Institutional Environmental Uncertaintyand Firm's Vertical Integration Model: The Role of Cognitive Bias and Dynamic Capability

Abstract

Abstract:

The higher environmental dynamics, complexity and uncertainty a firm faces, the more important its manager's cognition and the firm's dynamic capabilities will be. In this paper, the institutional environment uncertainty scale is developed, and 170 firms' vertical integration operating in China are selected as the research object to investigate the adjustment mechanism of the influence of three types of managers' cognitive bias:over-confidence, control illusion and behavior restrain, on the relationship of institutional environment uncertainty and firm vertical integration models choice, and the mediating role of dynamic ability is explored. Through the research work above, this study obtains the following conclusions. First, institutional environment uncertainty has negative influences on the level of resource commitment, control, and equity ownership. Second, both control illusion and behavior restrain moderate the relationship of institutional environment uncertainty and firm vertical integration models choice while the effect of over-confidence is not significant. Finally, the dynamic capability does not significantly mediate the relationship between institutional environment uncertainty and firm vertical integration model choice.

Key words: institutional environment uncertainty, vertical integration, cognitive bias, dynamic capability, institutional theory

Wu Xiaojie, Chen Xiaochun, Peng Yunyan, Wang Xiuqiong. Institutional Environmental Uncertaintyand Firm's Vertical Integration Model: The Role of Cognitive Bias and Dynamic Capability[J]. , 2019, 31(6): 169-185.

References

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