Vertical Dyad Linkage Characteris-Tics Of Management Team? Environmental Uncertainty And Over-investment

Corporate investment behavior plays a key role in the operation and development of enterprises.In recent years,listed companies have continuously increased the overall investment scale and increased their investment levels,resulting in over-investment.Previous studies on the factors affecting over-investment focused on information asymmetry,agency conflicts,executive characteristics,and institutional environment.With the theory of upper echelons theory,the characteristics of executives are gradually becoming a hot topic in academic research.At present,a large number of scholars have found that executives are the most dynamic resources of enterprises,and the rationality of their characteristics will affect investment behavior and improve investment efficiency.However,the existing research on the impact of executive characteristics on investment behavior is based on the overall characteristics of the executive team,and studies the influence of the executive team's gender ratio,average age,academic level,and average tenure on corporate decision-making.Few scholars have studied the influence of vertical dyads differences of characteristics on investment behavior.This paper attempts to study the relationship between vertical dyads differences of characteristics in management team,environmental uncertainty and over-investment,so as to expand the theoretical study of the factors affecting over-investment.The concept of vertical feature differences was first proposed by Tusi(1989),which is defined by Tusi as the difference in gender,age,tenure,and academic qualifications between the chairman or CEO of the company and other executive members.The difference in the position level between the chairman and the executive members leads to the difference in their roles,which will affect the interaction between team members.Therefore,even if the age,education and tenure characteristics of the manager are the same,the difference in the position level will have different influences on the behavior of the enterprise.Based on principal-agent theory,upper echelons theory,social norm theory and information decision-making theory,this paper first discusses the relationship between chairman-executive vertical dyads differences of characteristics and over-investment,and puts forward hypotheses based on theoretical analysis.Secondly,data of a-share listed companies from 2012 to 2016 are collected to analyze the relationship between chairman-executive vertical dyads differences of characteristics and over-investment,and the moderating effect of environmental uncertainty on the above relationship.Subsequently,this paper also divided the samples into state-owned enterprises and non-state-owned enterprises to study whether there is a difference in the regulatory effect of environmental uncertainty,and verified the reliability of the conclusion through the robustness test.Finally,the conclusion of this paper is drawn.The research found that: first,the greater the gender,age and tenure difference between the chairman and the executive,the lower the possibility of over-investment.Second,in the case of high environmental uncertainty,the stronger the negative correlation between chairman-executive vertical dyads differences of characteristics and over-investment of chairman-executive team is,that is,environmental uncertainty promotes the negative correlation between vertical characteristic difference and over-investment.Third,compared with state-owned enterprises,in non-state-owned enterprises,environmental uncertainty has a stronger effect on the negative correlation between chairman-executive vertical dyads differences of characteristics and over-investment.The main innovations of this paper are as follows:(1)Studying the relationship between chairman-executive vertical dyads differences of characteristics and over-investment,considering the influence of executive characteristics on investment behavior under different job levels,enriching the factors of over-investment and vertical correlation theory.(2)the moderating effect of environmental uncertainty on the above relationship,reveals the difference between the vertical influence of the chairman-supervisor team on the over-investment in different external environments.