董事会职业背景对企业高层管理团队多样性的影响研究
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摘要
从董事会职业背景构成的视角,探讨企业高层管理团队职业背景多样性的形成机制,并基于社会分类理论,以2006～2015年中国沪深A股主板上市公司的5 650个观测值为初始研究样本进行研究验证,构建董事会职业构成影响高管团队多样性的主效应与总经理权力调节效应模型。研究结果表明,董事会职业背景多样性与高管团队职业背景多样性显著正相关;总经理的专家权力、声誉权力负向调节董事会多样性与高管团队职业背景多样性之间的关系,而总经理的所有权权力对两者关系无显著影响。研究结果从公司治理的角度揭示了影响高层管理团队多样性的前因变量,进一步丰富了现有高层管理团队多样性的研究。
In the study,we address the question of whether board professional background diversity will increase the preference of TMT diversity or decrease the preference.Drawing on Attribution Theory,Social Classification Theory on board,this study posits a contingent model arguing that with a high level of background diversity,the board will influence the degree of TMT diversity in terms of professional background.In addition,CEO power would negatively moderate the effect above.Hypotheses are tested by analyzing TMT diversity in a sample of Chinese listed firms between 2006 and2015.The regression results show that board professional background diversity is significantly positive related to TMT professional background diversity.Furthermore,CEO tenure and CEO elite educational background would negatively moderate the link above,while ownership power has no significant effects on the relationship.
In the study,we address the question of whether board professional background diversity will increase the preference of TMT diversity or decrease the preference.Drawing on Attribution Theory,Social Classification Theory on board,this study posits a contingent model arguing that with a high level of background diversity,the board will influence the degree of TMT diversity in terms of professional background.In addition,CEO power would negatively moderate the effect above.Hypotheses are tested by analyzing TMT diversity in a sample of Chinese listed firms between 2006 and2015.The regression results show that board professional background diversity is significantly positive related to TMT professional background diversity.Furthermore,CEO tenure and CEO elite educational background would negatively moderate the link above,while ownership power has no significant effects on the relationship.
引文
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[20]BLAU P M.Inequality and Heterogeneity:A Primitive Theory of Social Structure[M].New York:Free Press,1977
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[22]DAHL R A.The Concept of Power[J].Systems Research and Behavioral Science,1957,2(3):201-215.
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[24]周虹,李端生.高管团队异质性、CEO权力与企业内部控制质量[J].山西财经大学学报,2018,40(1):83-95.
[25]逯东,王运陈,付鹏.CEO激励提高了内部控制有效性吗?——来自国有上市公司的经验证据[J].会计研究,2014(6):66-72.
[26]BOONE C, HENDRIKS W. Top Management Team Diversity and Firm Performance:Moderators of Functional-Background and Locus-of-Control Diversity[J].Management Science,2009,55(2):165-180.
[27]QIAN C,CAO Q,TAKEUCHI R.Top Management Team Functional Diversity and Organizational Innovation in China:The Moderating Effects of Environment[J]. Strategic Management Journal,2012,34(1):110-120.
[2]HAMBRICK D C.Upper Echelons Theory:An Update[J].Academy of Management Review,2007,32(2):334-343.
[3]HOMBERG F,BUI H T M.Top Management Team Diversity:A Systematic Review[J].Group and Organization Management,2013,38(4):455-479.
[4]张平.高层管理团队异质性与企业绩效关系研究[J].管理评论,2006,18(5):54-61.
[5]TALAULICAR W Q,JUDGE T.Board Involvement in the Strategic Decision Making Process:A Comprehensive Review[J].Annals of Corporates Governance,2017,2(2):51-169.
[6]WESTPHAL J D,ZAJAC E J.A Behavioral Theory of Corporate Governance:Explicating the Mechanisms of Socially Situated and Socially Constituted Agency[J].Academy of Management Annals,2013,7(1):607-661.
[7]TURNER J C,HOGG M A,OAKES P J,et al.Rediscovering the Social Group:A Self Categorization Theory[M].Cambridge:Basil Blackwell,1987.
[8]FINKELSTEIN S,HAMBRiCK D C.Strategic Leadership:Top Executives and their Effects on Organizations[M].St.Paul:West Publishing,1996.
[9]CARPENTER M A, GELETKANYCZMA,SANDERS W G.Upper Echelons Research Revisited:Antecedents,Elements,and Consequences of Top Management Team Composition[J].Journal of Management,2004,30(6):749-778.
[10]任兵,魏立群,周思贤.高层管理团队多样性与组织创新:外部社会网络与内部决策模式的作用[J].管理学报,2011,8(11):1 630-1 637.
[11]HARRISON D A,PRICE K H,BELL M P.Beyond Relational Demography:Time and the Effects of Surface-and Deep-Level Diversity on Work Group Cohesion[J].Academy of Management Journal,1998,41(1):96-107.
[12]WONG P T, WEINER B. When People Ask“Why”Questions,and the Heuristics of Attributional Search[J].Journal of Personality and Social Psychology,1981,40(4):650-663.
[13]CORNELL B,WELCHE I.Culture,Information,and Screening Discrimination[J].Journal of Political Economy,1996,104(3):542-571.
[14]LIU Y.Outside Options and CEO Turnover:The Network Effect[J].Journal of Corporate Finance,2014,28(2):201-217.
[15]SHEN W,CANNELLA A A.Power Dynamics within Top Management and Their Impacts on CEO Dismissal Followed by Inside Succession[J].Academy of Management Journal,2002,45(6):1 195-1 206.
[16]BEBCHUK L A,FRIED J M.Pay without Performance Overview of the Issues[J].Academy of Management Perspectives,2006,20(1):5-24
[17]BYNE D E.The Attraction Paradigm[M].New York:Academic Press,1971.
[18]WESTPHAL J D,ZAJAC E J.Who Shall Govern?CEO/Board Power,Demographic Similarity,and New Director Selection[J].Administrative Science Quarterly,1995,40(1):60-83.
[19]费孝通,韩格理,王政.乡土中国[M].北京:北京大学出版社,2012.
[20]BLAU P M.Inequality and Heterogeneity:A Primitive Theory of Social Structure[M].New York:Free Press,1977
[21]ANDERSON R C,REEB D M,UPADHYAY A,et al.The Economics of Director Heterogeneity[J].Financial Management,2011,40(1):5-38.
[22]DAHL R A.The Concept of Power[J].Systems Research and Behavioral Science,1957,2(3):201-215.
[23]FINKELSTEIN S.Power in Top Management Teams:Dimensions,Measurement,and Validation[J]. Academy of Management Journal,1992,35(3):505-538.
[24]周虹,李端生.高管团队异质性、CEO权力与企业内部控制质量[J].山西财经大学学报,2018,40(1):83-95.
[25]逯东,王运陈,付鹏.CEO激励提高了内部控制有效性吗?——来自国有上市公司的经验证据[J].会计研究,2014(6):66-72.
[26]BOONE C, HENDRIKS W. Top Management Team Diversity and Firm Performance:Moderators of Functional-Background and Locus-of-Control Diversity[J].Management Science,2009,55(2):165-180.
[27]QIAN C,CAO Q,TAKEUCHI R.Top Management Team Functional Diversity and Organizational Innovation in China:The Moderating Effects of Environment[J]. Strategic Management Journal,2012,34(1):110-120.