摘要
业绩期望差距是影响企业决策的重要因素之一,已有研究集中于探讨业绩期望落差与企业国际化战略的直接因果关系,忽略了高管团队的认知因素在其中的影响,未能揭示业绩期望落差影响企业国际化战略的微观过程机制。基于此,本文将绩效反馈理论和注意力基础观相结合,探讨了业绩期望落差对企业国际化程度的影响,以及高管团队国际化注意力在上述关系中的中介作用。以2002~2021年中国民营上市公司为研究样本,结果表明:业绩期望落差会通过影响高管团队国际化注意力而间接作用于企业国际化程度;同时,期望落差对高管团队国际化注意力的正向影响在具有海外背景的高管团队中更加显著,在高分析师关注度、环境高度不确定的外部情境下更加显著。本文揭示了业绩期望落差影响企业国际化程度的作用“黑箱”,拓展了绩效反馈相关研究的理论视角,丰富了高管团队国际化注意力的前因研究。
The top management team(TMT)plays a crucial role in formulating and implementing corporate strategies,espe-cially for private enterprises.According to the attention-based view,cognitive factors such as TMT’s attention predominantly influ-ence corporate decision-making.When confronted with performance decline,TMT within private enterprises may allocate their lim-ited attention to critical issues and make decisions.The basic view of attention suggests that the allocation of attention occurs in two different directions:top-down and bottom-up.Top-down signifies that the executives’own perceptions steer their focal attention,whereas bottom-up means that internal or external environmental factors attract the executives’attention.Performance is a critical indicator for evaluating the operational level of an organization.If the performance aspiration gap exists,this realistic problem may stimulate the executives’attention from bottom-up,and then influence the subsequent internationalization decision.However,most existing studies have focused on exploring a direct causal relationship between the performance aspiration gap and the interna-tionalization of enterprises,overlooking the impact of bottom-up stimulation caused by performance aspiration gap on the TMT’s attention allocation and their subsequent decision-making.Therefore,by incorporating TMT’s attention into the research frame-work,this paper attempts to clarify the internal influence mechanism of performance aspiration gap on enterprise internationaliza-tion.We focused on Chinese private enterprises rather than SOEs based on the following considerations.Compared with private en-terprises,the primary objective of SOEs is to implement the political objectives of the government,and maintain the value of state-owned assets,etc.The attention of SOEs to performance aspiration gaps may be relatively low.As such,we obtained A-share pri-vate listed companies in Shanghai and Shenzhen from 2002 to 2021 as our samples.In this paper,the fixed effects model was a-dopted,and the robust standard error was added to correct the heteroscedasticity.The empirical results show that the performance aspiration gap indirectly affects the internationalization through TMT’s inter-national attention.Meanwhile,the positive relationship between the performance aspiration gap and TMT’s international attention is more significant when TMT has overseas background,and more significant in the external situation with high analyst attention and uncertain environment.The main contributions are as follows:First,most existing literature reveals the simple causal relationship between perform-ance aspiration gap and enterprise internationalization,lacking research on the internal mechanism.This paper explored the inter-nal mechanism by combining the limited rationality hypothesis of performance feedback theory with the attention-based view.Sec-ond,this paper found the influence path of the performance aspiration gap on private enterprises’internationalization by introducing TMT’s international attention into research framework.Third,the moderating effects of TMT’s overseas background,analyst atten-tion and environmental uncertainty on the relationship between performance aspiration gap and TMT’s international attention deepen the understanding of the boundary conditions,and enrich the researches of TMT’s international attention.
作者
阎海峰
杨昕悦
吴琼
徐嘉悦
Haifeng Yan;Xinyue Yang;Qiong Wu;Jiayue Xu(School of Business,East China University of Science and Technology;Economics and Management College,Wenzhou University of Technology)
出处
《管理学季刊》
2024年第4期71-94,130,131,共26页
Quarterly Journal of Management
基金
国家自然科学基金面上项目“优势还是劣势?母国专有优势对中国企业海外合法性影响研究”(71972072)的资助。
