Empirical Study On The Relationship Between Vertical Dyad Characteristics Of Chairman-General Manager And Firm Performance:the Moderating Effect Of Strategic Deviance

Top management team is a high-value and scarce strategic resource for enterprises.If the characteristics of top management team are different,the firm performance will also be different.Because the position hierarchy within an organization affects the interaction between individuals,considering the position hierarchy difference,taking top management team vertical dyads as study object,can enhance the explanatory level of organizational results,in a Chinese enterprises sensitive to rank and authority figures.However,the performance depends not only on the top management team,but also on whether the top management team and enterprise strategy match.Faced with the increasingly complex and dynamic external environment and fierce competition pressure,enterprises are motivated to adopt strategies that deviate from industry conventions in order to maintain or enhance their competitive advantages.However,strategic deviance is a "double-edged sword",which will also cause enterprises to suffer huge economic costs and legal risks.In order to enhance the performance level of enterprises,it is necessary to discuss the relationship between vertical dyads and firm performance,as well as the match of strategic deviance and vertical dyads.Based on upper echelons theory,similarity-attraction theory and strategic management theory,after combing the relevant research results at home and abroad comprehensively,this research adopts the methods of literature research,normative analysis,empirical analysis,and systematically studies the relationship between vertical dyads,strategic deviance and firm performance.At first,it sets forth the realistic background and theoretical background,practical significance and theoretical significance,research content and research methods,introduces the technical route of this study,and elaborates possible innovations;secondly,it combs and summarizes the research results of domestic and foreign scholars on vertical dyads,strategic deviance and firm performance,reviews the existing research results,and determines the direction of this study.Secondly,the study clarifies the concept of relevant variables,and elaborates the theoretical basis.Based on the upper echelons theory,similarity attraction theory and relevant literature foundation,the study puts forward the hypothesis that vertical dyads is negatively related to firm performance.From the perspective of contingency view and based on strategic management theory,the study puts forward the hypothesis that strategic deviance adjusts the relationship between vertical dyads and firm performance,and establishes the theory model.Thirdly,the study selects the listed companies of GEM from 2009 to 2012 as samples,determine the measurement methods of all the variables,and collect the observation data of the samples from 2012 to 2016,forming the unbalanced panel data consisting of 813 annual industry data and then determining the regression model.Fourthly,the study use STATA14.0 to carry out descriptive statistics,correlation analysis,main effect test,moderator effect test,and robustness test.Finally,this study summarizes the conclusions:(1)the vertical dyads difference between Chairman and General Manager is negatively correlated with firm performance;(2)Strategic deviance negatively regulates the negative relationship between gender and education difference of vertical dyads and firm performance,and then puts forward suggestions on configuring chairman and general manager and strategic deviance,and makes prospect for future research directions.The innovation of this paper is to bring the overseas background into the vertical dyads,to introduce the strategic deviance into the theoretical analyzing framework of vertical dyads affecting firm performance,from the perspective of matching "man" and "strategy",and to study the moderating effect of strategic deviance on the relationship between the two factors,providing empirical evidence for understanding the economic consequences of the top management teams characteristics differences comprehensively and in-depth.