绩效下滑、董事网络与企业风险承担

摘要

Based on the literature on the behavior theory of the firm and social networks,this paper studies the influence of historical performance shortfalls and social performance shortfalls on organizations' risk-taking behavior,as well as the moderating role of board network position.Using a sample of China A share listed firms from 2008 to 2015,the empirical results show that historical performance weakens organizations' risk-taking behavior, while social performance shortfall enhances the risk-taking level. Besides, network centrality and the quantity of structural holes occupied by boards both strength the relationship between performance shortfalls and organizations' risk-taking behavior.%本文基于组织行为理论和社会网络领域的研究,探究历史绩效下滑和行业绩效下滑与企业风险承担的关系,以及董事网络位置对绩效下滑时期企业风险承担的影响.以2008—2015年A股上市公司面板数据为样本的研究发现,历史绩效下滑削弱了企业的风险承担水平,行业绩效下滑增强企业的风险承担水平.董事网络位置对绩效下滑与企业风险承担的关系有显著的调节作用.网络中心度越高,占据的网络结构洞位置越丰富,越容易强化绩效下滑与企业风险承担之间的关系.