The Research On The Relationship Between Interlocking Directorates Network,Environmental Uncertainty And Firm Performance

As the market-oriented of China's economy continuing to deepen,enterprise networks are interlocked in a wide range,social network analysis has been used in the research field of corporate governance.As an important part of the corporate governance structure,the research point for the board of directors has gradually shift from directly acquired objective elements to not directly quantifiable subjective element,and on the basis of social network analysis matures continuously exploring new research perspective.After the social network analysis entering the field of corporate governance research,interlocking directorates networks become the high degree of concern research agenda.Combined with the global economic turmoil background arising from 2008 US"subprime mortgage crisis",as well as the "new normal" period in which China's economic develop,the business environment of China's enterprise organizations will have a greater impact on the relationship between the business network and performance,etc.Based on the above comprehensive considerations,to clarify the relationship between interlocking directorates network,environmental uncertainty and firm performance,this paper surrounding interlocking directorates network among listed companies in China,investigates the impact mechanism about this informal links affecting firm performance,and the moderating of the complex dynamics environments under the "New normal" background to the relationship between the two,in which theoretical framework including social capital theory,social network theory,contingency theory and others.Based on previous research results,this paper selects total 872 A-share listed companies in Guangdong Province during the period of 2010-2014 as an empirical examination,and builds interlocking directorates network within the geographical scope of Guangdong Province,in order to test above research.Empirical results show that,interlocking directorates network centrality and structural holes have a significant positive impact on firm performance.However,network scale is negative to the firm performance.In addition,the moderating effect of environmental complexity on the relationship between interlocking directorates network and firm performance has been verified by most.Well,the moderating effect of environmental dynamism on this relationship is not significant.Based on the conclusions of the study,this paper according to the current development of China's listed companies,puts forward feasible suggestions,expects to improve firm performance through the promotion of the scale expansion,structure optimization and environmental adaptability of the interlocking directorates network.