Relationship Capital, Strategic Change And Performance By The Board Of Directors Of The Empirical Research

Matching the organization and its environment is the basic issue of strategic management. Strategic change and its related theory has always been strategic management’s hot topics. In recent years, board capital throws wholly new light on the the motivation research of strategic change. However, the research background of board capital and strategic change is mainly in Western countries. Most scholars explore the relationship of governance mechanisms and corporate performance just focusing on board structure and its characteristics. Therefore, from the perspective of board capital, this paper mainly explores the relationship of board capital, Strategic change and performance under the context of China’s transition situations.Based on data of Chinese listed manufacturing companies, This paper empirically studyed the relationships among board capital, strategic change and corporate performance. Firstly, we reviewed the literatures about the board capital and strategic change, summarized the shortcomings and weaknesses of current researches, and proposed the framework of our study. Secondly, in the basis of theoretical review and research paradigm of "resources-strategy-performance", we constructed theoretical framework about the interactive relationship of board capital, strategic change and corporate performance. Finally, using multiple regression analysis of secondary data, we verified hypothesises proposed, drew our conclusions, and explored the theoretical and practical significance of our study.The conclusion drew from empirical study was that:board capital, as the important resource of company, was the important driving force of strategic change; Width of board capital, heterogeneous of board educational background, and heterogeneous of relationship with industry outside had some positive impact on strategic change, whereas, depth of board capital and embedded degree of board industry profession had negative impact on that; Board capital can positivly promoted the corporate performance; CEO power negatively moderated the relationship between width and depth of board capital, and strategic change.