The Study On The Relationship Among Top Managements’ Managerial Cognition Effects On Strategic Change And Business Performance In Private Listed Companies

With the emergence of information and globalization, China’s listed private enterprises are facing increasingly complex and changing environment. Business executive team members’rational judgment impact by the amount of information, the individual’s risk appetite, the cognitive inertia and the cognitive biases. At this time, the limited rationality of management executives who make cognitive attention has focused clubhouse. Management of cognitive attention is the key to ensuring corporate strategy and dynamic environment to maintain match. The attention is not only reflected in the speech and text, but also reflected in the strategy change and business performance. What influences will it respectively have on the enterprise diversification strategy reform when the top management teams’cognitive attention focuses on the macro-environment the enterprise faces, the industry competitive advantages and enterprise integration ability? Are there any connections between the dispositions of the attention and the actual business performance? These questions are worth to be discussed. In this paper, we have used the tenure as the moderator to study, hoping to find a new conclusion. In addition, this paper also studies the relationship between enterprise strategic diversification and enterprise management performance.Based on the Upper echelons theory, Attention-based view of the firm and Enterprise competitiveness theory, this paper presents its research model and hypothesis. With 256 samples of private listed manufacturing companies, taking the management of senior executives as a key variable, study its impact on diversification strategies change and performance. Through text analysis, regression analysis, the research hypotheses, the following conclusions:Firstly, the cognitive focus on the enterprise integration ability has a significant positive effect on the degree of diversification of the enterprise strategy. Second, the more cognitive attention is focused on the macro environment the performance is more Bad.Third,the more cognitive attention focused on the industry competitive advantage the more business performance is.Fourthly, the top managers’tenure has negative regulating effect on their cognition to the industry competitive advantages and the strategy reform.