以雙元組織探討企業財務績效― 北美S&P 500指數上市公司的實證研究

Abstract

本研究探討企業必須平衡其探索能力以及開發能力來達到較佳的競爭優勢，藉由財務績效資料來分析不同產業之間探索能力和企業長期績效的關係。本文使用1998年至2013年北美S&P500六類不同產業的企業資料，並使用系統性一般動差法進行分析(System Generalized Method of Moment, System GMM)。研究結果指出在競爭程度較大的產業，企業的探索能力和長期績效呈現倒U型的關係，說明當企業將資源過度投資於探索能力時，會使長期績效下降，因此本研究建議企業必須平衡投入於探索能力和開發能力的資源，建立雙元組織，以達到較佳的競爭優勢。

This study discuss that firms need to balance exploration and exploitation activities in order to achieve better competitive advantage. This study analyze the relationship between firms’ exploration activities and long-term performance by using different industries’ data. We use North America S&P 500 six different industries’ data from 1998 to 2013 and using System Generalized Method of Moment to analyze. We find in industry which is greeter competition, there is an inverted U-shaped relationship between firms’ exploration activities and long-term performance. This means when firms overinvest resources in exploration activities will decrease long-term performance. As this result, we suggest firms need to balance the investment in exploration and exploitation activities of resources and create ambidextrous organization to achieve better competitive advantage.