Research On The Relationship Between Executive Tenure And Enterprise Growth ——An Empirical Analysis Of A-share Listed Companies In China

Enterprise growth is a comprehensive evaluation of the total factor productivity and the prediction of enterprise profitability and development potential.With the deepening of market globalization and enterprise marketization,enterprises pay more attention to enterprise growth while pursuing business objectives.As the core of enterprise management,executives are mainly responsible for the formulation,implementation and supervision of organizational strategy.Executives tenure plays a decisive role in the stability of organizational strategy in the enterprise operation,it has an important impact on enterprises growth.By combing the relevant literature of executive tenure and enterprises growth,most of the researches focus on the relationship between executives' personality characteristics and a certain dimension of enterprise growth.However,there are few studies on the impact of executive tenure on the comprehensive performance of enterprise growth.In China,the change of executives is frequent,the enterprise growth lags behind that of developed countries.This dissertation takes 2008-2019 A-share listed companies as a sample to study the relationship between executive tenure and enterprise growth.This dissertation uses the methods of fixed time and individual OLS,comparative analysis,moderating effect and mediating effect test,the purpose is to test the effects of different ownership,gender diversity and internal control quality on the relationship between executive tenure and enterprise growth.(1)Based on the compound view of enterprise growth,this dissertation uses the multi-dimensional index evaluation method to select the enterprise growth effect and efficiency indicators,and uses Factor Analysis to construct the comprehensive evaluation model of enterprise growth,and measures the enterprise growth of the research sample accordingly.(2)Based on Upper Echelons Theory,this dissertation uses multiple regression analysis methods to study the direct relationship between executive tenure,the term about to expire and enterprise growth and analyzes the differences between the two in different ownership.(3)This dissertation studies the moderating effect of executive gender diversity in the relationship between executive tenure,the term about to expire and enterprise growth.It analyzes the differences of moderation effect in different ownership.(4)This dissertation studies the mediating effect of internal control quality in the relationship between executive tenure,the term about to expire and enterprise growth,analyzes and tests of the differences of mediating effect in different ownership.Based on the data 2008-2019,this dissertation draws the following conclusions:(1)There is a positive correlation between executive tenure and enterprise growth.(2)There is a negative correlation between the term about to expire and enterprise growth.The expiration of executives tenure may lead to shortsightedness,ignoring the long-term development needs of the enterprise,which has a negative impact on enterprise growth.(3)The proportion of female executives in the TMT negatively moderates the relationship between executive tenure and enterprise growth.(4)The improvement of internal control quality will enhance the enterprise risk identification and prevention ability,improve the internal operation management system,enhance the enterprise management ability,and promote enterprise growth.(5)There are some differences in the influence of executive tenure and the term about to expire on enterprise growth in different ownership.To ensure the stability of executives and the sustainable development of enterprises,this dissertation puts forward countermeasures and suggestions.This dissertation focuses on the long-term and short-term performance in the assessment,takes strategic execution as the basis of incentive mechanism,dynamically adjusts the configuration of TMT,provides guarantee for female executives to integrate into the team and improves the quality of internal control.The main embodiment of the contribution of this dissertation is living below several respects: First,choose three dimensions of indicators from efficiency and effectiveness,and a evaluation model is established by factor analysis to evaluate the enterprise growth comprehensively and objectively;Secondly,by studying the direct relationship between executive tenure,the term about to expire and enterprise growth,the moderating effect of executive gender diversity and the mediating effect of internal control,this dissertation reveals the deep-seated relationship between executive tenure,the term about to expire and enterprise growth,so as to provide reference for the formulation of enterprise strategy and human resource allocation strategy to promote enterprise growth;Third,through the comparative analysis of different ownership,the results show that there are differences in the relationship between executives tenure,the term about to expire and enterprise growth in different ownership,which can provide reference for the reasonable allocation of executives in different types of enterprises.Fourth,the future research direction is prospected.