期望差距与创始人离任方式选择：基于中国家族上市公司的分析
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财经研究 2015 年 第 41 卷第 07 期, 页码：
摘要
参考文献
摘要
创始人采取何种方式退出企业，激进式离任还是渐进式退出，这仍是一个没有解决的重要问题。根据前景理论与企业行为理论，文章认为企业所处的期望差距状态将直接影响创始人离任方式的选择。文章基于中国家族上市公司的数据，主要得到以下结论：（1）不同的离任方式所隐含的经营风险存在差异。当企业的实际业绩低于期望水平时，随着期望落差的增加，创始人更有可能采取风险相对较低的渐进式退出方式；而当企业的实际业绩高于期望水平时，随着业绩的不断增加，创始人采取风险相对较高的激进式离任方式的可能性更大。（2）随着业绩的增加，创始人采取激进式离任方式的可能性增大，这种效应在期望顺差状态下比期望落差状态下更强。（3）继任者来源会影响创始人的离任方式，在期望落差状态下，家族外部继任者比内部继任者更有可能导致创始人选择激进式离任。
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[4]赖明勇，包群，彭水军，等.外商直接投资与技术外溢：基于吸收能力的研究[J].经济研究，2005，（8）：95－105.
[5]梁能.跨国经营概论[M].上海：上海人民出版社，1995.
[6]梅琳，贺小刚，李婧.创始人渐进退出还是激进退出?——对创业家族企业的实证分析[J].经济管理，2012，（1）：60－70.
[7]Adams R, Almeida H, Ferreira D. Understanding the relationship between founderCEOs and firm performance[J]. Journal of Empirical Finance, 2009, 16(1): 136-150.
[8]Alcorn P B. Success and survival in the familyowned firm[M]. New York: McGraw Hill, 1982.
[9]Aldrich H, Auster E R. Even dwarfs started small: Liabilities of age and size and their strategic implications[J]. Research in Organizational Behavior, 1986, 8(4): 165-186.
[10]Argote L, Greve H R. A behavioral theory of the firm40 years and counting: Introduction and impact[J]. Organization Science, 2007, 18(3): 337-349.
[11]Audia P G, Greve H R. Less likely to fail: Low performance, firm size, and factory expansion in the shipbuilding industry[J]. Management Science, 2006, 52(1): 83-94.
[12]Barreto I. A behavioral theory of market expansion based on the opportunity prospects rule[J]. Organization Science, 2012, 23(4): 1008-1023.
[13]Birley S. The role of networks in the entrepreneurial process[J]. Journal of Business Venturing, 1986, 1(1): 107-117.
[14]Bromiley P. Testing a causal model of corporate risk taking and performance[J]. Academy of Management Journal, 1991, 34(1): 37-59.
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[17]Cyert R M, March J G. A behavioral theory of the firm[M]. Englewood Cliffs：PrenticeHall, 1963.
[18]D’Aveni R A. The aftermath of organizational decline: A longitudinal study of the strategic and managerial characteristics of declining firms[J]. Academy of Management Journal, 1989, 32(3): 577-605.
[19]Fahlenbrach R. FounderCEOs, investment decisions, and stock market performance[J]. Journal of Financial and Quantitative Analysis, 2009, 44(2): 439-466.
[20]Fleming L, Bromiley P. A prospect theory model of R&D allocation and invention[R]. Working Paper, Harvard Business School, 2003.
[21]GomezMejia L R, Cruz C, Berrone P, et al. The bind that ties: Socioemotional wealth preservation in family firms[J]. Academy of Management Annals, 2011, 5(1): 653-707.
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[25]Kahneman D, Tversky A. Prospect theory: An analysis of decision under risk[J]. Econometrica, 1979, 47(2): 263-291.
[26]Penrose E T. The theory of the growth of the firm[M]. Oxford:Oxford University Press,1959.
[27]Poza E. Family business[M].Cengage Learning, 2009.
[28]Redding S G. The spirit of Chinese capitalism[M]. New York：Walter de Gruyter, 1990.
[29]Schneider S L. Framing and conflict: Aspiration level contingency, the status quo, and current theories of risky choice[J]. Journal of Experimental Psychology: Learning, Memory, and Cognition, 1992, 18(5): 1040-1057.
[30]Shinkle G A. Organizational aspirations, reference points, and goals building on the past and aiming for the future[J]. Journal of Management, 2012, 38(1): 415-455.
[31]Simon H A. A behavioral model of rational choice[J]. Quarterly Journal of Economics, 1955，69(1):99-118.
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[35]Ward J L. Perpetuating the family business: 50 lessons learned from long lasting, successful families in business[M]. Palgrave Macmillan, 2004.
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吕斐斐, 贺小刚, 葛 菲. 期望差距与创始人离任方式选择：基于中国家族上市公司的分析[J]. 财经研究, 2015, 41(7): 0.
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