Organizational slack and firm performance during economic transitions: two studies from an emerging economy
基于中国企业的调查和档案数据，研究了组织冗余对企业绩效的影响，发现未吸收冗余支持组织理论的正向作用，而吸收冗余则支持代理理论的负向作用，且影响呈倒U型曲线。
Abstract An Erratum has been published for this article in Strategic Management Journal 25(3) 2004, 307. How does organizational slack affect firm performance? Organization theory posits that slack, despite its costs, has a positive impact on firm performance. In contrast, agency theory suggests that slack breeds inefficiency and inhibits performance. The empirical evidence, largely from developed economies, has been inconclusive. Moreover, little effort has been made to empirically test whether such an impact (positive or negative) is linear or curvilinear. This article joins the debate by extending empirical work to the largely unexplored context of economic transitions. Specifically, two studies, based on survey and archival data (N = 57 and 1532 firms, respectively), are undertaken in China's emerging economy. Our results suggest (1) that organization theory generates stronger predictions when dealing with unabsorbed slack, and (2) that agency theory yields stronger validity when focusing on absorbed slack. Furthermore, we also find that the impact of slack on performance is curvilinear, which resembles inverse U‐shaped curves. Overall, our findings call for a contingency perspective to specify the nature of slack when discussing its impact on firm performance. Copyright © 2003 John Wiley & Sons, Ltd.