Managerial Resilience, Strategy Change and Firm Growth——An Empirical Study on Chinese Listed Companies in Hong Kong Stock Market

Abstract

Abstract: There have been a long paid attention to the influence of managerial personal characteristics on firm growth. The research on the influence of managerial resilience on firm growth is still in its infancy. Taking 625 Chinese listed companies on the Hong Kong Stock market in 2007-2017 as samples, we empirically study the relationship between managerial resilience, strategy change and firm growth, and the regulatory role of gaming culture in this path. The results show that: (1) Managerial resilience has a positive impact on the long-term performance of the companies, and has a negative impact on their short-term performance; (2) Managerial resilience promotes their strategic change; (3) Strategic change plays a mediating role between resilience and firm growth; (4) Gambling culture positively regulates the relationship between managerial resilience and strategic change; gambling culture positively regulates the mediating role of strategic change between managerial resilience and firm growth. This paper expands the research on the influence of managerial psychological traits on the growth of enterprises, enriches the researches of the upper echelons theory, and provides a new idea for enterprises to achieve sustainable growth.

Key words: managerial resilience, firm growth, strategy change, gambling culture

Qiao Penghua, Zhang Yue, Xu Weibin, Shi Linna. Managerial Resilience, Strategy Change and Firm Growth——An Empirical Study on Chinese Listed Companies in Hong Kong Stock Market[J]. Management Review, 2022, 34(2): 269-280.

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