社会信任与企业高管团队稳定性

摘要/Abstract

摘要： 本文关注地区社会信任对企业高管团队稳定性影响的问题。基于中国地区间社会信任水平存在较大差异的现实，本文依据制度理论从社会规范的视角探讨了地区社会信任影响企业高管团队稳定性的理论逻辑，采取中国地区社会信任和中国A股上市公司的数据，实证检验地区社会信任对企业高管团队稳定性的影响，以及绩效期望落差和市场环境对两者关系的调节作用。研究发现，地区社会信任水平越高，企业高管团队稳定性越强；绩效期望落差负向调节地区社会信任与企业高管团队稳定性间的关系；市场环境中的市场丰腴度和市场不稳定性会分别正向与负向影响地区社会信任与企业高管团队稳定性间的关系。本研究基于上述结论提出了针对企业高管团队治理和提升地区信任水平的管理启示。

关键词: 社会信任, 高管团队稳定性, 绩效期望落差, 市场环境

Abstract: This study focuses on the effects of regional social trust on the stability of the enterprise top management team (TMT). As the levels of social trust vary greatly between regions in China, this paper develops a theoretical logic of the effects of social trust on the enterprise TMT stability, based on the institutional theory and viewing from the perspective of social norms, and empirically tests the effects of social trust on the enterprise TMT stability as well as the moderating effect of performance below the aspiration level and market environment by using the data of social trust and Chinese A-share listed firms. The results show that: the higher the level of regional social trust, the stronger the TMT stability; performance below the aspiration level negatively regulates the positive relationship between social trust and enterprise TMT stability; and the market munificence and market instability in the market environment positively and negatively affect the relationship between social trust and enterprise TMT stability, respectively. Based on the above conclusions, management implications are provided for the enterprise TMT governance and the enhancement of regional trust levels.

Key words: social trust, TMT stability, performance below the aspiration level, market environment

刘小元, 于宴周, 张光利, 庞守林. 社会信任与企业高管团队稳定性[J]. 管理评论, 2025, 37(3): 164-176.

Liu Xiaoyuan, Yu Yanzhou, Zhang Guangli, Pang Shoulin. Social Trust and Enterprise Top Management Team Stability[J]. Management Review, 2025, 37(3): 164-176.

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