文献类型：期刊文献

中文题名：衰退企业“临危受命”CEO如何实现业绩反转——基于模糊集定性比较分析

英文题名：How Do New CEOs Steer Declining Enterprises to a Successful Turnaround?Based on the Fuzzy Set Qualita-tive Comparative Analysis(fsQCA)

作者：阎海峰[1];杨昕悦[1];张骁[2]

机构：[1]华东理工大学商学院;[2]南京大学商学院

年份：2024

卷号：27

期号：3

起止页码：61

中文期刊名：南开管理评论

外文期刊名：Nankai Business Review

收录：CSTPCD;;北大核心:【北大核心2023】；CSSCI:【CSSCI2023_2024】；

基金：国家自然科学基金项目(71972072)、国家自然科学基金重点项目(72132005)资助。

语种：中文

中文关键词：衰退企业;CEO变更;董事会;战略导向;业绩反转

外文关键词：Declining Enterprises;CEO Succession;Board;Strategic Orientation;Performance Turnaround

摘要：面临衰退威胁的企业往往期望变更C E O以摆脱困境,然而何种战略能帮助继任CEO实现企业业绩反转,现有研究未能给出解答。基于此,本文将权力理论引入研究框架,运用模糊集定性比较分析方法,以2006—2016年变更CEO的民营制造类衰退企业为研究对象,探索了衰退企业继任CEO、董事会之间的权力制衡关系与反转战略的组合匹配对业绩反转的影响,归纳出“董事会主导×防御型”“外部CEO主导×探索型”“内部CEO主导×防御型”三种反转模式,发现了“董事会为主、CEO为辅”和“CEO为主、董事会监督和咨询为辅”两类制衡关系中主导者动机和能力与战略的匹配,是实现业绩反转的关键,支持了新战略领导层之间的互动关系与企业战略导向的匹配会影响反转战略有效性的命题,丰富了衰退企业业绩反转研究的理论视角和研究方法。
Recession refers to the sustained decline in corporate performance or resource base over a specific period of time.Even enterprises operating in high-growth industries may experience varying degrees of recession.Faced with the threat of recession,enterprises often consider changing their CEO as a means to overcome the challenges.However,existing research has not yet reached a consensus on which strategies can help the successor CEO achieve the performance turnaround.Strategy is more of a potential value.Whether it is prospective strategy or defensive strategy,it may help enterprises achieve performance turnaround.Nevertheless,the effectiveness of these strategies plays a more critical role than the strategy itself in driving a successful turnaround.For declining enterprises,the efficacy of their turnaround strategy is closely related to their strategic leadership responsible for decision-making and guiding strategy implementation.Especially for enterprises that change their CEO due to declining performance,both the successor CEO and board of directors must collaborate to steer the enterprise out of its predicament.Therefore,for declining enterprises that change their CEO,achieving performance turnaround involves three levels:CEO,board of directors,and strategic orientation,char-acterized by causal complexity.Drawing on the power theory,this paper introduces the power balance relationship between the successor CEO and the board of di-rectors into the study of performance turnaround.From a strategic matching perspective,this paper explores how the power balance relationship between new strategic leadership(the successor CEO and the board of directors)and the alignment of turnaround strate-gy influence performance reversal in declining enterprises.Using the declining private manufacturing enterprises with CEO succession events from 2006 to 2016 as research samples,we employ the fuzzy set qualitative comparative analysis(fsQCA)method to reveal how different characteristic conditions of successor CEO,board of directors and strategic orientations jointly or in combination affect enterprise performance turnaround.We summarize three effective models for performance turnaround in declining enterprise:“Board dominated-Defender”,“Outsider dominated-Prospector”and“Insider dominated-Defender”.Our findings indicate that aligning leader motivation,ability,and strategy is key to achieving per-formance turnaround within two types of balances:“Board dominates while CEO assists”and“CEO leads while the board supervis-es and consults”.Compared with the existing research,the main contributions of this paper are as follows:First,from the perspective of strategic matching,this paper firstly introduces balance relationship between the successor CEO and the board of directors into the matching research of the turnaround strategy,and proposes and confirms the proposition that the balance relationship between the new strate-gic leadership and the matching of strategic orientation will significantly influence the efficacy of turnaround strategy,which to some extent answers the existing research questions about the inconsistent relationship between strategic orientation and performance turn-around.Second,the majority of research on the influence of CEOs and boards on corporate performance is based on the agency the-ory or upper echelon theory,utilizing governance structure and demographic characteristics of CEOs or boards as agency variables in the CEO-board relationship,which is difficult to fully reveal the complex mechanism of the CEO-board relationship on corporate performance,especially in the field of performance turnaround.This paper addresses this gap by examining CEO succession in de-clining enterprises through a power theory lens,directly assessing the impact of the interactive balances between CEOs and boards on corporate performance,thereby enriching theoretical perspective in performance turnaround research.Thirdly,the QCA method reveals three distinct paths of performance turnaround from a holistic perspective.In contrast to previous studies that focused on the relationship between a specific single strategy and performance turnaround,this paper demonstrates how a turnaround strategy aligns with strategic leadership to achieve turnaround from a configurational perspective.This not only enhances research methods in related fields but also offers managers diverse corporate turnaround paths from a holistic viewpoint.