Political ties and firm performance: The effects of proself and prosocial engagement and institutional development
Political ties and firm performance: The effects of proself and prosocial engagement and institutional development
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政治关系和公司绩效：亲自我和亲社会参与以及制度发展的影响
DOI：
10.1002/gsj.1194
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发表时间：
2018
影响因子：
7.6
通讯作者：
Augustine Darline
中科院分区：
文献类型：
--
作者：
Liu Haijian;Yang Jing Yu;Augustine Darline
研究总结：我们研究了新兴经济体中政治关系对企业绩效的影响。运用社会交换理论，我们假设政治关系推动企业更多地从事自我和亲社会活动，这在政治关系与企业绩效之间起到中介作用。制度环境对双重中介有调节作用，随着制度环境的改善，职业参与的中介作用减弱，亲社会参与的中介作用增强。我们通过分析中国公司的两个样本发现了这些观点的支持：一个是363家中小公司的调查样本，另一个是1999年至2014年的2780家上市公司的数据。我们的研究结果揭示了政治关系的战略价值，与制度环境的发展相吻合。管理总结：在新兴经济体中，政治关系被认为对企业的生存和绩效很重要，因为它们使企业能够获得关键信息和资源，以缓冲不确定性并建立竞争优势。我们的研究表明，真正重要的可能不是企业的政治关系本身，而是企业为了维持与政府的社会交流而在自身活动和亲社会活动中的战略参与。此外，我们的研究表明，制度环境的发展改变了企业的政商交流，并对企业的自我和亲社会参与产生了不同的影响，使得政治关系对企业绩效的价值难以预测。
Research Summary:We examine the value of political ties on firm performance in an emerging economy. Using social exchange theory, we posit that political connections propel firms to engage more in proself and prosocial activities, which mediate the relationship between political ties and firm performance. The institutional environment moderates the dual mediations such that as the institutional environment improves, the mediation effect through proself engagement weakens, whereas the mediation effect through prosocial engagement strengthens. We found support for these propositions by analyzing two samples of firms in China: A surveyed sample of 363 small‐ and medium‐sized firms and data from 2,780 publicly listed firms from 1999 to 2014. Our findings shed light on the strategic value of political ties, coinciding with the development of institutional environments.Managerial Summary:Political ties have been considered important for firm survival and performance in emerging economies, as they enable firms to obtain critical information and resources to buffer uncertainty and build up competitive advantages. Our study demonstrates that what truly matters may not be a firm’s political ties themselves but the firm’s strategic engagement in both proself and prosocial activities in order to maintain social exchange with governments. Also, our study reveals that the development of institutional environments alters the business–government exchange and influences a firm’s proself and prosocial engagement differently, making the value of political ties on a firm’s performance difficult to predict.