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- Title
高管团队内部非正式社会网络联结与新创企业绩效 --基于商业模式创新的中介作用
- Authors
韩 炜; 高 宇
- Abstract
The continued progress and application of Internet and information technology has brought an upsurge of start-ups, which makes China a leader of global digital economy. This phenomenon has brewed and developed many new ventures in emerging industries such as Internet and e-commerce. Through an in-depth study of the growth drivers of ventures, we found that top management teams (TMTs) play important roles as key decision-makers and executors. The relations between TMTs and firm performance have been fully explained by the upper echelons theory. However, in the context of new ventures without organizational norms, little is known about the internal mechanism through which the informal network structure of TMTs acts on new ventures performance. Based on the above cognition, the research question is proposed in this paper: what kind of TMT can induce business model innovation and thus improve new ventures performance? Using Chinese Panel Study of Entrepreneurial Development (CPSED II) database, this paper empirically examines the mediation mechanism of how informal social network within TMT improves new ventures performance through different types of business model innovation. It is found that informal social network formed by TMTs' similar educational background and industry experience can improve the new ventures performance, in which the novelty business model innovation plays a mediation role. Through the informal social network formed by educational background and industrial experience, the TMTs are endowed with consistent information cognition, and the matching belief and discourse system is shaped, which helps the TMTs to transform the unified cognition and experience into novelty decision-making. Furthermore, the informal social network within TMT formed by similar status as entrepreneurs and directors can promote the new ventures performance, in which the efficiency business model innovation plays a mediation role. Through the informal social network formed by the entrepreneurs and the director, the identity consistency of the TMTs gives the team a common goal orientation and interest appeal, which helps the team to show stronger execution in efficient decision-making and cooperation. This conclusion shows that mature companies tend to build high heterogeneity team, while the TMTs in new ventures need high consistency in cognition, thus improving the speed to cope with uncertainty. This paper has the following contributions. First, this paper explores the factors that induce business model innovation and reveals the deep reasons why some firms make novel design while others make efficient design. It contributes to the antecedent analysis of business model innovation and enriches the discussion on business model innovation. Second, in the new ventures context, this paper integrates the TMT demographic characteristics with the unique features in new ventures. By identifying and interpreting TMTs' informal social network structure and behavioral integration, it analyzes the micro-foundation of the performance improvement. Third, this paper classifies the business model innovation, exploring the mediation mechanism between TMTs and new ventures performance. It shed lights on the theoretical interpretation of the relationship between TMTs' informal social network and new ventures performance. This paper is expected to guide new ventures to build TMTs and conduct business model innovation. First, the conclusions will help new ventures to build a targeted TMTs based on their business model innovation demands. For example, when new ventures tend to design novel business models, they can form TMTs with members with similar educational background and experience. Experienced entrepreneurs should also be included, and a governance mechanism in which TMTs serve as directors should be created. Second, this paper will help new ventures to adjust business model innovation according to the status of the TMTs' structure. When the TMTs have high information cognition in educational background and experience, and show consistency in the role identity as entrepreneurs and directors, the new ventures could be encouraged to make novel business model, so as to improve performance.
- Publication
Nankai Business Review, 2022, Vol 25, Issue 5, p65
- ISSN
1008-3448
- Publication type
Article