Will Top Management Team Members with Intrapersonal Functional Diversity Weaken the Financialization of Entity Enterprises: Test of Listed Companies in Shanghai and Shenzhen Stock Market from 2008 to 2019

WANG Jing; WENG Jie; ZHANG Rui

Volume 37 Issue 1

Jan. 2022

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2022 > 37(1): 96-111

WANG Jing, WENG Jie, ZHANG Rui. Will Top Management Team Members with Intrapersonal Functional Diversity Weaken the Financialization of Entity Enterprises: Test of Listed Companies in Shanghai and Shenzhen Stock Market from 2008 to 2019[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(1): 96-111.

Citation:

WANG Jing, WENG Jie, ZHANG Rui. Will Top Management Team Members with Intrapersonal Functional Diversity Weaken the Financialization of Entity Enterprises: Test of Listed Companies in Shanghai and Shenzhen Stock Market from 2008 to 2019[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(1): 96-111.

Citation:

WANG Jing, WENG Jie, ZHANG Rui. Will Top Management Team Members with Intrapersonal Functional Diversity Weaken the Financialization of Entity Enterprises: Test of Listed Companies in Shanghai and Shenzhen Stock Market from 2008 to 2019[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(1): 96-111.

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Will Top Management Team Members with Intrapersonal Functional Diversity Weaken the Financialization of Entity Enterprises: Test of Listed Companies in Shanghai and Shenzhen Stock Market from 2008 to 2019

School of Management, Zhejiang University of Technology, Hangzhou 310023, China

Received Date: 2021-09-03
Available Online: 2022-02-22
Publish Date: 2022-01-28

Abstract

Abstract

Generalists or specialist, who will have a higher level of financial investment? Based on the resource-based view and social identity theory, taking the listed companies of Shanghai and Shenzhen A-share from 2008 to 2019 as the research sample, this paper analyzes the relationship between intrapersonal functional diversity of top management team and corporate financialization, the role of environment and its function mechanism as well. The results show that intrapersonal functional diversity of top management team has a significant positive correlation with corporate financialization, that is, the generalist top management team with strong cross functional working ability has a higher level of financial investment. This result weakens in state-owned enterprises and is more significant when environmental uncertainty increases. The mechanism test shows that intrapersonal functional diversity of top management team has a positive effect on both speculative and non-speculative financial assets, and has a greater impact on the former, reflecting that generalist top management team has a higher tendency of financial speculation. In state-owned enterprises, the positive impact of intrapersonal functional diversity of top management team on the two types of financial assets is weakened. However, environmental uncertainty enhances the positive impact of intrapersonal functional diversity of top management team on speculative financial assets and has no significant impact on the relationship between intrapersonal functional diversity of top management team and non-speculative financial assets, reflecting that environmental uncertainty will increase the speculative tendency of senior management team members of the generalist. In addition, the generalist effect has an impact on the degree of corporate financialization by enhancing the overconfidence of the senior management team. This paper not only enriches the research on the intrapersonal functional diversity and corporate financialization, but also provides a relevant basis for enterprises and regulators to prevent excessive corporate financialization and dialectically view the role of functional experience.
- top management team,
- members,
- intrapersonal functional diversity,
- corporate financialization,
- environmental uncertainty,
- state-owned ownership,
- out of the real economy

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References(43)

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