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| Title: | 高階管理團隊異質性與績效之關聯性: 台灣中小企業與大企業之比較性研究
Top Management Team Heterogeneity and Firm Performance: A Comparison between Small and Medium-Sized Enterprises and Large Enterprises in Taiwan |
| Authors: | 洪妤萱
Hung, Yu-Hsuan |
| Contributors: | 于卓民
巫立宇
Yu, Chow-Ming
Wu, Lei-Yu
洪妤萱
Hung, Yu-Hsuan |
| Keywords: | 中小企業
高階管理團隊異質性
公司績效
企業風險
外部環境
權力差異
SMEs
TMT heterogeneity
Firm performance
Risk
External environment
Power disparity |
| Date: | 2023 |
| Issue Date: | 2023-09-01 14:46:45 (UTC+8) |
| Abstract: | 高層核心（Upper Echelon, UE）理論關注高階管理團隊（Top Management Team, TMT）的異質性對公司績效之影響，然而現有實證研究的結果分歧。本研究認為實證結果分歧有四個可能原因：首先，過去的UE研究主要集中在大型企業，缺乏針對中小企業的比較研究；其次，先前的UE研究並未全面考慮Dess與Beard（1984）所提出的外部環境構面的調節效果；第三，過去與TMT權力相關的UE實證研究對執行長(Chief Executive Officer, CEO)與其他TMT成員之間在多種構面上的權力差異的相關探討並不詳盡；第四，先前研究關於TMT異質性與公司績效的影響忽略了Bowman的風險-報酬悖論，僅關注TMT異質性對企業報酬方面的影響，而未深入探討對公司績效其他面向（如企業風險）的影響。針對這四個原因，本研究發展出相對應的研究假說，探討大小企業TMT異質性對公司績效（包括企業報酬與企業風險）的影響，並以實證研究來檢視這些假說。
本研究以一般製造業、高科技業及服務業的130家台灣中小企業和148家大型企業為研究對象，運用似不相關回歸(Seemingly Unrelated Regression)模型來檢驗研究假說。本研究進一步分析了產業環境層面（動盪度、豐裕度、複雜度）、公司層面（國際化程度）及個體層面（CEO與其餘TMT成員之間的專業權力差、所有權力差、間接權力差）的不同情境對TMT異質性與企業報酬之間關係的影響。
結果顯示，大型企業的TMT異質性加強了企業報酬，同時降低了企業風險。產業的豐裕度、動盪度和公司的國際化程度對大型企業的TMT異質性與企業報酬之間的關係具有調節效果，與先前研究的結果一致。然而，產業的複雜度和CEO與TMT成員之間的權力差異對大型企業的TMT異質性與企業報酬之間的調節效果並未獲得支持。相比之下，中小企業的TMT異質性對企業報酬的影響僅在特定情境下存在。產業的豐裕度和動盪度削弱了中小企業的TMT異質性與企業報酬之間的關係。不同類型的CEO-TMT成員權力差異對中小企業的TMT異質性與企業報酬之間的調節效果也存在差異。CEO-TMT所有權力差強化了中小企業的TMT異質性與企業報酬關係，然而CEO-TMT專業權力差則弱化了中小企業的TMT異質性與企業報酬關係。
最後，本研究詳細討論了提出研究假說的企業報酬模型中的直接效果和調節效效果，以及企業風險模型中的直接效果。此外，本研究還深入探究了未被提出假說的企業風險模型中的調節效果。綜觀這些研究發現並對其進行理論意涵的探討，本研究對於聚焦大型企業的UE研究以及針對企業風險模型的解釋提供了寶貴貢獻。同時，通過以中小型企業的高階管理團隊為中心的獨特視角，本研究加強了對於UE研究和企業風險模型解釋的理解，為相關領域議題提供了更加全面的見解。
The upper echelon (UE) theory focuses on the impact of top management team (TMT) heterogeneity on firm performance, but there are mixed results of existing empirical research. This study identifies four possible reasons. Firstly, past UE research has primarily concentrated on large enterprises, lacking comparative studies on small and medium-sized enterprises (SMEs). Secondly, prior UE research has not comprehensively considered the moderating effects of the external environmental dimensions proposed by Dess and Beard (1984). Thirdly, past empirical research related to TMT power has not thoroughly explored the varying dimensions of power disparities between the chief executive officer (CEO) and other TMT members. Lastly, prior research on the impact of TMT heterogeneity on firm performance has neglected the Bowman’s risk-returns paradox, focusing solely on the influence of TMT heterogeneity on return, without delving into its effects on other aspects of company performance, such as risk. Addressing these four reasons, this study formulates corresponding research hypotheses to explore the impact of TMT heterogeneity in SMEs and large enterprises on firm performance (including returns and risks), aiming to explain the reasons for the inconsistent findings in previous studies
This study examines 130 Taiwanese SMEs and 148 large enterprises in general manufacturing, high-tech, and service industries. The seemingly unrelated regression model is applied to test the research hypotheses. Furthermore, this study analyzes the influence of different contextual factors at the external environmental level (munificence, dynamism, complexity), company level (degree of internationalization), and individual level (ownership power disparity, expert power disparity, indirect power disparity between CEOs and other TMT members) on the relationship between TMT heterogeneity and firm return.
The results show that TMT heterogeneity in large enterprises enhances return while reducing risk. Consistent with literature, dynamism, munificence, and firm internationalization moderate the relationship between TMT heterogeneity and firm return in large enterprises. However, the moderating effects of industry complexity and power disparities between the CEO and TMT members across all dimensions on the relationship between TMT heterogeneity and return in large enterprises are not supported. In contrast, the impact of TMT heterogeneity on firm return in SME exists only in specific contexts. Dynamism and Munificence weaken the relationship between TMT heterogeneity and return in SMEs. Different types of CEO-TMT power disparities also exhibit variations in their moderating effects on the relationship between TMT heterogeneity and return in SME. CEO-TMT ownership power disparity strengthens the relationship between TMT heterogeneity and firm return in SME, whereas CEO-TMT expert power disparity weakens the relationship between TMT heterogeneity and firm return.
Finally, this study extensively discusses the direct and moderating effects in the proposed corporate return model with research hypotheses, as well as the direct effects in the risk model. Additionally, the study delves into the underlying causes of the moderating effects in the corporate risk model where hypotheses were not posited. Summarizing these research findings and exploring their theoretical implications, this study makes valuable contributions to the research on upper echelons in large enterprises and the interpretation of corporate risk models. Furthermore, by adopting a unique perspective centered on top management teams in small and medium-sized enterprises, this study enhances our understanding of upper echelons research and the explication of corporate risk models, offering a more comprehensive insight into relevant issues. |
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| Description: | 博士
國立政治大學
企業管理學系
102355501 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0102355501 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理學系] 學位論文
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