Managerial ties and firm performance in an emerging economy: Tests of the mediating and moderating effects |
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Authors: | Gang Wang Xu Jiang Chang-Hong Yuan Ya-Qun Yi |
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Institution: | 1. School of Management, Xi’an Jiaotong University, No. 28 Xianning West Road, Xi’an, 710049, China 2. The Key Lab of the Ministry of Education for Process Control & Efficiency Engineering, Xi’an Jiaotong University, No. 28 Xianning West Road, Xi’an, 710049, China
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Abstract: | Although the literature documents the direct effects of managerial ties on firm performance, the empirical results are divergent and inconclusive. To explain these disparities, this study (1) develops and tests a model that establishes the role of external resource acquisition as a salient mediating mechanism through which managers’ business and political ties influence firm performance; and (2) examines the moderating role of environmental turbulence that further explains the impact of managerial ties on resource acquisition (the mediator). Results from a survey of 253 firms in China indicate that resource acquisition plays a partial mediating role in the relationships between the two sub-dimensions of managerial ties and firm performance. Environmental turbulence shows a curvilinear (i.e., inverted U-shaped) moderating effect on the business ties–resource acquisition relationship, whereas it dampens the positive effect of political ties on resource acquisition. Theoretical and managerial implications are discussed. |
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