The Relationship Of CEO Social Capital And Entrepreneurial Orientation:The Moderating Effect Of Supervision Mechanism And Incentive Mechanism

In order to respond actively to the increasingly complex and dynamic competitive market environment and to adapt the business model update iteration,start-ups have taken entrepreneurial behavior which is characterized by innovation and change.Because they want to identify and grasp market opportunities and to innovative their products and technology before their competitors.Therefore,entrepreneurial orientation is regarded as an effective strategy for enterprises through perceive early environmental uncertainty and take appropriate measures to obtain the first mover advantage,when enterprises face turbulent complex environment.And the academic circles are increasingly concerned about the entrepreneurial orientation of enterprises.This paper takes GEM listed companies from 2012 to 2014 as the research objects,constructs the panel data to empirical test the relationship between CEO social capital and entrepreneurial orientation,and incentive mechanism,supervision mechanism and their interaction effect of regulation.Empirical results show that:(1)CEO political association positively influences entrepreneurial orientation,commercial association negatively influences entrepreneurial orientation;(2)incentive(CEO ownership and CEO pay levels)mechanism and supervision mechanism(chairman-CEO separation)play a positive role in the impact on CEO social capital and entrepreneurial orientation,and supervision mechanism(ownership concentration and ownership balance degree)is negative to adjust their relationship;(3)the regulation of comprehensive management incentive mechanisms and supervision mechanism for CEO social capital and entrepreneurial orientation relationship is stronger than the regulation of a single governance mechanisms.Comprehensive management mechanism can rise to alleviate the negative impact ofCEO commercial association to entrepreneurial orientation,and it can also enhance the promoting of CEO social capital to entrepreneurial orientation.For the GEM listed companies,the results of this paper have certain reference significance to select the CEO,a reasonable set of ownership structure and corporate governance and entrepreneurial orientation decision.