Research On The Impact Of Expected Performance Gap On Strategic Changes

Strategic change is the key for enterprises to create and maintain competition advantages,it is also one of the important strategies for management to respond to environmental changes.However,the performance of this decision-making behavior varies from company to company.In order to explore the reasons for this discrepancy,scholars have studied strategic change from different perspectives in the past 30 years,but they still lack a powerful explanation for the trigger mechanism behind this behavior.The performance feedback model reveals the mechanism of expected performance on corporate behavioral decision-making.Based on it,this paper proposes the concept of expected performance gap to discuss its impact on corporate strategic change.Besides,this paper explores the moderating effect of the nature and concentration of equity on this main effect.This research uses the data of A-share listed companies from 2012 to 2016 to conduct an empirical test on the hypothesis.It indicates that :(1)There is an inverted U-type relationship between the expected performance deficit and the degree of corporate strategic change,which means the degree of corporate strategic change will increase first and then decrease as the expected performance deficit increases;(2)There is a U-type relationship between the expected performance surplus and the degree of corporate strategic change,which means the degree of corporate strategic change will decrease first and then increase as the expected performance surplus increases;(3)State-owned equity will weaken the relationship between the expected performance deficit and the degree of corporate strategic change,and will also enhance the relationship between the expected performance surplus and the degree of corporate strategic change;(4)High equity concentration will weaken the relationship between expected performance deficit and corporate strategic change,it will also weaken the relationship between expected performance surplus and corporate strategic change.On the theoretical level,firstly,this paper provides a new research perspective on the motivation of strategic change in strategic management field;Secondly,it provides a possible explanation for the different conclusion between the expected performance gap and strategic change.In practice,the conclusions of this paper have important guiding significance on the corporate equity structure choice and the realization of strategic change.