CEO权力如何影响高管团队职能异质性与企业绩效的关系是本研究的关键点。本文以2004-2013年上证、深证(主板)A股上市公司为研究对象,分析了高管团队职能异质性对企业绩效的影响及CEO四种权力在这一关系中的调节作用。研究结果表明,我国上市公司高管团队职能异质性对企业绩效有显著的负向影响,而公司CEO的结构权力、所有权权力和专家权力可以有效缓解高管团队职能异质性对企业绩效的负向作用;CEO的声誉权力则加强了这一负向关系。本研究首次验证CEO权力对团队异质资源整合的有效作用,丰富了高层梯队理论中高管团队职能异质性对企业绩效发挥作用的边界条件模型。
How CEO power influence the relationship between TMT functional diversity and the corporate performance is the key point of this study. This paper takes A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange as its study subjects, and it chooses the data from 2004 to 2013 in all of the listed companies, which systematically analyzes the moderating effect of CEO power on the relationship between TMT functional diversity and the corporate performance. The results show that TMT functional diversity of China's listed Corporations has significant negative influence on the performance, while the CEOs' structural power, ownership power, and the expert power can effectively alleviate the negative effect that TMT functional diversity has on the performance of listed companies, but CEO's prestige power is positively moderated the relationship between TMT functional diversity and the corporate performance. This study for the first time investigates the moderating role of CEO power,postulating that CEO's power is helpful for the integration of heterogeneous resources, which enriched the upper echelon theory in testing the new moderating effect on the relationship between TMT functional diversity and firm performance.