Location Advantages Span,Firm-regional Political Ties,and Chinese Listed Companies Headquarter Relocation:Location Choices And Its Effect On Performance

Since 2000,the internal and external environment continues to change,exacerbated the conflict between the enterprises headquarters and the location,set off a wave of headquarters relocation.With the phenomena of corporate headquarters relocation wave,previous studies focus on analyzes the influence of the agglomeration advantages and its availability on relocating headquarters' location choice and the headquarters migration performance.Although these studies explained the phenomena of clustering relocating to center cities,but ignored the impact of institutional factors on the headquarters relocation behavior,which could not explain the diversity-direction conditions of headquarter relocation.In adittion,although the existing researches had pay attention to the enterprise migration performance,but a mechanistic model about the effects of the relocating headquarters' location choice on the migration performance is still relatively small,while,the lack of paying attention to the correlation between various stages in the process of enterprise migration.Therefore,this paper analyzes the sample of Chinese listed companies'headquarters migration from the perspective of economic and institutional integration,and analyzes the influence factors of relocating headquarters' location choice and the effects of the relocating headquarters' location choice on the relocation performance,with a view to a more comprehensive deconstruction of the overall picture of corporate headquarters relocation in China.This paper is divided into two stages.On the one hand,based on the perspective of political capability view in institutional theory,this paper put forward the political ties utilization view,which linked the firm-regional political ties to relocating headquarters' location choice.And further this paper argued that the two views substituted each other in the explanation of relocating headquarters' location choice.On the other hand,after the literature review on the headquarters migration performance,and combining with the research results of the previous selection of relocating headquarters' location choice,this paper build a mechanistic model about the effects of the location advantage span,political capability,relocating headquarters'location choice on the migration performance.At last,the empirical study with the data of2001-2014 Chinese listed companies verified the hypothesis.After the empirical analysis,the main conclusions are concluded as follows:First,the agglomeration advantages pulling view and the political ties utilization view were verified.That is,the agglomeration advantages is the significant factor for the relocating headquarters' location choice,corporate headquarters are more inclined to move to the location of better agglomeration advantages,which can improve headquarters operational efficiency;the political ties utilization view,which linked the firm-regional political ties is another significant factor for the relocating headquarters'location choice,corporate headquarters are more inclined to move to the location of higher degree of firm-regional political ties.Second,the two views substituted each other in the explanation of relocating headquarters' location choice were verified.That is,there is a significant negative interaction effect between the headquarters agglomeration advantages span and the firm-regional political ties,and it is this substitution effect that makes the diversity-direction conditions of headquarter relocation.Third,for the headquarters migration performance,the agglomeration advantages pulling view and the political ties utilization view were verified.As a kind of informal institution,the firm-regional political ties can not only promote the enterprise to embed successfully the local area network,wich can gain the regional core resource advantages,but also can serve as the substitute of the enterprise market management strategy to ensure implemented successfully the enterprise development strategy.Fourth,for the impact of the relocating headquarters' location choice on the migration performance,the study found that corporate headquarters in the enterprise-location maching model(A-P)can acquire better migration performance.Based on the previous studies and the related theories,this paper explains the diversity-direction conditions of headquarter relocation.then the author further analyzes the influence of choice of enterprise-location maching model(A-P)on the corporate migration performance.However,due to the lack of research conditions and research ability,there are some deficiencies,mainly for the sample type and empirical method are relatively single;external validity of the empirical conclusions require further study and so on;headquarters migration performance metrics can be more abundant and Precision.these deficiencies also pointed out the direction of future research.