愈多資源愈有利成長？環境不確定性的調節效果

Are More Resources Better for Growth? The Moderating Effect of Environmental Uncertainty

10.29698/FJMR.200905.0004

曾真真(Jen-Jen Tseng)

企業成長 ； 資源累積 ； 不確定性 ； 剩餘資源 ； firm growth ； resources accumulation ； environmental uncertainty ； slack resources

輔仁管理評論

16卷2期（2009 / 05 / 01）

77 - 98

繁體中文

依據資源基礎觀點，企業成長被視爲所擁有之資源與環境彼此交互作用下所產生的結果，惟過去文獻往往忽略環境動態對資源累積的影響，因此本研究乃將焦點置於環境不確定性對企業資源與成長關係之影響。本研究從台灣上市（櫃）的電子資訊業中，按選樣標準篩選出660家以製造爲主的公司作爲樣本，採OLS迴歸檢驗環境不確定性與資源對企業成長的調節效果，研究結果發現無形資源與企業成長呈正向關係；此外，環境不確定性對有形資源－企業成長間呈負向調節效果；而對無形資源與企業成長間存在正向的調節效果。

According to resource-based view, firm growth can be regarded as a dynamic process of management interacting with resources and environment. However, prior literature does not typically analyze the influence of a firm's accumulated resources on its growth in the dynamic environment. Therefore, this paper will explore the relationship between firm resources and firm growth, and the interactive effect of environmental uncertainty will be considered. This paper adopts a firm-level data for 660 publicly traded electronics firms, and uses OLS regression model to examine the interactive effect of environmental uncertainty and firms' resources on their growth. The results of this paper show that there is a positive relationship between intangible resources and firms' growth. In addition, this paper also found that environmental uncertainty will negative moderate the relationship between physical resources and firms' growth, and positive moderate the relationship between intangible resources and firms' growth.

1. 尤隨樺(2006)。產品多樣化、不確定性與製造績效：晶圓代工廠之實地實證研究。會計評論，42，55-79。
   連結：
2. 王曉雯、王泰昌、吳明政(2008)。企業經營型態與研發活動績效。管理學報，25(2)，173-193。
   連結：
3. 周齊武、杜榮瑞、陳慧玲(2005)。環境不確定性、預算制度特徵與公司績效。管理學報，22(4)，549-567。
   連結：
4. 劉正田、林修葳、金成隆(2005)。創新價值鏈之路徑分析：企業研發投資成效之實證研究。管理評論，24(4)，29-56。
   連結：
5. Anand, J.,T. Khanna(2000).Do Firms Learn to Create Value? The Case of Alliance.Strategic Management Journal,21(3),295-315.
6. Argyris, N.(1996).Evidence on the Role of Firm Capabilities in Vertical Integration Decisions.Strategic Management Journal,17(2),129-150.
7. Audretsch, D. B.(1995).Innovation, Growth and Survival.International Journal of Industrial Organization,13(4),441-457.
8. Barney, J.(1991).Firm Resources and Sustained Competitive Advantage.Journal of Management,17(1),99-120.
9. Berry, H.,M. Sakakibara(2008).Resource Accumulation and Overseas Expansion by Japanese Multinationals.Journal of Economic Behavior and Organization,65(2),277-302.
10. Resource Development and Organization Task Environments
11. Capron, L.,N. Pistre(2002).When Do Acquirers Earn Abnormal Returns?.Strategic Management Journal,23(9),781-794.
12. Coad, A.(2007).Firm Growth: A Survey.papers on Econonmics and Evolution, Max Planck Institute of Economics, Evolutionary Economics Group.
13. Cohen, W. M.,D. Levinthal(1990).Absorptive Capacity: A New Perspective on Learning and Innovation.Administrative Science Quarterly,35(1),128-152.
14. Daft, R. A.(2001).Organization Theory and Design.Ohio:South-Western College.
15. Daniel, F.,Lohrke, F. T.,Fornaciari, C. J.,R. Turner(2004).Slack Resources and Firm Performance: A Meta-Analysis.Journal of Business Research,57(6),565-574.
16. Das, S.(1995).Size, Age, and Firm Growth in an Infant Industry: the Computer Hardware Industry in India.International Journal of Industrial Organization,13(1),111-126.
17. Dierickx, I.,K. Cool(1989).Asset Stock Accumulation and Sustainability of Competitive Advantage.Management Science,35(12),1504-1514.
18. Dunne, P.,A. Hughes(1994).Age, Size, Growth and Survival: UK Companies in the 1980s.Journal of Industrial Economics,42(2),115-140.
19. Fiegenbaum, A.,H. Thomas(1988).Attitudes toward Risk and Risk- Return Paradox: Prospect Theory Explanations.Academy of Management Journal,31(1),85-106.
20. Foss, K.,N. J. Foss(2005).Resources and Transaction Costs: How Property Rights Economics Furthers the Resource-based View.Strategic Management Journal,26(6),541-553.
21. Fuentelsaz, L.,Gomez, J.,Y. Polo(2002).Followers' Entry Timing: Evidence from the Spanish Banking Sector after Deregulation.Strategic Management Journal,23(3),245-264.
22. Geringer, J.,Tallman, S.,D. Olsen(2000).Product and International Diversification among Japanese Multinational Firms.Strategic Management Journal,21(1),51-80.
23. Geroski, P. A.(2005).Understanding the Implications of Empirical Work on Corporate Growth Rates.Managerial and Decision Economics,26(2),129-138.
24. Grant, R. M.(1991).The Resources-Based Theory of Competitive Advantage.California Management Review,33(3),114-135.
25. Guiso, L.,G. Parigi(1999).Investment and Demand Uncertainty.The Quarterly Journal of Economics,114(1),185-227.
26. Hamilton, L. C.(1992).Regression with Graphics: A Second Course in Applied Statistics.CA:Duxbury Press.
27. Hannan, M.,J. Freeman(1984).Structural Inertia and Organizational Change.American Sociological Review,49(2),149-169.
28. Hayward, M. A.(2002).When do Firms Learn from their Acquisition Experience? Evidence from 1990-1995.Strategic Management Journal,23(1),21-39.
29. Hayward, M. L. A.,K. Shimizu(2006).De-commitment to Losing Strategic Action: Evidence from the Divestiture of Poorly Performing Acquisitions.Strategic Management Journal,27(6),541-557.
30. Ho, Y. K.,Tjahjapranata, M.,C. M. Yap(2006).Size, Leverage, Concentration, and R&D Investment in Generating Growth Opportunities.The Journal of Business,79(2),851-876.
31. Honjo, Y.,N. Harada(2006).SME Policy, Financial Structure and Firm Growth: Evidence from Japan.Small Business Economics,27(5),289-300.
32. Hoskisson, R. E.,Hitt, M. A.,Wan, W. P.,D. Yiu(1999).Theory and Research in Strategic Management: Swings of a Pendulum.Journal of Management,25(3),417-456.
33. Hoskisson, R. E.,M. A. Hitt(1990).Antecedents and Performance Outcomes of Diversification: A Review and Critique of Theoretical Perspectives.Journal of Management,16(2),461-509.
34. Joaquin, D. C.,N. Khanna(2001).Investment Timing Decisions under Threat of Potential Competition: Why Firm Size Matters.Quarterly Review of Economics and Finance,41(1),1-17.
35. Leiblein, M. J.,D. J. Miller(2003).An Empirical Examination of Transaction and Firm-Level Influences on the Vertical Boundaries of the Firm.Strategic Management Journal,24(9),839-859.
36. Lev, B.,T. Sougiannis(1996).The Capitalization, Amortization, and Value-Relevance of R&D.Journal of Accounting Economics,21(1),107-138.
37. Luo, Y.(2002).Product Diversification in International Joint Ventures: Performance Implications in an Emerging Market.Strategic Management Journal,23(1),1-20.
38. McGrath, R.(2001).Exploratory Learning, Innovation Capacity, and Managerial Oversight.Academy of Management Journal,44(1),118-131.
39. Mishina, Y.,Pollock, T. G.,J. F. Porac(2004).Are More Resources Always Better for Growth? Resource Stickiness in Market and Product Expansion.Strategic Management Journal,25(12),1179-1197.
40. Nelson, R. R.,S. G. Winter(1982).An Evolutionary Theory of Economic Change.Cambridge, Mass.:Belknap Press of Harvard University Press.
41. O''Brien, J. P.,Folta, T. B.,D. R. Johnson(2003).A Real Options Perspective on Entrepreneurial Entry in the Face of Uncertainty.Managerial and Decision Economics,24(8),515-533.
42. Oliveira, B.,A. Fortunato(2006).Firm Growth and Liquidity Constraints: A Dynamic Analysis.Small Business Economics,27(2),139-156.
43. Penrose, E. T.(1959).The Theory of the Growth of the Firm.Oxford:Oxford University Press.
44. Peteraf, M. A.(1993).The Cornerstones of Competitive Advantage: A Resource-Based View.Strategic Management Journal,14(3),179-191.
45. Pettus, M. L.(1993).The Resource-Based View as a Developmental Growth Process: Evidence from the Deregulated Trucking Industry.Academy of Management Journal,14(3),179-191.
46. A Theory of Change in Turbulent Environments: The Sequencing of Dynamic Capabilities Following Industry Deregulation
47. Prahalad, C.,G. Hamel(1990).The Core Competence of the Corporation.Harvard Business Review,68(3),79-93.
48. Priem, R. L.,J. E. Butler(2001).Tautology in the Resource-Based View and the Implications of Externally Determined Resource Value: Further Comments.Academy of Management Review,26(1),57-66.
49. Robins, J.,M. F. Wiersema(1995).A Resource-Based Approach to the Multi-Business Firm: Empirical Analysis of Portfolio Inter-Relationships and Corporate Financial Performance.Strategic Management Journal,16(4),277-299.
50. Rugman, A. M.,A. Verbeke(2002).Edith Penrose's Contribution to the Resource-Based View of Strategic Management.Strategic Management Journal,23(8),769-780.
51. Seth, A,Song, K. P.,R. R. Pettit(2002).Value Creation and Destruction in Cross-Border Acquisitions: An Empirical Analysis of Foreign Acquisitions of U.S. Firms.Strategic Management Journal,23(10),921-940.
52. Shane, S.,S. Venkataraman(2000).The Promise of Entrepreneurship as a Field of Research.Academy of Management Review,25(1),217-226.
53. Singh, K.,W. Mitchell(2005).Growth Dynamics: The Bidirectional Relationship between Interfirm Collaboration and Business Sales in Entrant and Incumbent Alliances.Strategic Management Journal,26(6),497-521.
54. Steen, J. T.,P. W. Liesch(2007).A Note on Penrosean Growth, Resource Bundles and the Uppsala Model of Internationalisation.Management International Review,47(2),193-206.
55. Tan, D.,J. T. Mahoney(2007).The Dynamics of Japanese Firm Growth in U.S. Industries: The Penrose Effect.Management International Review,47(2),259-279.
56. Teece, D. J.,Pisano, G.,A. Shuen(1997).Dynamic Capabilities and Strategic Management.Strategic Management Journal,19(7),509-533.
57. Voss, G. B.,Sirdeshmukh, D.,Z. G. Voss(2008).The Effects of Slack Resources and Environmental Threat on Product Exploration and Exploitation.Academy of Management Journal,51(1),147-164.
58. Wernerfelt, B.(1984).A Resource-Based View of the Firm.Strategic Management Journal,5(2),171-180.
59. 郭敏華(2004)。財務報表分析。台北:智勝書局。
60. 溫福星(2001)。政治大學企管所未出版博士論文。

1. 曾曉萍、曾真真(2013)。破產公司對存活公司的影響：經濟衰退時期的正向競爭效應。組織與管理，6(1)，93-120。