創業導向與公司績效之關聯: 資源特性之中介效果與環境動態之調節效果

Abstract

自1980 年代，創業導向已經成為創業精神的主要概念與核心，並將其視為公司績 效的重要來源之一。本論文主要是依據由外而內與由內而外的策略邏輯，探討創業導 向與公司績效之關聯性，進而提出並檢測下列兩個主要的議題。 第一，本論文探討並檢測創業導向、資源特性與公司績效之關聯。資源特性區分 為資源與能力的價值性和稀有性，這兩種特性也被提出對創業導向與公司績效有其中 介效果存在。第二，本論文進一步提出當公司面臨環境高動態時，公司若擁有創業導 向是否會影響其利用或培養價值性和稀有性的資源與能力。 本論文以台灣經濟新報公布上市櫃公司為樣本，最後回收201 份有效問卷進行統 計分析。統計結果顯示:(1)公司擁有較強的創業導向真能促使其擁有與利用價值性和稀 有性的資源與能力；(2)雖然創業導向無法藉由價值性和稀有性來提升公司的客觀績效 (ROA 與Tobin’s q)，但是創業導向可透過價值性和稀有性來提升公司的主觀績效(滿意 度與競爭優勢)，如此，支持創業家神的資源基礎觀點；(3)此外，環境動態的情境會對 創業導向與績效的關聯有干擾效果；換言之，當公司座落在環境高動態情境時，公司 若擁有強而有力的創業導向，就能提升其擁有與利用價值性和稀有性的資源與能力。

Since 1980, EO (entrepreneurial orientation) that has been a central concept in entrepreneurship theory is viewed as being a critical source of firm performance. This dissertation focuses on the relationship between EO and firm performance from outside-in and inside-out views in the field of strategic management. Therefore, two central issues are proposed and tested in this dissertation as follows. First, this dissertation examines how entrepreneurial orientation, resource attributes, and firm performance are related. Resource attributes refer to the value and rareness of resource–capability combinations (value and rareness), and are proposed to mediate the relationship between EO and firm performance. Second, this dissertation further proposes whether EO is positively associated with resource attributes when firms face a certain contingency, specifically, the dynamism of external environment. Based on data collected from 201 public firms in Taiwan, the statistical results show that firms with strong EO are likely to exploit valuable and rare. Although the value and rareness don’t mediate the relationship between EO and firm performance (ROA and Tobin’s q), they positively mediate the association between EO and firm performance (competitive advantage and satisfaction), supporting the resource-based perspective of entrepreneurship. Moreover, it is found that the EO-resource attributes relationship is further moderated by environmental dynamism. That is, when firms are located in environmental dynamism, EO is likely to exploit valuable and rare resources and capabilities to respond external opportunities.