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| An Analysis of the Moderating Role of Partner Team Characteristics on the Relationship between Contractual Governance and Firm Growth |
| LIU Lihua，ZHOU Jianbo，ZHENG Shanshui |
| 1.Guangdong University of Finance, Guangzhou, China; 2. Guangzhou Railway Polytechnic, Guangzhou, China |
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Abstract Based on the upper echelons theory and transaction cost theory of new institutional economics, this paper analyzes the moderating role of partner team characteristics in the process of partner team contractual governance affecting firm growth. Through the empirical study of 313 partner teams, the paper finds that the more explicit and comprehensive the partner team contractual governance is, the better the firm’s growth performance is in the firms whose partner team has the characteristics with larger size, or higher heterogeneity ofeducation level, orhigher heterogeneity of functional and industrial experience. For firms with larger size or higher heterogeneity offunction and industrial experience of the partner team, the firm’s growth performance is better when the partner team has the arrangement of majority ownership. However, it is not obvious that the strength of the previous network relationship of the partner team can moderate the effect of the contractual governance, and the heterogeneity of the partner team’s education level can not moderate the effect of the arrangement of majority ownership either.
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Received: 30 August 2020
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