外部继任、CEO-TMT相似度与公司业绩
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摘要
本文选取2001～2016年间发生CEO继任的A股上市公司为研究样本,实证检验外部继任对公司业绩的影响,以及CEO-TMT相似度在外部继任与公司业绩两者间的调节作用。研究结果表明:外部继任与公司业绩显著正相关;环境波动性较大时,外部继任对公司业绩的提升作用更明显; CEO-TMT相似度在外部继任与公司业绩的正向关系间发挥着倒U型的调节作用。本文对公司选择合适的外部继任者,实现公司业绩的改善具有重要的理论与现实意义。
This article selects publicly traded companies in Shenzhen and Shanghai stock markets that had CEO succession between 2002 and 2016 as initial samples to examine the impact of outside CEO succession on the firm' s performance by using the PSM model,multiple regression model and the Heckman two-stage model. Furthermore,it explores how the CEOTMT similarity regulates the relationship between outside CEO succession and the firm performance. The empirical results are as follows: Outside CEO succession is significantly positively correlated with the firm' s performance; When environmental volatility is great,outsider succession has a more pronounced effect on the firm performance; The CEO-TMT similarity plays an inverted U-shaped regulatory role between the outside succession and the firm performance. This article is of important theoretical and practical significance for companies to select suitable outside successors and achieve improvement of the firm performance.
This article selects publicly traded companies in Shenzhen and Shanghai stock markets that had CEO succession between 2002 and 2016 as initial samples to examine the impact of outside CEO succession on the firm' s performance by using the PSM model,multiple regression model and the Heckman two-stage model. Furthermore,it explores how the CEOTMT similarity regulates the relationship between outside CEO succession and the firm performance. The empirical results are as follows: Outside CEO succession is significantly positively correlated with the firm' s performance; When environmental volatility is great,outsider succession has a more pronounced effect on the firm performance; The CEO-TMT similarity plays an inverted U-shaped regulatory role between the outside succession and the firm performance. This article is of important theoretical and practical significance for companies to select suitable outside successors and achieve improvement of the firm performance.
引文
[1]石荣,沈鹏远.CEO强制变更与公司业绩的相关性研究---基于国有上市公司数据[J].南京审计学院学报,2015,(3):88-89.
[2]Magnusson,P.and Boggs,D.International Experience and CEO Selection:An Empirical Study[J].Journal of International Management,2006,Vol.12,No.1:107-125.
[3]Friedman,S.and Singh,H.CEO Succession and Stockholder Reaction:The Influence of Organizational Context and Event Content[J].Academy of Management Journal,1989,Vol.32,No.4:718-744.
[4]Hermann,P.and Datta,D.CEO Successor Characteristics and the Choice of Foreign Market Entry Mode:An Empirical Study[J].Journal of International Business Studies,2002,Vol.33,No.3:551-569.
[5]Menon,T.and Pfeffer,J.Valuing Internal vs.External Knowledge:Explaining the Preference for Outsiders[J].Management Science,2003,Vol.49,No.4:497-513.
[6]Hambrick,D.and Mason,P.Upper echelons:The Organization as a Reflection of Its Top Managers[J].Academy of Management Review,1984,Vol.9,No.2:193-206.
[7]刘星,蒋荣.中国上市公司CEO继任特征与公司业绩变化关系的实证研究[J].管理科学,2006,(6):2-5.
[8]Bailey,E.and Helfat,C.External Management Succession,Human Capital,and Firm Performance:An Integrative Analysis[J].Managerial and Decision Economics,2003,Vol.24,No.4:347-369.
[9]Zhang,Y.and Rajagopalan,N.When the Known Devil is better than an Unknown God:An Empirical Study of the Antecedences and Consequences of Relay CEO Successions[J].Academy of Management Journal,2004,Vol.47,No.4:483-500.
[10]Byrne,D.The Attraction Paradigm[M].New York:Academic Press,1971,pp.276.
[11]Troster,C.and Van Knippenberg,D.Leader Openness,Nationality Dissimilarity,and Voice in Multinational Management Teams[J].Journal of International Business Studies,2012,Vol.43,No.6:591-613.
[12]Mc Donald,M.and Westphal,J.Access Denied:Low Mentoring of Women and Minority First Time Directors and its Negative Effects on Appointments to Additional Boards[J].Academy of Management Journal,2013,Vol.56,No.4:1169-1198.
[13]Hoever,H.Fostering Team Creativity:Perspective Taking as Key to Unlocking Diversity’s Potential[J].Journal of Applied Psychology,2012,Vol.97,No.5:982-996.
[14]Carton,A.,&Cummings,J.A Theory of Subgroups in Work Teams[J].Academy of Management Review,2012,Vol.37,No.3:441-470.
[15]Milliken,F.,&Martins,L.Searching for Common Threads:Understanding the Multiple Effects of Diversity in Organizational Groups[J].Academy of Management Review,1996,Vol.21,No.2:402-433.
[16]李小玉,薛有志,周杰.CEO关联、内部治理与企业绩效[J].管理科学,2017,(5):104-106.
[17]Dimitrios G.and Winfried R.CEO Succession Origin and Firm Performance:A Multilevel Study[J].Journal of Management Studies,2017,Vol.54,No.1:58-87.
[18]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012,(7):113-126.
(1)限于篇幅,未报告平衡假设的结果,有需要的可以联系作者。
[2]Magnusson,P.and Boggs,D.International Experience and CEO Selection:An Empirical Study[J].Journal of International Management,2006,Vol.12,No.1:107-125.
[3]Friedman,S.and Singh,H.CEO Succession and Stockholder Reaction:The Influence of Organizational Context and Event Content[J].Academy of Management Journal,1989,Vol.32,No.4:718-744.
[4]Hermann,P.and Datta,D.CEO Successor Characteristics and the Choice of Foreign Market Entry Mode:An Empirical Study[J].Journal of International Business Studies,2002,Vol.33,No.3:551-569.
[5]Menon,T.and Pfeffer,J.Valuing Internal vs.External Knowledge:Explaining the Preference for Outsiders[J].Management Science,2003,Vol.49,No.4:497-513.
[6]Hambrick,D.and Mason,P.Upper echelons:The Organization as a Reflection of Its Top Managers[J].Academy of Management Review,1984,Vol.9,No.2:193-206.
[7]刘星,蒋荣.中国上市公司CEO继任特征与公司业绩变化关系的实证研究[J].管理科学,2006,(6):2-5.
[8]Bailey,E.and Helfat,C.External Management Succession,Human Capital,and Firm Performance:An Integrative Analysis[J].Managerial and Decision Economics,2003,Vol.24,No.4:347-369.
[9]Zhang,Y.and Rajagopalan,N.When the Known Devil is better than an Unknown God:An Empirical Study of the Antecedences and Consequences of Relay CEO Successions[J].Academy of Management Journal,2004,Vol.47,No.4:483-500.
[10]Byrne,D.The Attraction Paradigm[M].New York:Academic Press,1971,pp.276.
[11]Troster,C.and Van Knippenberg,D.Leader Openness,Nationality Dissimilarity,and Voice in Multinational Management Teams[J].Journal of International Business Studies,2012,Vol.43,No.6:591-613.
[12]Mc Donald,M.and Westphal,J.Access Denied:Low Mentoring of Women and Minority First Time Directors and its Negative Effects on Appointments to Additional Boards[J].Academy of Management Journal,2013,Vol.56,No.4:1169-1198.
[13]Hoever,H.Fostering Team Creativity:Perspective Taking as Key to Unlocking Diversity’s Potential[J].Journal of Applied Psychology,2012,Vol.97,No.5:982-996.
[14]Carton,A.,&Cummings,J.A Theory of Subgroups in Work Teams[J].Academy of Management Review,2012,Vol.37,No.3:441-470.
[15]Milliken,F.,&Martins,L.Searching for Common Threads:Understanding the Multiple Effects of Diversity in Organizational Groups[J].Academy of Management Review,1996,Vol.21,No.2:402-433.
[16]李小玉,薛有志,周杰.CEO关联、内部治理与企业绩效[J].管理科学,2017,(5):104-106.
[17]Dimitrios G.and Winfried R.CEO Succession Origin and Firm Performance:A Multilevel Study[J].Journal of Management Studies,2017,Vol.54,No.1:58-87.
[18]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012,(7):113-126.
(1)限于篇幅,未报告平衡假设的结果,有需要的可以联系作者。