高管内部校友关系与高管主动离职行动OA北大核心CHSSCDCSSCICSTPCD

In China,the"alumni"represents a precious and pure interpersonal connection.This connection,established on the basis of a shared educational background,combines the important characteristics of alumni identity and social ties.As a type of social ties that has both emotional and instrumental features,alumni ties differ from other types of social ties and are thus worthy of being studied as a separate research topic.Existing research primarily focuses on the impact of executives'external alumni ties on firm-level outcomes,emphasizing the resource and information exchange features based on deep trust and identification.However,there is a lack of understanding of the crucial role played by executives'internal alumni ties in social interaction processes.To address this issue,this study explores how executives'internal alumni ties affect their voluntary turnover. Drawing on social embeddedness theory,this study theoretically posits that executives'internal alumni ties are important social factors in reducing the occurrence of their voluntary turnover.The presence of executives'internal alumni ties,that is,the presence of alumni ties between an executive and another member of the upper echelon,increases the degree of embeddedness of executives in the upper echelon.This embeddedness is manifested in three effects:1)it increases the normative pressure for executives to stay within the company(link effect);2)it reduces differences and friction in social interaction processes(fit effect);and 3)it raises the psychological and actual costs of executives'turnover(sacrifice effect),ultimately reducing the likelihood of executives'voluntary turnover.Moreover,this study further divides executives'internal alumni ties into different types,and proposes additional effects.Theoretically,we expect that:close alumni ties,referring to a higher internal alumni network density,will trigger a greater degree of the link effect;concurrent alumni ties,meaning that the two individuals with alumni ties attended the same school at overlapping times,will trigger a greater degree of the fit effect;and upward alumni ties,in which an individual has ties via the internal alumni network to individuals who are higher in power,status,wealth,and prestige,will trigger a greater degree of the sacrifice effect. This paper uses data from 2751 executives in the A-share market of China's Shanghai and Shenzhen Stock Exchanges from 2004 to 2016 and employs a competing-risks survival regression model(with voluntary turnover as a failure event and involuntary turnover as a competing event)to empirically analyze the relationship between internal alumni ties among executives in Chinese listed companies and their voluntary turnover.Our findings are as follows:1)Internal alumni ties are widespread in Chinese listed companies,with nearly half of the executives having alumni ties with other executives or board members.Among these,over 10%of executives have alumni ties with the CEO,and more than one-third have ties with other non-CEO executives or board members.These proportions have remained relatively stable in recent years.2)When executives in listed companies have any internal alumni ties,their turnover risk is significantly lower than that of executives without alumni ties,with an estimation that the risk can be reduced by 22%.3)Different types of alumni ties have varying effects on executives'voluntary turnover.Specifically,close alumni ties,concurrent alumni ties,and upward alumni ties can all reduce a greater degree of the voluntary turnover risk;undergraduate and general graduate alumni ties have a more significant effect in reducing executives'voluntary turnover,while MBA/EMBA alumni ties do not;prestigious alumni ties have a more pronounced effect in reducing executives'voluntary turnover compared to non-prestigious alumni ties.4)After controlling for endogeneity issues and conducting robustness tests,the main conclusions of this paper are still valid. The main implications of this research are as follows:First,this paper for the first time empirically explores the status of internal alumni network in Chinese listed companies,revealing the universality and importance of alumni ties among executives in Chinese listed companies,and confirming the significant negative effect of alumni ties on executives'turnover.Second,this paper provides a comprehensive analysis of alumni ties and summarizes its key features.On the one hand,alumni ties can help eliminate information asymmetry and enhance team cohesion,but may also exacerbate the occurrence of violations due to their private nature,exhibiting a distinct"double-edged sword"effect.Additionally,building on previous research that primarily focused on executives'external social ties,this study emphasizes the nature of internal social ties,and responds to calls for research on the relationship between social capital and work embeddedness in social embeddedness theory.Furthermore,this paper deepens the understanding of executive attrition issues,highlighting the importance of social factors in executive turnover research,addressing the existing research gap in explaining the phenomenon of executives'voluntary turnover,and providing new insights into the causes of executives'voluntary turnover.