The Effect of Board Characteristics on a Firm＇s Strategic Change  

作　　者：Jian Zhou Yaodong Yu Mengting Zhai Feigu Zhou 

机构地区：[1]China Academy of Corporate Governance, Business School, and Binhai College, NankaiUniversity, Tianjin 300071, China [2]China Academy of Corporate Governance, and Business School, Nankai University, Tianjin30007 I, China [3]Business School, Nankai University, Tianjin 300071, China [4]College of Liberal Arts and Science, University of Iowa, Iowa City, IA 52242, USA

出　　处：《Frontiers of Business Research in China》2014年第3期299-326,共28页中国高等学校学术文摘·工商管理研究（英文版）

基　　金：We gratefully acknowledge support from the National Natural Science Foundation of China （No. 70872048, 71272184）, and the Key Program of Key Research Institute for Humanities and Social Science, Ministry of Education （No. 11JJD630005）.

摘　　要：The purpose of this study is to identify the relationship between the characteristics of the board of directors and strategic change of a firm in the Chinese context. In this study, strategic change is defined as strategic deviation relative to industry norms and strategic variation relative to historical experiences. The size, independence and leadership structure of the board of directors are defined as the board characteristics. We then propose hypotheses on the effects of board characteristics on a firm＇s strategic change. This study takes strategic resource allocation profile as measure to calculate strategic deviation and strategic variation, and then empirically tests and verifies the hypotheses using data from Chinese publicly listed companies in the information technology industry from the year 2006 to 2010. We find that the size, independence and leadership structure of the board of directors significantly affect both strategic deviation and strategic variation. Therefore, we conclude that board characteristic affects a firm＇s strategic change. The conclusion of the study indicates that moderate reductions in the size of the board, increasing the proportion of independent directors and separating the roles of chairman and chief executive officer can facilitate promoting the process of strategic change for a firm in a dynamic environment. Through this study we re-examine the role and significance of the board of directors in strategic decision-making for a firm, and provide useful suggestions on how to form a board that can meet the needs for strategic change for a firm in a dynamic business environment.The purpose of this study is to identify the relationship between the characteristics of the board of directors and strategic change of a firm in the Chinese context. In this study, strategic change is defined as strategic deviation relative to industry norms and strategic variation relative to historical experiences. The size, independence and leadership structure of the board of directors are defined as the board characteristics. We then propose hypotheses on the effects of board characteristics on a firm＇s strategic change. This study takes strategic resource allocation profile as measure to calculate strategic deviation and strategic variation, and then empirically tests and verifies the hypotheses using data from Chinese publicly listed companies in the information technology industry from the year 2006 to 2010. We find that the size, independence and leadership structure of the board of directors significantly affect both strategic deviation and strategic variation. Therefore, we conclude that board characteristic affects a firm＇s strategic change. The conclusion of the study indicates that moderate reductions in the size of the board, increasing the proportion of independent directors and separating the roles of chairman and chief executive officer can facilitate promoting the process of strategic change for a firm in a dynamic environment. Through this study we re-examine the role and significance of the board of directors in strategic decision-making for a firm, and provide useful suggestions on how to form a board that can meet the needs for strategic change for a firm in a dynamic business environment.

关 键 词：strategic change strategic deviation strategic variation boardcharacteristics 

分 类 号：F276.6[经济管理—企业管理] O151.21[经济管理—国民经济]