文章基本信息

标题：Financial Leverage, Educational-Level Faultline Strength and Strategic Change: Evidence from China
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作者：Dan Liu ; Qun-zhu Wang
期刊名称：International Journal of Business and Management
印刷版ISSN：1833-3850
电子版ISSN：1833-8119
出版年度：2021
卷号：16
期号：10
页码：104-114
DOI：10.5539/ijbm.v16n10p104
语种：English
出版社：Canadian Center of Science and Education
摘要：With the improvement of financial leverage, enterprises will face more severe financial difficulties and more stringent external supervision. Enterprises tend to take a high-intensity strategic change to get rid of the trouble. Taking China's A-share manufacturing listed companies from 2008-2018 as the research sample, based on the theory of enterprise behavior and faultlines theory, this paper explores the impact of corporate financial leverage on strategic change and the moderating effect of the top management team (TMT) educational-level faultline strength. The results show that there is a positive correlation between corporate financial leverage and strategic change. TMT educational-level faultline strength negatively moderates the positive correlation between corporate financial leverage and strategic change. The existence of an educational-level faultline makes it difficult for the whole TMT to form a consensus of change. Our study suggests that improving the matching degree of education characteristics of TMT is the basic condition for enterprises to implement high-intensity strategic change.