CEO特征与新创企业战略惯性--来自C4.5决策树的经验证据  

Relationship between CEO Characteristics and Start-up's Strategic Inertia:Evidence from C4.5 Decision Tree

作　　者：陈效林[1] 刘业深 宋哲[2] Chen Xiaolin;Liu Yeshen;Song Zhe(School of Marketing&Logistics Management,Nanjing University of Finance&Economics,Nanjing 210023,China;Business School,Nanjing University,Nanjing 210093,China)

机构地区：[1]南京财经大学营销与物流管理学院,江苏南京210023 [2]南京大学商学院,江苏南京210093

出　　处：《科技进步与对策》2023年第13期60-70,共11页Science & Technology Progress and Policy

基　　金：国家社会科学基金一般项目(19BGL081);国家自然科学基金重点项目(72132003)。

摘　　要：现有观点通常认为,大企业具有惯性,而小企业具有灵活性。已有研究关注CEO特征与一般企业战略惯性的关联,较少考虑相关结论对新创企业的适用性。此外,相关文献主要围绕因果推论展开,鲜有基于预测角度的定量研究。采用机器学习中的C4.5决策树算法,以我国2009—2019年经营年限在12年以内的上市公司为样本,研究基于CEO多维特征构建的C4.5决策树能否预测新创企业战略惯性,并进一步分析CEO特征的相对重要性及其对新创企业战略惯性的影响机制。结果显示:对新创企业战略惯性,基于CEO特征构建的C4.5决策树具有一定的预测能力;在众多CEO特征中,CEO学历、持股比例和收入是预测新创企业战略惯性的3个关键特征;CEO特征与企业内外部环境间的6种交互均会导致新创企业产生战略惯性,即殊途同归。结论有助于深化新创企业战略惯性理论解释,为新创企业战略管理实践提供启发。The existing views generally argue that large companies have inertia,while small companies have flexibility.In reality,however,some start-ups suffer from rapid failure due to strategic inertia(e.g.,OFO).Unlike the sources of strategic inertia in mature firms,start-ups are not constrained by resource stocks,structural constraints,routines,or experiences of success or failure.The multiple factors that have influenced mature firms to generate strategic inertia cannot explain why start-ups have strategic inertia.CEO characteristics may be an important source of strategic inertia in start-ups.According to the upper echelon theory,a firm's business decisions and daily actions are influenced by the CEO,and the CEO's characteristics influence the final decisions and execution of the firm's actions.Previous studies on CEO characteristics and strategic inertia have not distinguished between general firms and start-ups which have special properties.Moreover,unlike mature firms,start-ups suffer from higher uncertainty,information asymmetry and financial constraints,which limit the exercise of CEO initiative,and it is difficult for start-ups to bear the costs and risks of strategic change.Therefore,it needs further investigation if the findings of previous studies on CEO characteristics and strategic inertia in mature firms are equally appropriate to explain the strategic inertia of start-ups.In terms of research methods,the regression methods commonly used in existing studies usually center around the"net effect"of CEO characteristics on strategic inertia,and pay insufficient attention to the"joint effect"between multiple independent variables.Therefore,this study applies the C4.5 decision tree algorithm to study the influence of the"joint effect"of CEO characteristics and the internal and external environmental factors on the strategic inertia of start-ups,which helps to form a macro and systematic understanding of the causes of strategic inertia in start-ups.Moreover,previous studies mostly adopt explanatory modeling focus

关 键 词：战略惯性 新创企业 机器学习 C4.5决策树 首席执行官(CEO)特征 

分 类 号：F272.1[经济管理—企业管理]