How does strategic deviation affect firm performance? The roles of financing constraints and institutional investors

IF 4.5 3区管理学 Q1 BUSINESS

Business Process Management Journal Pub Date : 2024-05-24 DOI:10.1108/bpmj-01-2024-0017

Shujun Zhang, Jialiang Fu, Weiwei Zhu, Guoxiong Zhao, Shuwei Xu, Biqing Chang

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引用次数: 0

Abstract

PurposeThis study investigates the economic outcomes of the strategic deviation (SD), the fundamental and crucial question in institutional theory and strategic management. Previous studies have yielded contradictory findings. This study reconciles conflicting results by distinguishing the effects of the SD on financial and market performance, examining the mechanism of financing constraints and the boundary condition of institutional investor heterogeneity.Design/methodology/approachThis research collected data from Chinese A-shares listed manufacturing firms from 2009 to 2021 from the CSMAR and Wind databases. This study conducted empirical tests using OLS models with Stata 15.FindingsEmpirical results demonstrate that the SD has different impacts on different dimensions of performance. The SD negatively impacts financial performance while positively impacts market performance. Financing constraints mediate the main effects. Moreover, transactional institutional investors positively moderate the negative effect of the SD on financial performance, whereas stable institutional investors negatively moderate the positive effect of the SD on market performance.Originality/valueBy systematically revealing how the SD has different effects on financial and market performance, this study reconciles the debate on the SD between institutional theorists and strategy scholars. This research makes contributions to the research stream by providing reasonable explanations for conflicting conclusions. Furthermore, by introducing the overlooked perspective of financing constraints, this research identifies crucial mediating mechanisms and highlights the double-edged effect of financing constraints, enriching our understanding of financing constraints. Finally, this study investigates the moderating effects of institutional investor heterogeneity, thereby making valuable contributions to the comprehension of boundary conditions.

查看原文本刊更多论文

战略偏差如何影响公司业绩？融资约束和机构投资者的作用

目的本研究调查了战略偏离（SD）的经济结果，这是制度理论和战略管理中最基本、最关键的问题。以往的研究得出了相互矛盾的结论。本研究通过区分战略偏离对财务绩效和市场绩效的影响、研究融资约束机制和机构投资者异质性的边界条件，来调和相互矛盾的结果。研究结果实证结果表明，自毁效应对不同维度的绩效有不同的影响。自毁效应对财务绩效产生负面影响，而对市场绩效产生正面影响。融资约束是主要影响的中介。此外，交易型机构投资者正向调节了特殊标的对财务绩效的负向影响，而稳定型机构投资者负向调节了特殊标的对市场绩效的正向影响。原创性/价值通过系统揭示特殊标的如何对财务绩效和市场绩效产生不同影响，本研究调和了机构理论家和战略学者之间关于特殊标的的争论。本研究为相互矛盾的结论提供了合理的解释，从而为研究流做出了贡献。此外，通过引入被忽视的融资约束视角，本研究发现了关键的中介机制，并强调了融资约束的双刃效应，丰富了我们对融资约束的理解。最后，本研究探讨了机构投资者异质性的调节作用，从而为理解边界条件做出了宝贵贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Business Process Management Journal Multiple-

CiteScore

8.60

自引率

9.80%

发文量

期刊介绍： Business processes are a fundamental building block of organizational success. Even though effectively managing business process is a key activity for business prosperity, there remain considerable gaps in understanding how to drive efficiency through a process approach. Building a clear and deep understanding of the range process, how they function, and how to manage them is the major challenge facing modern business. Business Process Management Journal (BPMJ) examines how a variety of business processes intrinsic to organizational efficiency and effectiveness are integrated and managed for competitive success. BPMJ builds a deep appreciation of how to manage business processes effectively by disseminating best practice. Coverage includes: BPM in eBusiness, eCommerce and eGovernment Web-based enterprise application integration eBPM, ERP, CRM, ASP & SCM Knowledge management and learning organization Methodologies, techniques and tools of business process modeling, analysis and design Techniques of moving from one-shot business process re-engineering to continuous improvement Best practices in BPM Performance management Tools and techniques of change management BPM case studies.