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首页> 外文期刊>Journal of Business Research >Is the restructuring-performance relationship moderated by the economic cycle and the institutional environment for corporate governance?
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Is the restructuring-performance relationship moderated by the economic cycle and the institutional environment for corporate governance?

机译：是经济周期和企业治理的制度环境调整的重组 - 绩效关系吗？

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摘要

This study analyses the effect that the institutional environment for corporate governance and the economic cycle have on the relationship between the business portfolio restructuring (BPR) strategy and corporate performance. For this purpose, we use institutional theory, incorporating the notion of organizational slack to highlight the differences in firm performance between institutional settings along the different phases of economic cycle. We found that market-oriented corporate governance systems generate, during a period of economic growth, a smaller positive effect of each particular BPR movement on company performance, compared to network-oriented systems. Additionally, market-oriented corporate governance systems contribute to counteract part of the negative effect of the economic crisis. In contrast, network-oriented corporate governance systems are not able to avoid the potentially negative effect of an economic crisis on this relationship, amplifying the negative effect of the economic crisis on performance. We use data from 15 European countries for the period 1998-2015.
机译：本研究分析了公司治理的制度环境和经济周期对业务组合重组（BPR）战略和企业绩效之间关系的影响。为此目的，我们使用制度理论，纳入组织松弛的概念，以突出经济周期不同阶段的制度环境之间的坚定性能的差异。我们发现，与网络导向的系统相比，市场导向的企业治理系统在经济增长期间产生了较小的公司性能对公司性能的积极影响。此外，以市场为导向的公司治理系统有助于抵消经济危机的一部分负面影响。相比之下，面向网络的公司治理系统无法避免对这种关系的经济危机的潜在负面影响，放大了经济危机对业绩的负面影响。我们在1998 - 2015年期间使用15个欧洲国家的数据。

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