請用此 Handle URI 來引用此文件: http://hdl.handle.net/11455/20817
標題: 以行為理論分析企業外部興業投資決策
Towards A Behavioral Theory of External Corporate Venturing Investment
作者: 廖宜慶
Liaw, Yi-Ching
關鍵字: 外部興業投資
external corporate venturing investment
行為理論
問題導向搜尋
餘裕導向搜尋
behavioral theory of the firm
problem-driven search behaviors
slack-driven search behaviors
出版社: 企業管理學系所
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摘要: In a rapidly changing world, shrinking product and business life cycles are putting enormous competitive pressure on managers. To ensure future business growth and profits, it is crucial that firms continuously renew their capabilities to seize new external opportunities as they arise. However, when conducting capabilities renewal, companies are frequently constrained by existing operational routines, styles of thinking and dominant logic, increasing employee reluctance with regard to business initiatives involving innovation or strategic change. To mitigate the rigidities of internal competencies, organizations often regard external corporate venturing investment as an effective mechanism for utilizing external resources and vitalizing organizational capabilities. By obtaining some degree of ownership from external entrepreneurial ventures, business entities can establish external links with other ventures while building and leveraging their competencies, further facilitating the upgrading of existing competencies and operational routines, and increasing their adaptability to environmental shifts. Nevertheless, the process of external corporate venturing investment frequently involves high risk and uncertainty. Judgment or interpretation of these uncertainties is, in turn, strongly influenced by managerial behavioral models. Numerous studies have argued that, in decision-making, managers are strongly influenced by their own cognitive biases, not only affecting strategic choices, but also increasing the likelihood of incorrect decisions and even significant losses. This study thus employs the “Behavioral Theory of the Firm” to explore the relationship between behavioral factors and corporate venturing investment. This investigation also examines the influence of context factors on this relationship, and develops an integrated research framework to highlight the behavioral factors that may influence the decision to engage in CV investment. To fulfill the above objectives, this work focused on Taiwanese high-tech firms during 1997-2006 to investigate the behavioral factors influencing corporate venturing investment. First, the results of this empirical study demonstrate that firms become increasingly involved in corporate venturing investments when their performance fails to meet historical aspirations (i.e., when compared with past performance) or when they hold unabsorbed slack. Second, when firm performance fails to meet social aspiration (i.e., when compared with the reference group), the company also significantly increases its engagement in related corporate venturing investment. Environmental dynamism also positively moderates relationships between problem-driven search behaviors and related corporate venturing investment. Finally, unabsorbed slack positively impacts unrelated corporate venturing investment. However, the results indicate that environmental dynamism and organizational competence negatively moderate the relationship between slack-driven search behaviors and unrelated corporate investment. Based on the results of this study, we believe that, when making corporate investments decisions, managers should more heavily emphasize how behavioral factors influence such external investments, rather than focusing purely on economic considerations. We also recommend that corporate managers consider various factors when formulating investment strategies, including environmental issues, resource endowment, search behaviors and the type of corporate venturing investments (i.e., related or unrelated), to ensure an integrative decision-making process.
在劇烈變動的環境中,產品與商業的生命週期不斷受到壓縮,對於企業經營造成龐大的競爭壓力。為了確保未來的成長與獲利,組織必須隨時進行能力的更新,藉以掌握新興的外部機會。然而在企業更新能力的過程中,卻往往受限於過去的營運例規與優勢邏輯,使員工抗拒任何創新與變革活動的推行。為了克服內部能力的僵固性,此時外部興業投資常被組織視為一個有效導入外部資源與活化能力的方式。企業可以透過入股其他公司的方式與外部事業建立連結,進而達到能耐的建構與延伸,使組織更新現有的能力與營運例規,強化對環境的適應能力。 然而在外部興業投資的過程中,往往涉及了高度的不確定性與風險。這些不確定性的研判與解讀,深受組織與管理者個人的行為模式所影響。許多研究也發現管理者在制訂決策時,也深受己身的認知偏誤所影響,同時認知偏誤不僅影響決策者對於策略的選擇,也提高錯誤決策的可能性,甚至造成嚴重的損失。因此本研究嘗試由企業行為理論的觀點出發,試圖釐清行為面要素與興業投資之間的關連性,同時檢視這樣的關係是將受到脈絡因子所影響,進而建構一個整合性的架構,釐清影響組織從事興業投資的行為面要素。 本研究選擇以1997-2006年台灣所有上市上櫃的科技公司作為研究樣本,探討影響興業投資的行為面要素。首先實證結果顯示當企業的績效低於歷史預期與持有未吸收組織餘裕時,將提升組織對於興業投資活動的投入。其次當企業的營運績效低於社會預期,能顯著提升企業對於相關性興業投資活動的投入,此時環境動態性也對問題導向搜尋與相關性興業投資產生正向的干擾作用。最後當企業持有未吸收組織餘裕時,將能有效提升企業對非相關性興業投資的投入,然而這樣的關係卻將因為環境動態性與組織能耐而減弱。 根據實證結果,本研究認為在制訂興業投資的決策過程中,管理者應該跳脫單純經濟利益的考量,正視行為面因子對於外部興業投資決策的影響。同時在管理者擬定興業投資決策的過程中,亦應該同時將環境、資源、搜尋行為與興業投資型態等要素列入考量,以整體性的觀點進行決策的思考。
URI: http://hdl.handle.net/11455/20817
其他識別: U0005-0507200921345000
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-0507200921345000
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