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The effect of political turnover on firms’ strategic change in the emerging economies: The moderating role of political connections and financial resources
- Authors
- Choi, S.-J.; Liu, H.; Yin, J.; Qi, Y.; Lee, J.Y.
- Issue Date
- Dec-2021
- Publisher
- Elsevier Inc.
- Keywords
- China; Financial resources; Political turnover; Politicalconnections; Strategic change
- Citation
- Journal of Business Research, v.137, pp.255 - 266
- Journal Title
- Journal of Business Research
- Volume
- 137
- Start Page
- 255
- End Page
- 266
- ISSN
- 0148-2963
- Abstract
- Do external uncertainties hold back or accelerate firms’ strategic change? To examine this issue, we develop a theoretical framework on the relationship between policy uncertainty caused by political turnover and the level of a firm's strategic change and also theorize how political connections and financial resources affect firms’ response in the form of strategic change to environmental uncertainty. We test our framework with 16,451 firm-year observations of listed firms in China from 2008 to 2015 and find that political turnover has a negative influence on the level of a firm's strategic change. Moreover, this influence is mitigated by political connections and/or financial resources. © 2021 Elsevier Inc.
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Related Researcher
- Lee, Jeoung Yul
- College of Business Management (Major in Business Management)