摘要
Abstract
In recent years,global economic uncertainty and volatility have been increasing,while geopolitical conflicts have intensified market turmoil,presenting challenges to enterprises.Under the immense pressure and high uncertainty from both internal and external environments,managers are more likely to have managerial myopi-a,focusing excessively on short-term gains while neglecting the long-term development and value of the company.This short-term focus contradicts the survival goals of the enterprise,as the key objective is to navigate economic cycles and achieve long-term prosperity amidst adversity and crises,which is also a hallmark of organizational resili-ence.However,managerial myopia may undermine organizational resilience,leading companies to decline under the dual pressures of external crises and internal changes,and in some cases,to fail.
This study,based on time orientation theory and upper echelons theory,empirically examines the impact of managerial myopia on organizational resilience and its underlying mechanisms,using data from Chinese A-share lis-ted companies from 2010 to 2022.The results show a significant negative correlation between managerial myopia and organizational resilience.This finding remains robust after propensity score matching,Heckman tests,instru-mental variable methods,and sample exclusion methods.Mechanism tests reveal that financial flexibility partially mediates the negative impact of managerial myopia on organizational resilience.Specifically,managerial myopia re-duces corporate financial flexibility by decreasing liquidity and increasing debt,thereby weakening organizational resilience.Furthermore,improvements in corporate governance can mitigate the negative effects of managerial myo-pia on organizational resilience.The heterogeneity analysis reveals that the negative impact of managerial myopia on organizational resilience is more pronounced in profit-oriented companies,labor-intensive firms,and those not audi-ted by the Big Four.
This study may contribute to the following theoretical advancements.First,this study,using a large dataset,empirically confirms the significant negative relationship between managerial myopia and organizational resilience,deepening existing literature's understanding of the relationship between"executive characteristics and organization-al capabilities"and extending research on the consequences of managerial myopia.Second,to explore the mecha-nism through which managerial myopia affects organizational resilience,this study investigates how financial flexi-bility shapes this relationship,revealing the damage that managerial myopia can cause to a firm's financial system and broadening research on factors influencing organizational resilience.Lastly,by introducing corporate govern-ance as a factor,this study enhances the understanding of the boundary conditions between"executive psychologi-cal traits and organizational resilience",considering the effects of both organizational and individual factors on or-ganizational resilience.This perspective helps better understand the complexity of overall corporate behavior and of-fers new paths for building organizational resilience.关键词
管理者短视主义/组织韧性/时间导向/财务柔性/公司治理Key words
managerial myopia/organizational resilience/time orientation/financial flexibility/corporate gov-ernance分类
管理科学
