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經理人外部連結對新興產業內公司之表現影響
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7. Conclusions
This paper reveals how managers’ ties to other organizations affect firm performance in
an emerging industry, namely the cell-phone service industry. Specifically, this paper focuses
on the external ties that top managers accumulated through previous employment. In
particular, this paper proposes that the more external ties managers have, the more the
managers’ intra-industry experience increases firm performance in the focal industry.
However, this positive moderating effect of managers’ external ties would decrease with
industry age.
The empirical findings obtained by analyzing the information of 41 cell-phone service
firms from 1983 to 1998 suggest the following. The greater the number of managers’ ties to
intra-industry competitors and an industry association, the more the managers’ intra-industry
experience increases firm subscribers. However, the previous positive moderating effect of
managers’ ties to the intra-industry association decreased significantly as the focal industry
Graph 1 The Marginal Increase in Firm Subscribers with a One-Year Increase in a
TMT’s Intra-Industry Experience While Holding the Number of a TMT’s Ties
to Cellular Competitors at Difference Value
Marginal Increase in Subscribers
Increase in the Intra-Industry Experience of a TMT
N. of ties to cellular competitors = 0
N. of ties to cellular competitors = 3
N. of ties to cellular competitors = 6
0
3
6
15
10
5
0