摘要
基于2006—2017年沪深A股上市公司的非平衡面板数据,本文对CEO早期居住地环境污染与企业战略差异之间的关系,以及不确定性、地区环境污染的调节效应展开实证研究。研究发现:(1)CEO早期居住地环境污染与企业战略差异之间呈现显著的U型关系;(2)不确定性弱化了CEO早期居住地环境污染与企业战略差异之间关系;(3)地区环境污染强化了CEO早期居住地环境污染与企业战略差异之间的U型关系。经过稳健性检验后,研究结果保持不变。
Companies often face with an important issue on how to reconcile the strategic conformity versus strategic distinctiveness.By using the unbalanced panel data of China’s A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to 2017,this article analyzes the relationship between environmental pollution in CEO’s early living place and firm’s strategic distinctiveness,as well as the moderating effects of uncertainty and local pollution on this main effect.Our results show that:(1)The environmental pollution in CEO’s early living place exhibits a U-shaped relationship with the firm’s strategic distinctiveness;(2)This curvilinear relationship is negatively moderated by uncertainty,which indicates higher uncertainty will flatter the U-shaped relationship;(3)Local pollution steepens the U-shaped relationship between the environmental pollution in CEO’s early living place and firm’s strategic distinctiveness.When the local pollution becomes more serious,the U-shaped relationship of the main effect would become steeper.After robustness tests and endogeneity analysis,the conclusions of this article remain robust.This article may contribute to the current theory in the following three aspects:(1)Our research enriches the literature on the topic of executive affect theory.Previous research mainly concentrated on how CEO’s affective trait and emotional instability influence firm’s strategic distinctiveness directly,but the role of contextual factors were ignored.This article takes the influence of early life experiences on the formation of individuals’affective trait and emotional instability as a starting point.We find how contextual factors affect CEO’s emotional trait and emotional instability,it is confirmed that CEO’s emotional trait and emotional instability can be stimulated by external contextual factors and changed in a dynamic manner.(2)The research on the role of executives in the formation of strategic distinctiveness still need further exploration(Tang et al.,2011),this part was much less concerned especially in domestic scholars.The environmental pollution in CEO’s early living place shaped his or her negative affective trait.When the pollution in CEO’s early living place reaches a certain threshold,CEO may develop emotional instability.These two traits have opposite effects on strategic distinctiveness through information processing and behavior motivating.By explaining these mechanisms,this article deepens the understanding of firm’s strategic distinctiveness in China from a micro-level perspective.(3)In recent years,scholars in the filed of behavioral finance have conducted extensive research on how ecological factors influence on the market participants’emotion.However,in the field of strategic management,relevant research is still in its infancy.This paper introduces an ecological factor of"environmental pollution in CEO’s early living place"to upper echelons theory so as to extend its implication boundary.Additionally,the literature on the relationship of CEOs’early life experience and their management style is also enriched.This article gives managerial implications as following:(1)This article finds that the environmental pollution experience in CEO’s early living place shaped CEO’s negative affective trait and emotional instability.In fact,managers usually consciously conceal their emotional manifestations in their work places.Therefore,in recruitment process of executives,CEO’s early environmental pollution experience and other daily life experiences can be used as reference to judge their true affective traits.(2)This paper explains how CEOs with early experience of environmental pollution weigh the conformity and distinctiveness of corporate strategy in uncertain situation.For emotional unstable CEOs,although they usually adhere to personal preferences and make strategic decisions that deviate from the industry’s routine.However,in the uncertain context,such CEOs are more likely to make conservative and more industry common strategies.Therefore,when recruiting senior executives and making strategies,enterprises should consider the macro environment characteristics and individuals life experience.(3)This article finds that senior executives with early experience of environmental pollution are more emotionally sensitive to the local environmental pollution.This may indicate that these managers would be more motivated to resign or obtain"environmental harm compensation"through their positions.Therefore,companies could attract and retain advanced talents through providing green working environment and additional pollution compensation.
作者
和欣
曾春影
陈传明
孔锋
HE Xin;ZENG Chun-ying;CHEN Chuan-ming;KONG Feng(School of Business Administration,Nanjing University of Finance&Economics,Nanjing,Jiangsu,210023,China;Business School,Nanjing University,Nanjing,Jiangsu,210093,China;Institute of Agricultural Economics and Information,Guangdong Academy of Agricultural Sciences,Guangzhou,Guangdong,510640,China;College of Humanities and Development Studies,China Agriculture University,Bejing,100083,China;School of Public Policy&Management,Tsinghua University,Bejing,100084,China)
出处
《经济管理》
CSSCI
北大核心
2021年第1期89-105,共17页
Business and Management Journal ( BMJ )
基金
国家自然科学基金项目“个体认知、团队动态对创业机会识别的影响:基于新颖性和有用性权衡的视角”(71672080)
关键词
CEO早期居住地环境污染
不确定性
地区环境污染
战略差异
environmental pollution in CEO’s early living place
uncertainty
local pollution
strategic distinctiveness