Research On The Impact Of Top Management Team Network?Strategic Inertia On Performance By Using CEO Turnover As A Moderator Variable

Due to the impact of economic globalization,the company hopes that its strategy can match the external environment to maintain its competitive advantage.The top management team plays a central role in the process of strategic decision.In recent years,with the development and improvement of the board of directors system and social network research,the role of top management team members has been widely recognized by the academic community and management practices in acquiring resources,information,and strengthening collaboration in the network.However,whether the top management team network and how to influence the organizational strategy and then affect the financial performance of the enterprise is still not answered by the theoretical circle.Taking the Chinese a-share listed company as a sample,this paper focuses on the executive team network,probes into the influence mechanism of the executive Team network on organizational strategy inertia and enterprise performance,and emphatically answers the following three questions:(1)Top management team network is enough to affect the strategic inertia of the enterprise? And the effect of boundary conditions such as CEO change and historical performance on the relationship between the two(2)How does strategic inertia affect corporate financial performance?(3)What role does strategic inertia play in the relationship between top management team network and corporate financial performance?This article first reviewed the literature of the top management team network,strategic inertia,and CEO changes.Then,it constructed a theoretical model that network influences the company's strategic inertia,and then influences the company's performance by the CEO change and historical performance as a moderator,and put forward relevant hypotheses;Finally,using the methods of social network analysis and regression analysis,the mechanism and boundary conditions of high-level team network affecting corporate performance are clarified.The main conclusions obtained in this study are three:(1)The top management team network has a positive effect on firm performance;(2)CEO change increases the positive effect of network density on strategic inertia,and at the same time weakens the negative effect of network strength on strategic inertia;historical performance weakens the high The effect of the management team network on strategic inertia;(3)Strategic inertia positive effect on enterprise financial performance;(4)Strategic inertia plays an intermediary role in the mechanism of network density and firm performance.Looking at the full text,this research has made innovations in the following three aspects:(1)Based on social network analysis,it proposes a system model of the impact of the top management team network on corporate performance.At present,there is a controversy in the academic research on the relationship between the two.This paper attempts to demonstrate the relationship between the two characteristics and the corporate performance from the perspective of the different characteristics of the social network,and helps to explore the mechanism of the role of different high-level team network characteristics,in previous studies.Based on the above,the internal mechanism of the role of social networks and corporate performance is more fully revealed and the content of social network theory is enriched.(2)Taking strategic inertia as the point of entry,it discusses the way of the top management team influence corporate performance.The study of the top management team network and enterprise performance breaks the predecessors' research inertia.Taking strategic inertia as an intermediary variable,and proposing a theoretical model of the senior management team network,strategic inertia,and corporate performance,and verifing the strategic inertia takes mediating role between the network and corporate performance,providing a rich theoretical contribution to the working mechanism and empirical analysis of the senior management team network.(3)From the perspective of CEO turnover,it is clear that the top management team network is the boundary conditions of the strategic inertia.Although some scholars have studied the impact between social networks and strategic changes in the past,almost no one has explored the role of the top management team network from the perspective of strategic inertia.The CEO turnover as a modetator is helpful to open the top management team's strategy and to formulate a black box,broaden the academic community's research on the impact mechanism of social networks,and provide a theoretical reference for follow-up research.