Corporative Performance Gap, CEO Characteristics and Corporative Strategic Change
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Abstract
Based on the resource-based theory and the high ladder team theory, this paper analyzes the relationship between corporative performance gap and corporative strategic change by taking A-share listed companies in Shanghai and Shenzhen from 2009 to 2020 as samples, and discusses the moderating effect of CEO characteristics on the relationship. The results show that the performance gap has a significant positive correlation with the strategic change, that is, the greater the performance gap, the greater the degree of strategic change; The academic background of CEOs has a significant positive moderating effect on the performance gap and the strategic change respectively, and the tenure of ceos has a significant negative moderating effect on the performance gap and the strategic change respectively. The financial work background of ceos has no significant influence on the relationship between the performance gap and the strategic change. This study is helpful for enterprises to carry out strategic reform and adjustment from the resource-based perspective, and also helps enterprises to understand the performance of senior managers when there is a gap in corporative performance, so as to provide references for corporative governance.
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