Ren Daling, Jiang Hui, Cheng Jingyun, Peng Cheng, Zou Yu
College of Online and Continuing Education, Sichuan International Studies University, Chongqing, China.
ELM Graduate School, HELP University, Kuala Lumpur, Malaysia.
Heliyon. 2023 Aug 25;9(9):e19200. doi: 10.1016/j.heliyon.2023.e19200. eCollection 2023 Sep.
Building on the upper echelons theory and demographic faultline theory, this paper investigates the role of the top management team (TMT) faultline as a mediator and explores the moderating effect of CEO power as an important contextual factor. We utilize a sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2020. Our findings show that outside CEO successors are significantly and positively related to corporate strategic change. TMT faultline mediates the effect of CEO successor origins on corporate strategic change, while CEO power reinforces the relationship between the two. Heterogeneity tests reveal that the effect of outside CEO successors on strategic change is insignificant in state-owned enterprises (SOEs) but has a significant impact on firms at their growth and maturity stages. Furthermore, our findings suggest that outside CEO successors inhibit the positive role of strategic change in promoting firm value.
基于高层梯队理论和人口特征断层线理论，本文研究了高层管理团队（TMT）断层线作为中介的作用，并探讨了首席执行官（CEO）权力作为重要情境因素的调节作用。我们使用了2009年至2020年在上海和深圳证券交易所上市的A股公司样本。我们的研究结果表明，外部CEO继任者与公司战略变革显著正相关。TMT断层线介导了CEO继任者来源对公司战略变革的影响，而CEO权力强化了两者之间的关系。异质性检验表明，外部CEO继任者对战略变革的影响在国有企业（SOE）中不显著，但对处于成长和成熟阶段的公司有显著影响。此外，我们的研究结果表明，外部CEO继任者抑制了战略变革在提升公司价值方面的积极作用。
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