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中文摘要：
与传统研究关注于高管传记特征对战略变革行为的影响不同，本文以2005—2009年间沪深市A股制造业上市公司为研究样本．从权力循环视角实证分析了CEO更替及高管团队重组对战略变革的影响。结果发现，内部追随者继任与高管团队重组和战略变革负相关，高管团队重组在内部追随者继任与战略变革之间起到部分中介作用；内部竞争者继任和外部人继任与高管团队重组和战略变革正相关，高管团队重组在外部人继任与战略变革之间的部分中介效应大于内部竞争者继任与战略变革之间的中介作用。本研究在CEO更替情境下对高层梯队理论和战略变革理论进行了有意义的整合，研究结论揭示了不同继任者类型通过高管团队重组影响战略变革的内部作用机理。
英文摘要：
Different from previous literature studying the influence of executive biographies features on enterprise＇s strategy change, this paper focuses on how dynamic change of CEO and top management impact on the strategy change from the perspective of power circulation. The result indicates that follower succession is negatively correlated with top management team recomposition and strategy change. Top management team recomposition performs a partial intermediation function in them. The succession of internal and external competitors is positively correlated with strategy change and top management team recomposition. The intermediation function that the top management team recomposition plays between the succession external competitors and strategy change is bigger than that of the internal. This paper not only integrates the theory of upper echelons with strategy change but also supports the method of using power circulation theory to explain internal mechanism of different type of competitors impacting on top management team recomposition and strategy change.
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