| The financial crisis,the trade friction between the US and China,the Covid-19 epidemic and other "black swan" and "grey rhinoceros" events have brought many challenges to the survival and development of enterprises.The term "resilience" has gradually become a hot topic in the field of management.Companies with resilience are able to turn "crisis" into "opportunity",recovering quickly from the crisis and transforming their development.Based on this,it is important to explore how to improve corporate resilience.According to the upper echelons theory and the imprinting theory,CEO functional experience is closely linked to decision-making behaviour.Therefore,how to enhance corporate resilience from the perspective of corporate managers is an important issue that needs to be addressed in the management of modern corporate business activities.This paper defines the concept of corporate resilience through a review of the relevant literature on corporate resilience.Based on upper echelons theory and imprinting theory,this paper empirically studies the impact of CEO functional experience diversification on corporate resilience and the underlying mechanisms using a sample of Chinese A-share listed companies in Shanghai and Shenzhen from2009-2021.The study further explores the differences in the impact of the property of ownership and the external supervision on the relationship between CEO functional experience diversification and corporate resilience.The results show that:(1)the degree of CEO functional experience diversification has a significant positive impact on corporate resilience;(2)digitalization and corporate social responsibility play a mediating role in the impact of CEO functional experience diversification on corporate resilience;(3)the effect of CEO functional experience diversification on corporate resilience is stronger in the context of non-state-owned enterprises and the situation without external supervision.In addition,a replacement variable measure and the Heckman two-step method are used for robust test.The results show that the degree of CEO functional experience diversification has a significant contribution to corporate resilience.This research broadens the perspective on corporate resilience,providing a new solution to study companies’ response to uncertainty scenarios by using financial data of listed companies to study corporate resilience.Based on these influencing factors and paths,companies can carry out the work of building corporate resilience according to their own development situation and industry specificities,so as to achieve sustainable development of enterprises.It provides some theoretical support for how enterprises can train composite executives,motivate executives to take advantage of diversified functional experiences and cope with the crisis,as well as provide certain inspiration for the government to provide policy support. |
PDF Full Text Request