Adaptive or Disruptive?A Cross-level Research on the Contingencies of the Effect of CEO Outside Succession on Firm Performance

摘要/Abstract

摘要： 本研究基于中国特定管理情境,将"组织适应论"与"组织破坏论"两种理论观点加以整合,探索影响CEO继任来源与企业业绩之间关系的情境要素及作用机制。通过个体、团队和组织维度三个层次对外部CEO继任者所面临的动态情境加以分析,本研究提出了影响CEO外部继任与继任后企业业绩关系的边界条件,并以2008-2015年中国A股上市公司为样本进行了实证检验。研究发现,CEO与高管团队成员的相似性有助于外部CEO继任者发挥"适应性效应",提升继任后企业业绩;CEO职能背景的丰富性和继任前企业业绩加强了外部CEO继任者的"破坏性效应",降低继任后企业业绩。

关键词: CEO外部继任, 企业业绩, 相似性, 职能背景

Abstract: The paper integrates the “organizational adaptive view” with “organizational disruptive view” on basis of the context characteristic of Chinese culture to explore the boundary conditions that affect the relationship between outside CEO and post-succession firm performance. By analyzing the dynamic situation confronting outside CEOs from three dimensions: person, team and organization, the paper puts forward the boundary conditions that affect the relationship between outside CEO succession and post-succession firm performance, followed by an empirical test with Chinese listed companies from 2008 to 2015. The results indicate that the similarity between CEO and TMT member negatively moderates the relationship between outside CEO succession and post-succession firm performance; the munificence of CEO functional background and firm performance upon succession positively moderate the relationship between outside CEO succession and post-succession firm performance.

Key words: CEO outside succession, firm performance, similarity, functional background

刘鑫, 吕荣杰, 薛有志. "适应"还是"破坏"?CEO外部继任对企业业绩影响的边界条件跨层次研究[J]. 管理评论, 2022, 34(3): 229-242.

Liu Xin, Lv Rongjie, Xue Youzhi. Adaptive or Disruptive?A Cross-level Research on the Contingencies of the Effect of CEO Outside Succession on Firm Performance[J]. Management Review, 2022, 34(3): 229-242.

参考文献

[1] Zhang Y., Rajagopalan N. Explaining New CEO Origin:Form versus Industry Antecedents[J]. Academy of Management Journal, 2003,46(3):327-338
[2] Anand M. G., Thakor A. V. Overconfidence, CEO Selection, and Corporate Governance[J]. The Journal of Finance, 2008,63(6):2737-2784
[3] Wiersema M. F., Bantel K. A. Top Management Team Demography and Corporate Strategic Change[J]. Academy of Management Journal, 1992,35(1):91-121
[4] Menon T., Pfeffer J. Valuing Internal vs. External Knowledge:Explaining the Preference for Outsiders[J]. Management Science, 2003,49(4):497-513
[5] Vancil R. F. Passing the Baton:Managing the Process of CEO Succession[M]. Boston, MA:Harvard University Press, 1987
[6] Friedman S., Saul K. A Leader's Wake:Organization Member Reactions to CEO Succession[J]. Journal of Management, 1991,17(3):619-642
[7] Zhang L., Ji W., Tao J., et al. Who shall Leave?How CEO Preference and Power Affect Executive Turnover in Chinese Listed Companies[J]. Corporate Governance:An International Review, 2011,19(6):547-561
[8] Zhang Y., Rajagopalan N. When the Known Devil Is Better than an Unknown God:An Empirical Study of the Antecedents and Consequences of Relay CEO Successions[J]. Academy of Management Journal, 2004,47(4):483-500
[9] Waller M. J., Huber G. P., Glick W. H. Functional Background as a Determinant of Executives' Selective Perception[J]. Academy of Management Journal, 1995,38(4):943-974
[10] 张建君,张闫龙.董事长-总经理的异质性、权力差距和融洽关系与组织绩效--来自上市公司的证据[J].管理世界, 2016,(1):110-120
[11] 成瑾,白海青,刘丹. CEO如何促进高管团队的行为整合--基于结构化理论的解释[J].管理世界, 2017,(2):159-173
[12] Mcdonald M. L. A. M., Westphal J. D. A. W. 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, 2013,56(4):1169-1198
[13] Hambrick D. C., Mason P. A. Upper Echelons:The Organization as a Reflection of Its Top Managers[J]. Academy of Management Review, 1984,9(2):193-206
[14] Gupta A. K., Govindarajan V. Business Unit Strategy, Managerial Characteristics, and Business Unit Effectiveness at Strategy Implementation[J]. Academy of Management Journal, 1984,27(1):25-41
[15] Adler R. B., Elmhor J. M. Communicating at Work:Principles and Practices for Business and the Professions, 11th Edition[M]. New York:McGraw-Hill, 2013
[16] Zajac E. J., Kraatz M. S., Bresser R. K. F. Modeling the Dynamics of Strategic Fit:A Normative Approach to Strategic Change[J]. Strategic Management Journal, 2000,21(4):429-453
[17] Miles R. E., Snow C. C. Fit, Failure and the Hall of Fame[M]. New York:Macmillan, 1994
[18] 刘美玉. CEO强制性变更、继任模式与公司绩效的实证研究:来自中国上市公司的经验证据[J].宏观经济研究, 2011,(3):75-81
[19] Harris D., Helfat C. Specificity of CEO Human Capital and Compensation[J]. Strategic Management Journal, 1997,18(11):895-920
[20] Ndofor H. A., Priem R. L., Rathburn J. A., et al. What does the New Boss Think?How New Leaders'Cognitive Communities and Recent "Top-job" Success Affect Organizational Change and Performance[J]. Leadership Quarterly, 2009,20(5):799-813
[21] Quigley T. J., Hambrick D. C. When the Former CEO Stays on as Board Chair:Effects on Successor Discretion, Strategic Change, and Performance[J]. Strategic Management Journal, 2012,33(7):834-859
[22] Shen W., Cannella A. A. Revisiting the Performance Consequences of CEO Succession:The Impacts of Successor Type, Postsuccession Senior Executive Turnover, and Departing CEO Tenure[J]. The Academy of Management Journal, 2002,45(4):717-733
[23] Karaevli A. Performance Consequences of New CEO "Outsiderness":Moderating Effects of Pre-and Post-succession Contexts[J]. Strategic Management Journal, 2007,28(7):681-706
[24] 权小锋,吴世农. CEO权力强度、信息披露质量与公司业绩的波动性--基于深交所上市公司的实证研究[J].南开管理评论, 2010,13(4):142-153
[25] 饶育蕾,王建新. CEO过度自信、董事会结构与公司业绩的实证研究[J].管理科学, 2010,23(5):2-13
[26] 刘鑫,薛有志. CEO继任、业绩偏离度和公司研发投入--基于战略变革方向的视角[J].南开管理评论, 2015,18(3):34-47
[27] Georgakakis D., Ruigrok W. CEO Succession Origin and Firm Performance:A Multilevel Study[J]. Journal of Management Studies, 2017,54(1):58-87
[28] 连燕玲,贺小刚,高皓.业绩期望差距与企业战略调整--基于中国上市公司的实证研究[J].管理世界, 2014,(11):119-132
[29] Chen J., Sharma P., Zhan W., et al. Demystifying the Impact of CEO Transformational Leadership on Firm Performance:Interactive Roles of Exploratory Innovation and Environmental Uncertainty[J]. Journal of Business Research, 2019,96:85-96
[30] 顾雷雷,欧阳文静.慈善捐赠、营销能力和企业绩效[J].南开管理评论, 2017,20(2):94-107
[31] 胡元木,纪端.董事技术专长、创新效率与企业绩效[J].南开管理评论, 2017,20(3):40-52
[32] Dhrymes P. J. Introductory Econometrics[M]. California:South-Western College Publishing, 2017
[33] Wooldridge J. M. Introductory Econometrics:A Modern Approach, 6th Edition[M]. Singapore:Cengage Learning, 2016
[34] 陈晓萍,沈伟.组织与管理研究的实证方法(第三版)[M].北京:北京大学出版社, 2018
[35] Lin H., Lin P. The Interplay between CEO-TMT Exchange Level and Differentiation:Implications for Firm Competitive Behaviors and Performance[J]. Journal of Business Research, 2019,95:171-181
[36] Ou A. Y., Waldman D. A., Peterson S. J. Do Humble CEOs Matter?An Examination of CEO Humility and Firm Outcomes[J]. Journal of Management, 2018,44(3):1147-1173
[37] 孙玥璠,陈爽,张永冀.高管团队异质性、群体断裂带与企业风险承担[J].管理评论, 2019,31(8):157-168
[38] Quigley T. J., Hambrick D. C., Misangyi V. F., et al. CEO Selection as Risk-taking:A New Vantage on the Debate about the Consequences of Insiders versus Outsiders[J]. Strategic Management Journal, 2019,40(9):1453-1470
[39] Schepker D. J., Kim Y., Patel P. C., et al. CEO Succession, Strategic Change, and Post-succession Performance:A Meta-analysis[J]. Leadership Quarterly, 2017,28(6):701-720
[40] 祝树金,赵玉龙.资源错配与企业的出口行为--基于中国工业企业数据的经验研究[J].金融研究, 2017,(11):49-64
[41] Heckman J. J. Sample Selection Bias as a Specification Error[J]. Econometrica, 1979,47(1):153-161
[42] Chiu S., Johnson R. A., Hoskisson R. E., et al. The Impact of CEO Successor Origin on Corporate Divestiture Scale and Scope Change[J]. Leadership Quarterly, 2016,27(4):617-633
[43] Enders C. K., Tofighi D. Centering Predictor Variables in Cross-sectional Multilevel Models:A New Look at an Old Issue[J]. Psychological Methods, 2007,12(2):121-138
[44] Raudenbush S., Bryk A. Hierarchical Linear Models:Applications and Data Analysis Methods, 2nd Edition[M]. Newbury Park:CA:Sage, 2002
[45] Fitza M. A. The Use of Variance Decomposition in the Investigation of CEO Effects:How Large Must the CEO Effect be to Rule out Chance?[J]. Strategic Management Journal, 2014,35(12):1839-1852
[46] Quigley T. J., Hambrick D. C. Has the"CEO Effect"Increased in Recent Decades?A New Explanation for the Great Rise in America's Attention to Corporate Leaders[J]. Strategic Management Journal, 2015,36(6):821-830

"适应"还是"破坏"?CEO外部继任对企业业绩影响的边界条件跨层次研究