Performance Below Aspiration and Adjustment of Slack Resources: The Empirical Evidence from High-tech Enterprises

doi:10.15936/j.cnki.1008-3758.2022.01.006

Abstract

Abstract: The impact of performance feedback on enterprise strategic behaviors is the main focus of current strategic management. This paper uses Shenzhen and Shanghai A-share listed enterprises in 2009-2017 as a sample， and from the perspective of agency， empirically studies the relationship between performance below aspiration and slack resources under the situation of whether CEO turnover occurs through system GMM method. The study finds that the performance below aspiration has an obvious agency effect on absorbed slack resources and unabsorbed slack resources. CEO turnover significantly moderates the relationship between performance below aspiration and absorbed slack resources. When CEO turnover occurs， the performance below aspiration has a significant effect on absorbed slack resources， but the effect is not significant in the CEO non-turnover situation.

Key words: performance below aspiration; slack resources; CEO turnover; high-tech enterprise; performance feedback

CLC Number:

F272

LI Ying， LIU Ligang. Performance Below Aspiration and Adjustment of Slack Resources: The Empirical Evidence from High-tech Enterprises[J]. Journal of Northeastern University(Social Science), 2022, 24(1): 44-52.

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