The effect of political turnover on firms' strategic change in the emerging economies: The moderating role of political connections and financial resources

被引：38
作者：
Choi, Seong-jin [1 ]
Liu, Huilong [2 ]
Yin, Jun [3 ]
Qi, Yunfei [4 ]
Lee, Jeoung Yul [5 ]
机构：
[1] Hanyang Univ, Sch Business, Seoul 133791, South Korea
[2] Univ Int Business & Econ, Sch Business, Beijing 100029, Peoples R China
[3] Peking Univ, Beijing 100871, Peoples R China
[4] Capital Univ Econ & Business, Beijing 100071, Peoples R China
[5] Hongik Univ, Sch Business Management, Sejong 30016, South Korea
来源：
JOURNAL OF BUSINESS RESEARCH | 2021年 / 137卷
基金：
中国国家自然科学基金;
关键词：
Political turnover; Strategic change; Politicalconnections; Financial resources; China; ORGANIZATIONAL SLACK; CEO COMPENSATION; UNCERTAINTY; PERFORMANCE; TOP; INVESTMENT; IMPACT; GOVERNANCE; CORRUPTION; DIRECTORS;
D O I：
10.1016/j.jbusres.2021.08.034
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Do external uncertainties hold back or accelerate firms' strategic change? To examine this issue, we develop a theoretical framework on the relationship between policy uncertainty caused by political turnover and the level of a firm's strategic change and also theorize how political connections and financial resources affect firms' response in the form of strategic change to environmental uncertainty. We test our framework with 16,451 firm-year observations of listed firms in China from 2008 to 2015 and find that political turnover has a negative influence on the level of a firm's strategic change. Moreover, this influence is mitigated by political connections and/or financial resources.
引用
收藏
页码：255 / 266
页数：12
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