Social Trust and Enterprise Top Management Team Stability

Abstract

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

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

References

[1] 罗进辉,刘海潮,巫奕龙. 高管团队稳定性与公司创新投入:有恒产者有恒心?[J]. 南开管理评论, 2023,26(6):159-168 Luo J. H., Liu H. C., Wu Y. L. TMT Stability and Innovation Input: Piece of Land Promotes Peace of Mind?[J]. Nankai Business Review, 2023,26(6):159-168
[2] 罗进辉,刘玥,杨帆. 高管团队稳定性与公司债务融资成本[J]. 南开管理评论, 2023,26(5):95-106 Luo J. H., Liu Y., Yang F. TMT Stability and the Cost of Corporate Debt[J]. Nankai Business Review, 2023,26(5):95-106
[3] Andrus J. L., Withers M. C., Courtright S. H., et al. Go Your Own Way: Exploring the Causes of Top Executive Turnover[J]. Strategic Management Journal, 2019,40(7):1151-1168
[4] 徐向艺,庞金勇. 上市公司主要高管变更后的团队稳定性[J]. 经济管理, 2008,30(13):42-47 Xu X. Y., Pang J. Y. Research on the TMT Stability after Key Manager’s Turnover of Listed Companies of China[J]. Economic Management, 2008,30(13):42-47
[5] 许楠,田涵艺,刘浩. 创业团队的内部治理:协作需求、薪酬差距与团队稳定性[J]. 管理世界, 2021,37(4):216-230 Xu N., Tian H. Y., Liu H. Inside Entrepreneurial Founder Teams: Collaboration, Compensation Gap and Team Stability[J]. Management World, 2021,37(4):216-230
[6] Tina D. M., Goodstein J., Richard S. W. Institutional Theory and Institutional Change: Introduction to the Special Research Forum[J]. Academy of Management Journal, 2002,45(1):45-56
[7] 张维迎,柯荣住. 信任及其解释:来自中国的跨省调查分析[J]. 经济研究, 2002,37(10):59-70 Zhang W. Y., Ke R. Z. Trust in China: A Cross-regional Analysis[J]. Economic Research Journal, 2002,37(10):59-70
[8] 保海旭. 信任对公共服务满意度的影响及其区域差异化研究——基于CGSS2015年中国28个省份的截面数据[J]. 管理评论, 2021,33(7):301-312 Bao H. X. The Influence of Trust on Public Service Satisfaction and Its Regional Differentiation: Based on CGSS 2015 Cross-sectional Data of 28 Provinces in China[J]. Management Review, 2021,33(7):301-312
[9] Arrow K. J. Gifts and Exchanges[J]. Philosophy and Public Affairs, 1972,1(4):343-362
[10] Gambetta D. Trust: Making and Breaking Cooperative Relations[M]. Oxford: Basil Blackwell, 1988
[11] Tabellini G. Culture and Institutions: Economic Development in the Regions of Europe[J]. Journal of the European Economic Association, 2010,8(4):677-716
[12] 王艳,李善民. 社会信任是否会提升企业并购绩效?[J]. 管理世界, 2017,(12):125-140 Wang Y., Li S. M. Whether Social Trust Can Improve M&A Performance?[J]. Journal of Management World, 2017,(12):125-140
[13] 杨继彬,李善民,杨国超,等. 省际双边信任与资本跨区域流动——基于企业异地并购的视角[J]. 经济研究, 2021,56(4):41-59 Yang J. B., Li S. M., Yang G. C., et al. Interprovincial Bilateral Trust and Inter-regional Capital Flows: Based on the Perspective of Inter-regional M&A[J]. Economic Research Journal, 2021,56(4):41-59
[14] 李文贵. 社会信任、决策权集中与民营企业创新[J]. 经济管理, 2020,42(12):23-41 Li W. G. Social Trust, the Concentration of Decision-making Power and Firm Innovation[J]. Economic Management, 2020,42(12):23-41
[15] Knack S., Keefer P. Does Social Capital Have an Economic Payoff ? A Cross-country Investigation[J]. The Quarterly Journal of Economics, 1997,112(4):1251-1288
[16] 翟学伟,薛天山. 社会信任:理论及其应用[M]. 北京: 中国人民大学出版社, 2014 Zhai X. W., Xue T. S. Social Trust: Theory and Its Applications[M]. Beijing: China Renmin University Press, 2014
[17] 张兆国,曹丹婷,张弛. 高管团队稳定性会影响企业技术创新绩效吗——基于薪酬激励和社会关系的调节作用研究[J]. 会计研究, 2018,(12):48-55 Zhang Z. G., Cao D. T., Zhang C. Does TMT Stability Affect Enterprise Technological Innovation Performance?: The Moderating Effect of Compensation Incentive and Human Relationship[J]. Accounting Research, 2018,(12):48-55
[18] Hardin R. Trust and Trustworthiness[M]. New York: Russell Sage Foundation, 2002
[19] 刘小元,于宴周. CEO开放性对企业战略变革影响机理探究——绩效期望落差和CEO权力的调节作用[J]. 中央财经大学学报, 2022,(8):105-118 Liu X. Y., Yu Y. Z. The Impact Mechanism of CEO Openness on Corporate Strategic Change: Performance below the Aspiration Level and CEO Power as Moderating Effect[J]. Journal of Central University of Finance and Economics, 2022,(8):105-118
[20] Tushman M. L., Romanelli E. Organizational Evolution: A Metamorphosis Model of Convergence and Reorientation[J]. Research in Organizational Behavior, 1985,(7):171-222
[21] Cannella S. F. B., Hambrick D. C., Finkelstein S., et al. Strategic Leadership: Theory and Research on Executives, Top Management Teams, and Boards[M]. New York: Oxford University Press, 2009
[22] Zak P. J., Knack S. Trust and Growth[J]. The Economic Journal, 2001,111(470):295-321
[23] Knack S., Zak P. J. Building Trust: Public Policy, Interpersonal Trust, and Economic Development[J]. Supreme Court Economic Review, 2003,10(1):91-107
[24] Guiso L., Sapienza P., Zingales L. The Role of Social Capital in Financial Development[J]. American Economic Review, 2004,94(3):526-556
[25] Guiso L., Sapienza P., Zingales L. Trusting the Stock Market[J]. The Journal of Finance, 2008,63(6):2557-2600
[26] Algan Y., Cahuc P. Inherited Trust and Growth[J]. American Economic Review, 2010,100(5):2060-2092
[27] 宋渊洋,赵嘉欣. 地区社会信任多样性对个体创业进入决策的影响研究——来自全球33个国家的经验证据[J]. 管理评论, 2020,32(9):118-131 Song Y. Y., Zhao J. X. A Study on the Effect of Regional Trust Diversity on Individual Entrepreneurial Entry Decision: Empirical Evidences from 33 Countries[J]. Management Review, 2020,32(9):118-131
[28] Bottazzi L., Da Rin M., Hellmann T. The Importance of Trust for Investment: Evidence from Venture Capital[J]. The Review of Financial Studies, 2016,29(9):2283-2318
[29] 林钟高,陈曦. 社会信任、内部控制重大缺陷及其修复与财务风险[J]. 当代财经, 2016,(6):118-129 Lin Z. G., Chen X. Social Trust, Material Weaknesses in Internal Control and Their Remediation, and Financial Risks[J]. Contemporary Finance and Economics, 2016,(6):118-129
[30] Qiu B., Yu J., Zhang K. Trust and Stock Price Synchronicity: Evidence from China[J]. Journal of Business Ethics, 2020,167(1):97-109
[31] Guan Y., Lobo G. J., Tsang A., et al. Societal Trust and Management Earnings Forecasts[J]. The Accounting Review, 2020,95(5):149-184
[32] 雷光勇,邱保印,王文忠. 社会信任、审计师选择与企业投资效率[J]. 审计研究, 2014,(4):72-80 Lei G. Y., Qiu B. Y., Wang W. Z. Social Trust, Auditor Choice and Investment Efficiency[J]. Auditing Research, 2014,(4):72-80
[33] Moran P. Structural vs. Relational Embeddedness: Social Capital and Managerial Performance[J]. Strategic Management Journal, 2005,26(12):1129-1151
[34] Chami R., Fullenkamp C. Trust and Efficiency[J]. Journal of Banking and Finance, 2002,26(9):1785-1809
[35] Hilary G., Huang S. Trust and Contracting[R]. Social Science Research Network, 2015
[36] Dong W., Han H., Ke Y., et al. Social Trust and Corporate Misconduct: Evidence from China[J]. Journal of Business Ethics, 2018,151(2):539-562
[37] Duhaime I. M., Hitt M. A., Lyles M. A. Strategic Management: State of the Field and Its Future[M]. New York: Oxford University Press, 2021
[38] Wagner W. G., Pfeffer J., O’Reilly III C. A. Organizational Demography and Turnover in Top-management Group[J]. Administrative Science Quarterly, 1984,29(1):74-92
[39] 张必武,石金涛. 总经理更换与高管团队的稳定性研究——来自中国上市公司的经验证据[J]. 财经研究, 2006,32(1):121-132 Zhang B. W., Shi J. T. CEO Turnover and Top Management Team Stability: Evidence from Chinese Listed Companies[J]. Journal of Finance and Economics, 2006,32(1):121-132
[40] Bicchieri C. The Grammar of Society: The Nature and Dynamics of Social Norms[M]. Cambridge: Cambridge University Press, 2005
[41] Robbins B. G. From the General to the Specific: How Social Trust Motivates Relational Trust[J]. Social Science Research, 2016,55:16-30
[42] Paxton P., Glanville J. L. Is Trust Rigid or Malleable? A Laboratory Experiment[J]. Social Psychology Quarterly, 2015,78(2):194-204
[43] 成瑾,李昆霖,白海青. CEO授权TMT的动因和过程: 基于风险规避视角的多案例研究[J]. 中国人力资源开发, 2021,38(10):91-107 Cheng J., Li K. L., Bai H. Q. The Motivation and Process of CEO Empowerment to TMT: Case Study Based on the Perspective of Risk Aversion[J]. Human Resources Development of China, 2021,38(10):91-107
[44] Peterson R. S. Can You Have Too Much of a Good Thing? The Limits of Voice for Improving Satisfaction with Leaders[J]. Personality and Social Psychology Bulletin, 1999,25(3):313-324
[45] 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 Lian Y. L., He X. G., Gao H. The Performance Aspiration Gap and the Strategy Adjustment: A Case Study Based on China’s Listed Companies[J]. Journal of Management World, 2014,(11):119-132
[46] 张行. 业绩变动、董事会治理与高管离职行为研究[J]. 南开管理评论, 2024,27(3):213-225 Zhang X. Performance Changes, Board Governance and Turnover Behavior of Senior Management[J]. Nankai Business Review, 2024,27(3):213-225
[47] 冯健,戴维奇,周丹. 高管团队职能背景与公司创业投资:注意力焦点的中介作用[J]. 管理评论, 2022,34(12):121-130 Feng J., Dai W. Q., Zhou D. Top Management Team Functional Background and Corporate Venture Capital: The Mediating Role of Focus of Attention[J]. Management Review, 2022,34(12):121-130
[48] 韩炜,高宇. 高管团队内部非正式社会网络联结与新创企业绩效——基于商业模式创新的中介作用[J]. 南开管理评论, 2022,25(5):65-76 Han W., Gao Y. Informal Social Network within TMT and New Ventures Performance—Based on Mediation of Business Model Innovation[J]. Nankai Business Review, 2022,25(5):65-76
[49] Greve H. R. Performance, Aspirations, and Risky Organizational Change[J]. Administrative Science Quarterly, 1998,43(1):58-86
[50] Jensen M. C., Murphy K. J. Performance Pay and Top-management Incentives[J]. Journal of Political Economy, 1990,98(2):225-264
[51] 孙晓华,翟钰,冀浩正. 行业锦标赛激发了企业策略性创新吗?[J]. 南开管理评论, 2024,27(5):186-197 Sun X. H., Zhai Y., Ji H. Z. Do Industry Tournament Incentives Inspire Firms’ Strategic Innovation?[J]. Nankai Business Review, 2024,27(5):186-197
[52] Gibson C. B., Birkinshaw J. The Antecedents, Consequences, and Mediating Role of Organizational Ambidexterity[J]. Academy of Management Journal, 2004,47(2):209-226
[53] 李至圆,钟熙,陈伟宏. 业绩期望差距、管理自主权与企业竞争战略[J]. 管理评论, 2022,34(9):285-296 Li Z. Y., Zhong X., Chen W. H. Performance Aspiration Gap, Managerial Discretion and Enterprise Competitive Strategy[J]. Management Review, 2022,34(9):285-296
[54] Dess G. G., Beard D. W. Dimensions of Organizational Task Environments[J]. Administrative Science Quarterly, 1984,29(1):52-73
[55] Keats B. W., Hitt M. A. A. Causal Model of Linkages among Environmental Dimensions, Macro Organizational Characteristics, and Performance[J]. Academy of Management Journal, 1988,31(3):570-598
[56] Yasai-Ardekani M. Effects of Environmental Scarcity and Munificence on the Relationship of Context to Organizational Structure[J]. Academy of Management Journal, 1989,32(1):131-156
[57] Haleblian J., Finkelstein S. Top Management Team Size, CEO Dominance, and Firm Performance: The Moderating Roles of Environmental Turbulence and Discretion[J]. Academy of Management Journal, 1993,36(4):844-863
[58] Priem R. L., Lyon D. W., Dess G. G. Inherent Limitations of Demographic Proxies in Top Management Team Heterogeneity Research[J]. Journal of Management, 1999,25(6):935-953
[59] 钟熙,宋铁波,陈伟宏,等. 外资持股、期望落差与企业国际化进程[J]. 管理评论, 2021,33(8):245-255 Zhong X., Song T. B., Chen W. H., et al. Foreign Shareholding, Negative Gaps and Enterprise Internationalization Process[J]. Management Review, 2021,33(8):245-255
[60] 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, 2012,47(7):113-126 Shen H. H., Yu P., Wu L. S. State Ownership, Environment Uncertainty and Investment Efficiency[J]. Economic Research Journal, 2012,47(7):113-126
[61] 张明,蓝海林,陈伟宏,等. 殊途同归不同效:战略变革前因组态及其绩效研究[J]. 管理世界, 2020,36(9):168-186 Zhang M., Lan H. L., Chen W. H., et al. Research on the Antecedent Configuration and Performance of Strategic Change[J]. Journal of Management World, 2020,36(9):168-186
[62] 顾雷雷,王鸿宇. 社会信任、融资约束与企业创新[J]. 经济学家, 2020,(11):39-50 Gu L. L., Wang H. Y. Social Trust, Financing Constraints and Corporate Innovation[J]. Economist, 2020,(11):39-50