Influence of Mixed Ownership Reform on Enterprises' Strategic Flexibility——Research from Perspective of Structural Power

Abstract

Abstract:

One of the goals for mixed ownership reform is to enhance the strategic flexibility of state-owned enterprises. The consequent change in the balance of capital power and the corporate governance power may be the key mechanism underlying the strategic change. Drawing upon 271 state-owned manufacturing companies listed in Shanghai and Shenzhen stock exchanges in the period from 2010 to 2013 and based on agency theory and upper echelon theory, the study explores mixed ownership reform's impact on the enterprises' strategic change through distinguishing ownership power and structural power. The result shows that concentration of ownership power and decreased separation of control can improve the strategic change; structural power inequality especially in board can improve the change degree. Further research finds interactions of ownership power and board structural power, board structural power and management structural power both exacerbated the positive relationship between structural power inequality and strategic change. The research shows fluctuation on ownership power structural power is the main power for strategic change impact path and by reshaping the two major powers in the mixed ownership reform, the main power changes the strategic decision making rules in the executive interactive activities.

Key words: mixed ownership reform, strategic change, ownership power, structural power

Zhang Shuangpeng, Zhou Jian, Zhou Feigu. Influence of Mixed Ownership Reform on Enterprises' Strategic Flexibility——Research from Perspective of Structural Power[J]. , 2019, 31(1): 183-196.

References

[1] 托马斯·皮凯蒂. 巴曙松译. 21世纪资本论[M]. 北京:中信出版社, 2014
[2] Fama E. F., Jensen M. C. Separation of Ownership and Control[J]. Journal of Law and Economics, 1983,26(2):301-325
[3] 德隆·阿西莫格鲁,詹姆斯·A.罗宾逊. 国家为什么会失败[M]. 长沙:湖南科学技术出版社, 2015
[4] Hillman A. J., Withers M. C., Collins B. J. Resource Dependence Theory:A Review[J]. Journal of Management:Official Journal of the Southern Management Association, 2009,35(6):1404-1427
[5] Barrick M. R., Thurgood G. R., Smith T. A., et al. Collective Organizational Engagement:Linking Motivational Antecedents, Strategic Implementation, and Firm Performance[J]. Academy of Management Journal, 2015,58(1):111-135
[6] Patel P. C., Cooper D. Structural Power Equality between Family and Non-Family TMT Members and the Performance of Family Firms[J]. Academy of Management Journal, 2014,57(6):1624-1649
[7] Berron P., Cruz C., Gomez-Mejia L. R. Socioemotional Wealth in Family Firms:Theoretical Dimensions, Assessment Approaches, and Agenda for Future Research[J]. Family Business Review, 2012,25(3):258-279
[8] 陆正飞,胡诗阳. 股东-经理代理冲突与非执行董事的治理作斥——来自中国A股市场的经验证据[J]. 管理世界, 2015,(1):129-138
[9] Karaevli A., Zajac E. J. When Do Outsider CEOs Generate Strategic Change? The Enabling Role of Corporate Stability[J]. Journal of Management Studies, 2013,50(7):1267-1294
[10] Helfat C. E., Martin J. A. Dynamic Managerial Capabilities:Review and Assessment of Managerial Impact on Strategic Change[J]. Journal of Management, 2015,41(5):1281-1312
[11] Herrmann P., Nadkarni S. Managing Strategic Change:The Duality of CEO Personality[J]. Strategic Management Journal, 2014,35(9):1318-1342
[12] Mackay R. B., Chia R. Choice, Chance and Unintended Consequences in Strategic Change:A Process Understanding of the Rise and Fall of Northco Automotive[J]. Academy of Management Journal, 2013,56(1):208-230
[13] Oliver C. Strategic Responses to Institutional Processes[J]. Academy of Management Review, 1991,16(1):145-179
[14] Wiersema M. F., Bantel K. A. Top Management Team Turnover as an Adaptation Mechanism:The Role of the Environment[J]. Strategic Management Journal, 1993,14(7):485-504
[15] 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
[16] Mantere S., Schildt H. A., Sillince J. A. A. Reversal of Strategic Change[J]. Academy of Management Journal, 2012,55(1):172-196
[17] Eggers J. P., Kaplan S. Cognition and Capabilities:A Multi-level Perspective[J]. The Academy of Management Annals, 2013,7(1):295-340
[18] Eggers J. P., Kaplan S. Cognition and Renewal:Comparing CEO and Organizational Effects on Incumbent Adaptation to Technical Change[J]. Organization Science, 2009,20(2):461-477
[19] Danneels E. Trying to Become a Different Type of Company:Dynamic Capability at Smith Corona[J]. Strategic Management Journal, 2011,32(1):1-31
[20] Zhang Y., Rajagopalan N. Once an Outsider, Always an Outsider? CEO Origin, Strategic Change, and Firm Performance[J]. Strategic Management Journal, 2010,31(3):334-346
[21] 刘新民,王垒,吴世健. CEO继任类型对战略变革的影响研究:高管团队重组的中介作用[J]. 管理评论, 2013,25(8):102-123
[22] Boeker W. Strategic Change:The Influence of Managerial Characteristics and Organizational Growth[J]. Academy of Management Journal, 1997,40(1):152-170
[23] Haynes K. T., Hillman A. The Effect of Board Capital and CEO Power on Strategic Change[J]. Strategic Management of Journal, 2010,31(11):1145-1163
[24] Golden B. R., Zajac E. J. When will Boards Influence Strategy? Inclination×Power=Strategic Change[J]. Strategic Management Journal, 2001,22(12):1087-1111
[25] Finkelstein S. Power in Top Management Teams:Dimensions, Measurement, and Validation[J]. Academy of Management Journal, 1992,35(3):505-538
[26] 张远飞,贺小刚,连燕玲. "富则思安"吗?——基于中国民营上市公司的实证分析[J]. 管理世界, 2013,(7):130-144
[27] Westphal J. D., Fredrickson J. W. Who Directs Strategic Change? Director Experience, the Selection of New CEOs, and Change in Corporate Strategy[J]. Strategic Management Journal, 2001,22(12):1113-1137
[28] Sturm R. E., Antonakis J. Interpersonal Power:A Review, Critique, and Research Agenda[J]. Journal of Management, 2015,41(1):136-163
[29] 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, 2015,44(3):121-140
[30] Carney M. Corporate Governance and Competitive Advantage in Family-Controlled Firms[J]. Entrepreneurship Theory & Practice, 2005,29(3):249-265
[31] Schulze W. S., Lubatkin M. H., Dino R. N. Altruism. Agency and the Competitiveness of Family Firms[J]. Managerial and Decision Economics, 2002,23(4-5):247-259
[32] Goodstein J. G., Boeker W. B. Turbulence at the Top:A New Perspective on Governance Structure Changes and Strategic Change[J]. Academy of Management Journal, 1991,34(2):306-330
[33] Bunderson J. S., Reagans R. E. Power, Status, and Learning in Organizations[J]. Organization Science, 2011,22(5):1182-1194
[34] Joseph J., Ocasio W., McDonnell M. H. The Structural Elaboration of Board Independence:Executive Power, Institutional Logics, and the Adoption of CEO-only Board Structures in US Corporate Governance[J]. Academy of Management Journal, 2014,57(6):1834-1858
[35] Mustakallio M., Autio E., Zahra S. A. Relational and Contractual Governance in Family Firms:Effects on Strategic Decision Making[J]. Family Business Review, 2002,15(3):205-222
[36] Braun M., Sharma A. Should the CEO also Be Chair of the Board? An Empirical Examination of Family-controlled Public Firms[J]. Family Business Review, 2007,20(2):111-126
[37] Chen H. L., Hsu W. T. Family Ownership, Board Independence, and R&D Investment[J]. Family Business Review, 2009,22(4):347-362
[38] Brunninge O., Nordqvist M., Wiklund J. Corporate Governance and Strategic Change in SMEs:The Effects of Ownership, Board Composition and Management Teams[J]. Small Business Economics, 2007,29(3):295-308
[39] Ravasi D., Zattoni A. Exploring the Political Side of Board Involvement in Strategy:A Study of Mixed-Ownership Institutions[J]. Journal of Management Studies, 2006,43(8):1671-1702
[40] 郑杲娉,薛健,陈晓. 兼任高管与公司价值:来自中国的经验证据[J]. 会计研究, 2014,(11):24-29
[41] Quigley T. J., Hambrick D. C. When the Former CEO Stays on Board Chair:Effects on Successor Discretion, Strategic Change, and Performance[J]. Strategic Management Journal, 2012,33(7):834-859
[42] Kor Y. Y. Direct and Interaction Effects of Top Management Team and Board Compositions on R&D Investment Strategy[J]. Strategic Management Journal, 2006,27(11):1081-1099
[43] Graffin S. D., Carpenter M. A., Boivie S. What's All that (Strategic) Noise? Anticipatory Impression Management in CEO Succession[J]. Strategic Management Journal, 2011,32(7):748-770
[44] Schwartz-Ziv M., Weisbach M. S. What Do Boards Really Do? Evidence from Minutes of Board Meetings[J]. Journal of Financial Economics, 2013,108(2):349-366
[45] Gomez-Mejia L. R., Gruz C., Berrone P., et al. The Bind that Ties:Socioemotional Wealth Preservation in Family Firms[J]. The Academy of Management Annals, 2011,5(1):653-707
[46] Kraatz M. S., Zajac E. J. How Organizational Resources Affect Strategic Change and Firm Performance in Turbulent Environments:Theory and Evidence[J]. Organization Science, 2001,12(5):632-657
[47] Krause R., Bruton G. Agency and Monitoring Clarity on Venture Boards of Directors[J]. Academy of Management Review, 2014,39(1):111-114
[48] 姜付秀,张敏,陆正飞,等. 管理者过度自信、企业扩张与财务困境[J]. 经济研究, 2009,(1):131-143
[49] Karaevli A., Zajac E. J. When Do Outsiders CEOs Generate Strategic Change? The Enabling Role of Corporate Stability[J]. Journal of Management Studies, 2013,50(7):1267-1294
[50] 白海青,成瑾,毛基业. CEO如何支持CIO?——基于结构性权力视角的多案例研究[J]. 管理世界, 2014,(7):107-118
[51] Battilana J., Casciaro T. The Network Secrets of Great Change Agents[J]. Harvard Business Review, 2013,91(7):62-68
[52] 杨艳,陈贻杰,陈收. 战略变革对企业绩效的影响:基于货币政策的调节作用[J]. 管理评论, 2015,27(1):66-75