An Empirical Study On The Location Selection Mechanism Of Headquarters Migration Under Multiple Institutional Logic

Since the beginning of the 21st century,China's economic development has entered a fast lane.With the rapid development of the economy,it is the rapid growth of many enterprises.As the largest economic cells,the listed companys has made important contributions to the country's economic development.With the rapid growth of listed companies,they have to face such a problem:local location conditions are increasingly unable to meet the growing resource needs of enterprises,resulting in a phenomenon that the local conditions does not match the development of enterprises.If enterprises want to maintain or even accelerate development,they must migrate and obtain better resources in the new location.The headquarters,as the core department of enterprise,bears the brunt and becomes the first object to be considered in the process of enterprise migration.Since the 21 st century,the migration of listed companies' headquarters has been frequent.The academic circles also pay attention to the phenomenon of headquarters migration of listed companies.The existing research is based on the new economic geography theory.It is believed that enterprises are always willing to place their headquarters in areas with a larger geographical advantage compared with the original location of headquarters,so as to obtain new and better resources.However,in the real situation,not only a large number of listed companies will move their headquarters to the top cities such as BeiJing,ShangHai,GuangZhou and ShenZhen,but also many listed companies will move their headquarters to the second-third-tier cities,or even the fourth-and fifth-tier cities,which are not obvious advantages of location conditions.This means that some new theoretical perspectives need to be introduced into the study of headquarters migration of listed companies to try to explain this phenomenon more appropriately.Based on the actual situation of corporate decision-making,this paper holds that listed companies do not always pay attention to economic factors when considering headquarters migration.Scholars need to introduce a non-economic perspective in order to better explain the multi-directional phenomenon of headquarters migration of listed companies.This paper combines the new economic geography theory from the economic perspective with the multiple institutional logic theory from the non-economic perspective,synthesizes the two theoretical perspectives,and penetrates them into the actual situation of headquarters migration of Listed Companies in China.From the theoretical and empirical perspectives,this paper evaluates the effects of market logic and community logic on headquarters migration of listed companies.The paper also examines the impact of conflict between nation logic and market logic,community logic and market logic on the location choice of headquarters relocation in Chinese listed companies.From the empirical study of 181(1822 paired)headquarters migration cases of listed companies from 2003 to 2015,we find that market logic and community logic have independent and positive effects on the location choice of headquarters migration of listed companies.There is a significant negative interaction between the two logic,which reflects the same field.The diversity,independence and conflict among the different logics in the model can explain the multi-directional phenomenon of headquarters migration of listed companies at a deeper level.This study expands the theoretical horizon of headquarters migration from the perspective of multiple institutional logic,and also deepens our understanding of the multi-directional phenomenon of headquarters migration.