The Characteristics of Ultimate Controller and Entrepreneurial Orientation: Theoretical analysis of Chinese Context

摘要

Comparing with consequences of entrepreneurial orientation, fewer literature focused on antecedents of entrepreneurial orientation. In addition, the antecedents of entrepreneurial orientation were mainly examined in American context and fewer studies concentrated on Chinese context. In this paper, we conducted a theoretical analysis of relationship between characteristics of ultimate controller and entrepreneurial orientation in Chinese contexts. Most listed Chinese firms exist a dominant ultimate controller. The controllers may be state-owned and non-state-owned. Also, they format separation of control rights and ownership by pyramid and cross shareholding. Comparing with managers, they has predominant influences on firm's strategic decisions. Using three theories, that is, institutional theory, upper echelons theory and agency theory, we discuss the relationship between characteristics of ultimate controller and entrepreneurial orientation. At last, we argue that market development may moderate relationship between characteristics of ultimate controller and entrepreneurial orientation.