| 制度环境、继任模式与企业价值的关系研究 |
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| 引用本文： | 高照军.制度环境、继任模式与企业价值的关系研究[J].科研管理,2019,40(6):164-174. |
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| 作者姓名： | 高照军 |
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| 作者单位： | 常州大学商学院,江苏常州,213164 |
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| 基金项目： | 国家社科基金重点项目;起止时间 |
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| 摘 要： | 运用制度理论,从社会网络视角讨论了连锁董事网络、制度发展与企业价值之间的关系,阐述了不同制度环境下高管继任模式对企业价值创造的影响机理。采用普通线性回归方法对中国上市公司进行了实证分析。研究发现连锁董事网络提高了企业的价值创造,但受到制度发展程度的负向调节。同时,相对保守的继任模式在制度发展程度不完善时提高了企业价值;学习导向模式在制度较为完善时更能提高企业价值。结论对新兴市场企业创新与组织学习具有理论与实践意义。
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| 关 键 词： | 企业价值 连锁董事网络 制度发展 组织学习 |
| 收稿时间： | 2016-05-03 |
A study of the relationships between institutional environment,succession model and firm value |
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| Gao Zhaojun.A study of the relationships between institutional environment,succession model and firm value[J].Science Research Management,2019,40(6):164-174. |
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| Authors: | Gao Zhaojun |
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| Institution: | Business School, Changzhou University, Changzhou 213164, Jiangsu, China |
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| Abstract: | How firms creating firm value has drawn the attention of many scholars. Theories that can be incorporated into explaining the value creation process of emerging market firms (EMFs) are abundant. Perhaps, the organizational learning of EMFs is one of the most powerful ways in interpreting it. It could be easily observed that many EMFs are trying to find their own ways to learn or mimic the advanced ones. In some merging markets, firms face special institutional infrastructures such as the institutional voids, referring the institutions immature or under-developed market infrastructure and so forth. Under the circumstances, many EMFs adopted the strategy of organizational learning to minimize the outside uncertainty or risks. As a consequence, organizational networks become an efficient way utilized by EMFs. For instance, the interlocking directorates are created by them to establish a network structure providing and transferring resources. Meanwhile, a firm could also learn through finding and hiring top managers outside the firm boundary. That is the phenomenon of top managers’ turnovers and succession, a phenomenon prevailing in some emerging markets during the past several decades. Then many firm access outside knowledge from outsiders. As it demonstrated, the succession models also become an efficient way of learning that are expected to increase the firm value. However, previous studies largely neglect this phenomenon. To fill this theoretical gap, our paper investigates the relationship between institutional environments, succession models and firm value by incorporating theories of institutions and organizational learning. We propose a theoretical framework where the succession models and institutional environments areinterweaving together in creation of firm value. Traditionally, there are two representative ways of the succession of top managers: inside and outside succession. More explicitly, an inside succession means the successor is selected and promoted within the firm; while an outside succession refers to the position is taken by a person coming outside the firm. Outside succession reflexes the orientation of organizational learning because firms with that model are expecting outsiders could bring them more innovative managerial ideals. Compared to it, an inside succession model indicates more conservative managerial manners as the managers are inclined to select insiders as successors. Therefore, we propose a classification of succession models based on the orientation of managerial activities: family patterns and professional patterns. A family pattern summarizes a firm who prefers to select top managers inside the boundary of firm. Meanwhile, a professional pattern emphasizes a firm who is apt to choose successors outside the boundary of firm. So, we argue that professional patterns are more likely to represent the learning orientation. This paper aims to reveal influences of succession patterns, particularly the family or professional pattern to the value creation processes within different institutional environments. It examines the role of interlocking directorate networks. We expect the different effects of networks in organizational learning under the influences of dissimilar institutional arrangement. To test our hypotheses, we involve China listed firms as our sample and employ OLS (ordinary linear regression) to operationalize the above expectations. Therefore, drawing on the theoretical framework proposed above, we investigate the relationship between interlocking directorates, institutional development and firm value and discussed the influencing mechanism of executive succession types on the value creation of firms under different institutional environments from a social network perspective. This study has several findings. First, it found that the network of interlocking directorates improved firms’ capabilities of value creation, but such effects were negatively moderated by the development of institutions. Our paper confirms that interlocking directorates as a special network act as an efficient way of organizational learning. Such network structure helps firms increasing their value, perhaps by transferring or sharing knowledge. Besides, the interlocking directorates also build and strengthen the trust of firms participating within same networks. Second, it demonstrates that the role taken by succession types in creating firm values is not similar under different institutional environments. The family pattern, representing the succession type relatively conservative increases the firm value where institutions underdeveloped. However, the professional pattern emphasizing the learning orientation type that is relatively vigorous increases the firm value more where institutions are well developed. Our findings have theoreticalsignificance and practical implications. Theoretically, we expanded the boundaries of theories of institution and organizational learning by synthesizing them with a perspective of networks and applying to the study of emerging markets. It demonstrates that EMFs could learn both from the network of interlocking directorates and succession models or types. However, the outcomes of organizational learning are largely determined by the institutional environments surrounding firms. When institutions are well developed, the role of networks in determining firm values is weakened, and the professional pattern improves firm values more than a family pattern. These findings contribute to the theories of institutions, organizational learning and networks. It helps us to understand the learning activities of EMFs with enough attentions that need to be paid to outside environments. Beside the above theoretical implications, this study casts a light on the practical firms. First, our findings indicate that firms in the emerging markets should build their own networks in order to maintain their competitive positions. Building up their own interlocking directorates should be one of their decisions. Second, not only the networks but the succession models could be an efficient way of learning. The different patterns of succession models or types, family patterns and professional patterns provide different results of firm performance when facing outside institutions. Therefore, in actual businesses, firms should fit their succession types with the development status of outside institutional environments. The above suggestions could help emerging market firms to create and maintain their competitive position in the world markets. Even though, our study has limitations. First, the data set is constructed mainly based on the listed firms in China. Although it provides us some conveniences like finding the formal networks of interlocking directorates, it also has some shortcomings that generally the second hand datasets have. For example, we only focus on the emerging market of China to which the conclusions are constraint. That makes our relative findings could not be applied to more general contexts. So, we hope further researchers could employ a dataset representing the above questions in a broader sense. Second, we might neglect some other factors determining consequences of organizational learning. For instance, some subjective information such as the psychological elements of top mangers during the process of turnovers should also be fully considered. Of course, examining those issues might go beyond the scope of this study. However, we believe this paper creates space for future research at this point. |
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