企業傳承者類別對公司績效的影響—以產業環境、所有權結構、寬裕資源與競爭策略作為調節變數

Abstract

在企業邁向永續發展的過程中，企業傳承是其生命週期中最重要的事件之一。新上任者的特質往往會直接影響企業績效。建立於內部與外部繼任者抉擇的理論論點之上，本研究蒐集從2009年到2020年間美國上市公司的資料，以實證研究來描述企業傳承者類型（內部或外部）與企業傳承後績效之間的關係。本研究從策略契合理論與企業行為理論的雙重視角出發，分析環境與組織層次變數（產業環境、所有權結構、組織寬裕資源及事業策略）如何形塑企業傳承者類別與企業績效之間的關聯性。雖然內部及外部繼任者都有各自的優勢來面對繼任後的挑戰，根據對美國上市公司的探討，研究結果表示內部繼任者帶來的效益會大於外部繼任者。準確地說，內部繼任者會在以下條件中表現更為優異：(a) 低環境豐富度；(b) 高環境動盪度以及；(c) 低內部所有權。除此之外，本研究亦分析了組織寬裕資源和事業策略的調節作用，以及短、長期績效影響。其結果顯示內部繼任者在短期內透過成本領先策略表現較好，從長期來看透過差異化策略表現較好。相反，外部繼任者透過高吸附性寬裕資源和差異化策略下能實現更高的短期績效，而長期收益則與未吸附性寬裕資和成本領導策略相關。這項研究強調了考慮繼任者類型和各種公司特定特徵之間的調節作用以及時間對績效結果的影響的重要性。

In light of the increasing awareness of sustainable enterprise development, corporate succession represents a fundamental yet critical event in a firm’s life cycle. The characteristics of new successors are expected to have a direct impact on the firm. Amid theoretical debates regarding the selection of internal versus external successors, this study employs empirical research spanning from 2009 to 2020 to elucidate the relationship between succession type (internal or external) and a firm’s post-succession performance. Additionally, following two streams (strategic fit concept and behavioral theory of corporate), this research examines the moderating effects of multi-level contextual factors, specifically industry environment, ownership structure, organizational slack, and business strategy, on this relationship. Drawing from U.S. publicly traded firms, this research highlights that both internal and external successors may attain superior post-succession outcomes by capitalizing on their unique strengths, thus offering nuanced insights into leadership transition effectiveness. Moreover, the relationship between inside CEO successors is notably strengthened under conditions of (a) lower environmental munificence, (b) higher environmental dynamism, and (c) lower insider ownership. Besides, this study also examines the interaction effects of organizational slack and business strategy, along with the short- and long-term performance impact. Specifically, the findings reveal that internal successors tend to excel in the short term under cost leadership strategies; however, over the long term, differentiation strategies appear to produce more sustained performance benefits. Conversely, outside successors achieve higher short-term performance with high-absorbed slack and differentiation strategies, while long-term gains are linked to unabsorbed slack and cost leadership strategies. This research underscores the importance of considering the interaction between succession type and multiple firm-specific characteristics, along with the time effects on performance outcomes.