| The adjustment of China’s economic structure is in a painful period.In response to the inherent requirements of transforming factor-driven to innovation-driven under the new economic normal,the Chinese government has vigorously promoted the strategic deployment of "transformation+emerging".As a market entity,the transformation and upgrading of enterprises is bound to be closely related to the mode of economic growth."Poverty leads to change,change leads to versatility." Although CEOs have realized that strategic change is an important measure for enterprises to gain sustainable competitiveness,few can achieve success.The CEO is responsible for the long-term survival and development of the company.Power,as a guarantee of the CEO’s ability to implement strategic decisions,is bound to have an impact on the company’s strategic changes.However,theoretically,how CEO power affects strategic changes has not yet been determined.Previous studies have suggested that CEO power is an important incentive that leads to corruption and rent-seeking,and damages the long-term performance and value of a company.It pays less attention to CEO power and has positive characteristics.Based on this,it is the significance of research to use the dominant CEO characteristics to speculate on his power level.In other words,this article is to infer from the characteristics of CEOs how CEO power affects corporate strategic changes.In view of the above background,this article selects the literature research method and empirical analysis method,after combing the literature related to CEO power and strategic change,integrates the use of high-level team theory,power approach/inhibition theory,and systematically analyzes the impact of CEO power on strategic change Effect and its internal mechanism,put forward research hypotheses,and construct theoretical models.Finally,939 listed companies are selected as the research sample,and the multiple regression model is used to test the main effect of CEO power on strategic changes,the mediating effect of CEO overconfidence and equity incentives,and the moderating effect of corporate size and property rights.Based on the above content,the study draws the following conclusions:First,CEO power,formal power,and informal power positively affect strategic change;second,CEO overconfidence and equity incentives influence strategic change in CEO power,formal power and informal power There is an intermediary effect in the impact;third,the size of the company negatively regulates the impact of CEO power,formal power,and informal power on strategic change;fourth,compared with state-owned enterprises,the role of CEO power and formal power in private enterprises in promoting strategic change The research hypothesis that the informal power of the CEO of private enterprises is stronger in promoting strategic change is not supported.This article examines the applicability of the high-level team theory and the power approach/inhibition theory in the Chinese context,verifies the positive role of CEO power in strategic change,starts with CEO characteristics,and opens the cognitive black box of "feature-behavior";Provide theoretical references for CEO power allocation and equity incentive design for companies wishing to adopt strategic reforms,and inspire shareholders and the board of directors to pay attention to the evaluation of CEO’s explicit and invisible psychological characteristics,which is helpful to improve the success rate of corporate strategic changes. |
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