The Research on the Relationship of Top Managerial Social Capital、Resource Acquisition and Strategic Decision Quality
|School||Southwestern University of Finance and Economics|
|Keywords||Top Manager Social Capital Resource Acquisition Strategic Decision Quality|
With the increase of enterprises competition, the fast changing of competition environment, the strategic decision is related to the future development of an enterprise, it even determines the survival of an enterprise. The past enterprises competition often stayed in price, products, market strategy, etc., but now the competition among enterprises is more about the strategy. In the highly complicated and changeable market environment, those enterprises who can make better strategic decision often obtains the superiority status in the competition more easily. The strategic decision quality will affect the performance and long-term development of an enterprise. If the strategic decision is correct, it could help an enterprise develop to the right direction, then enhance the competence and the ability to adapt to the environment, so as to achieve better performance, conversely, if the strategic decision is wrong, it is possible to make the enterprise suffering from huge losses, even bankruptcy. So, in the highly changing and highly intensified market environment today, how to make correct strategic decisions,how to improve the strategic decision quality is an important and urgent problem that top managers are facing.From the strategic decision process theory, strategic cognition and decision process of strategic decision makers can influence the strategic decision quality, and from the social capital theory, social capital can promote the actors to obtain valuable information, knowledge or other resources. Top manager is the strategic decision makers in an enterprise, in the current resource market competition, top managerial social capital will undoubtedly provide more knowledge resources, information resources and capital resources when making the strategic decision. So what is the relationship between top managerial social capital and the enterprise strategic decision quality? How can top managerial social capital improve the strategic decision quality? How should enterprise’s top managers manage the various social relations, in order to obtain more social capital, so as to improve the enterprise’s strategic decision quality? These are all the problems which the paper attempts to study and discuss.The past researches on social capital most focused on entrepreneur individual social capital, and the relationship between it and performance. Only a few scholars studied top managerial social capital. Also, there were few studies on the relationship between top managerial social capital and the strategic decision. This paper is based on the social capital theory, resource-based theory and strategic decision theory, trying to build the relation model between top managerial social capital and the strategic decision quality, also trying to discuss the mediation of the resource acquisition.During the period of economic transformation in China, this research can be a compensation for upper echelons theory and strategic decision-making process theory in some degree.At the same time, it can help to provide certain references for Chinese enterprises and top managers with constructing and operating their social relations, so as to improve the strategic decision quality.The paper is divided into6chapters. The1chapter is the Introduction. The2chapter is the Literature Review and the Theoretical Basis. The3chapter is the Theoretical Framework and Model. The4chapter is the Questionnaire Design and Preliminary Investigation. The5chapter is the Empirical Research.The6chapter is the Conclusion and Advice.Through the analysis of this study, we obtained the following conclusions:(1)Top managerial social capital has significant positive influence on the strategic decision quality(2) Considering the role of resource acquisition, top managerial social capital has significant positive influence on the strategic decision quality; and resource acquisition has significant positive influence on strategic decision quality. Therefore, resource acquisition plays a mediating role between the top managerial social capital and strategic decision quality.At the same time, this paper put forward references for enterprises and the top managers in our country.(1)To establish external social networks actively.(2)To improve the trust with external stakeholders.(3)To improve the internal management, to strengthen the resource acquisition, absorption ability and learning ability of top management team.In this study, there are three innovations:(1) Analyzing how the top managerial social capital promotes the strategic decision quality, which is helpful to deepen the area of research, to provide a new perspective on this study.(2) Expanding the research angle from the entrepreneurs to top managers, broking the limitation of past research which was simply studding the entrepreneur individual, which helps to broaden the enterprise social capital research field.(3) Choosing resource acquisition as the intermediate variable between the top managerial social capital and the strategic decision quality, confirming that resource acquisition plays intermediate role through the empirical study.