Can Firm Size and Firm Age Moderate Firm Behavioral Momentum?

Abstract

本研究延伸對企業行為及結構慣性影響之探討，並進而釐清企業所展現在行為上的動力如何與其企業規模及年齡相互影響。本研究所探討之模型主要是基於演化及慣性理論，並採用美國122家高科技公司為樣本來驗證其假設，研究結果顯示企業對於其先前行為模式之回應可能牽涉到組織學習及反學習，因為在某些策略層面上（例如：財務槓桿），企業所表現在行為主之動能並無法持續。此外，相異於傳統的信念，企業規模干擾企業行為動能之影響僅顯現在廠房與設備更新層面上；而企業年齡亦僅能在非生產費用及廣告強度等二層面上，對企業行為動能產生干擾之影響。本研究從多層面之角度出發，來探索企業行為動能，以及企業規模及年齡對企業行為動能所產生之干擾影響，並為學界及業界提供進一步相關佐證說明及發現，以補強對相關議題之暸解與探討。

This study extends research on firm behaviors and the influences of structural inertia, clarifying how a firm's behavioral momentum interacts with its size and age. Offering models predominantly based on evolutionary and inertia theories, this study tests hypotheses using data from 122 companies in U.S. high-technology sectors. Results indicate that a firm's response to its prior behaviors may involve organizational learning and unlearning, since firm behavioral momentum does not persist in some strategic dimensions (e.g., financial leverage). Contrary to conventional wisdom, firm size can significantly moderate momentum only on the dimension of plant and equipment (PE) newness, whereas firm age can moderate momentum on the dimensions of non-production overhead and advertising intensity. These findings provide researchers and business practitioners with evidence about firms' responses to their prior behaviors and the significance of firm size and firm age, according to a multi-dimensional perspective.