期刊
JOURNAL OF BUSINESS RESEARCH
卷 137, 期 -, 页码 255-266出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.jbusres.2021.08.034
关键词
Political turnover; Strategic change; Politicalconnections; Financial resources; China
类别
资金
- National Natural Science Foundation of China [71772039]
- Planning Fund for Humanities and Social Sciences Research by the Ministry of Education of China [19YJA630104]
- Special Research Fund of Beijing for Capital University of Economics and Business [ZD202104, XRZ2020038]
The study found that political turnover has a negative impact on firms' strategic change, but this influence can be mitigated by political connections and/or financial resources.
Do external uncertainties hold back or accelerate firms' strategic change? To examine this issue, we develop a theoretical framework on the relationship between policy uncertainty caused by political turnover and the level of a firm's strategic change and also theorize how political connections and financial resources affect firms' response in the form of strategic change to environmental uncertainty. We test our framework with 16,451 firm-year observations of listed firms in China from 2008 to 2015 and find that political turnover has a negative influence on the level of a firm's strategic change. Moreover, this influence is mitigated by political connections and/or financial resources.
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