experiential diversity and entrepreneurial performance[J].Small Business Economics,2017(1).
[44]Hansen,B.E.Threshold effects in non-dynamic panels:Estimation,testing and inference[J].Journal of Econometrics,1999,93.
[45]Altman,E.I.,L.Zhang,J.Yen.Corporate Financial Distress Diagnosis in China[Z].New York:New York University Salomon Center Working Paper,2007.
[46]许晓芳,沃健,方略.CEO性别、产权性质与公司过度投资行为[J].财经论丛,2018(4).
[47]Bergh,D.D.Executive retention and acquisition outcomes:A test of opposing views on the influence of organizational tenure[J].Journal of Management,2001(5).
[48]Fraser,S.,F.Greene.The effect of experience on entrepreneurial optimism and uncertainty[J].Economica,2006(290).
[49]Hambrick,D.C.Upper echelons theory:An update[J].The Academy of Management Review,2007(2).
[50]Certo,S.T.,R.H.Lester,C.M.Dalton,et al.Top management teams,strategy and financial performance:A meta-analytic examination[J].Journal of Management Studies,2006(43).
[51]Fan,J.P.H.,T.J.Wong.Politically connected CEOs,corporate governance,and post-IPO performance of China's partially privatized firms[J].Journal of Financial Economics,2007(2).
[52]陈强.高级计量经济学及Stata应用(第二版)[M].北京:高等教育出版社,2014.
[53]Finkelstein,S.,J.Haleblian.Understanding acquisition performance:The role of transfer effects[J].Organization Science,2002(1).