TMT的乐观与企业绩效的关系:基于社会认知的视角  

The relationship between TMT′s optimism and firm performance:Based on the perspective of social cognition

作　　者：熊家阔 赵卫东[1] 梁莹 王晓明[1] XIONG Jiakuo;ZHAO Weidong;LIANG Ying;WANG Xiaoming(School of Management and Economics,University of Electronic Science and Technology of China,Chengdu 611731,China)

机构地区：[1]电子科技大学经济与管理学院,四川成都611731

出　　处：《管理工程学报》2022年第3期118-130,共13页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71672022)。

摘　　要：关于乐观的研究近几年出现在国内投资和企业管理文献中。先前的研究并未回答TMT的乐观与企业绩效的关系,在环境波动性较高情景下是否雇佣乐观的TMT以及TMT的管理经验是否越多越好等TMT建设问题。本文以我国2014—2018年沪深上市公司为样本,基于社会认知理论提出OPEE模型来解释TMT的乐观与企业绩效之间的关系,以及二者关系应如何受环境动态性和管理经验的影响。实证结果表明:(1)TMT的乐观负向影响企业绩效;(2)环境动态性会增强TMT的乐观与企业绩效之间的负向关系;(3)管理经验对TMT的乐观与企业绩效之间的关系具有非线性调节效应,即当管理经验较低时,管理经验的提高会抑制TMT的乐观对企业绩效的负向作用;当管理经验突破调节效应临界点后,管理经验的提高会反过来促进TMT的乐观对企业绩效的负向作用。本文拓展了当前的管理者乐观文献。In recent years,the researches of optimism have appeared in the literature of Chinese investment and enterprise management.The researches′objects are mainly divided into four categories:ordinary individuals,businessmen,entrepreneurs and managers.When targeting managers,existing researches have focused on CEO and ignored TMT,but TMT has a very important impact on the decision-making process and outcomes of companies.In addition,Carpenter′s multi-theoretical integration model emphasizes that the cognitive bases and values of TMT members can have an impact on the strategic decisions and firm performance.Optimism,as a typical cognitive characteristic of TMT,has been lacking in empirical studies due to the lack of valid measurement instruments and limited access to sample size.With the development of computer text analysis techniques and the study of corporate management text disclosure under large samples,the use of sentiment analysis to measure cognitive characteristics has been widely adopted by research scholars.Therefore,there is a need to examine the relationship between TMT′s optimism and firm performance using new data and variable measures.At the same time,previous studies have not answered the TMT-building questions of whether to hire optimistic TMT in a more volatile environment scenario and whether more management experience with TMT is better.This paper combined contingency thinking and social cognitive theory to study the relationship between TMT′s optimism and firm performance,and incorporated environmental dynamics and management experience into the research model,and proposed an OPEE model(O represents TMT′s optimism,P represents firm performance,E represents environmental dynamics and management experience)to explain the relationship between TMT′s optimism and firm performance,and how the relationship should be affected by environmental dynamics and management experience.The basic starting point of social cognitive theory is that human activities are determined by the interaction of three

关 键 词：TMT 乐观 企业绩效 环境动态性 管理经验 

分 类 号：C936[经济管理—管理学]