管理者短视主义会影响组织韧性吗？

于阳¹，范黎波¹，于心悦²

（1. 对外经济贸易大学 国际商学院，北京 100105；

2. 北京第二外国语学院 商学院，北京 100024）

摘要：在全球经济不确定性日益加剧的背景下，组织韧性逐渐成为企业应对风险和实现高质量发展的关键。但在这种高度紧张的环境中，管理者容易表现出短视主义，忽视企业的长期发展和价值，进而削弱组织韧性。基于时间导向理论和高层梯队理论，以2010—2022年中国A股上市公司为研究对象，实证检验了管理者短视主义对组织韧性的影响及其关系的内在机制。研究结果发现，管理者短视主义对组织韧性具有负向影响。该结果在经过倾向得分匹配法、工具变量法、样本剔除法和替换被解释变量测度方式后依然保持稳健。机制分析结果发现，管理者短视主义通过减少企业的流动资金和增加负债，降低了企业的财务柔性，进而削弱了组织韧性。此外，公司治理水平的提升会缓解管理者短视主义对组织韧性的负向影响。具有高水平透明度和有效监督机制的企业能够抑制管理者短视主义，从而保护企业的长期利益并增强其组织韧性。异质性分析结果发现，管理者短视主义对组织韧性的负向影响在利润导向企业、劳动密集型企业和未经四大审计的企业中更为明显。研究结论有利于促进时间导向理论与高层梯队理论的融合，从时间导向视角出发，丰富了组织韧性的影响因素研究。

关键词：管理者短视主义；组织韧性；时间导向；财务柔性；公司治理

作者简介：于阳，对外经济贸易大学国际商学院博士研究生，通信作者；范黎波，对外经济贸易大学国际商学院教授、博士生导师；于心悦，北京第二外国语学院商学院讲师。

引用格式：于阳,范黎波,于心悦.管理者短视主义会影响组织韧性吗?[J].首都经济贸易大学学报,2026,28(1):88-101.

Does Managerial Myopia Affect Organizational Resilience?

YU Yang¹, FAN Libo¹, YU Xinyue²

(1. University of International Business and Economics, Beijing 100105;

2. Beijing International Studies University, Beijing 100024)

Abstract: In recent years, global economic uncertainty and volatility have been increasing, while geopolitical conflicts have intensified market turmoil, presenting challenges to enterprises. Under the immense pressure and high uncertainty from both internal and external environments, managers are more likely to have managerial myopia, focusing excessively on short-term gains while neglecting the long-term development and value of the company. This short-term focus contradicts the survival goals of the enterprise, as the key objective is to navigate economic cycles and achieve long-term prosperity amidst adversity and crises, which is also a hallmark of organizational resilience. However, managerial myopia may undermine organizational resilience, leading companies to decline under the dual pressures of external crises and internal changes, and in some cases, to fail.

This study, based on time orientation theory and upper echelons theory, empirically examines the impact of managerial myopia on organizational resilience and its underlying mechanisms, using data from Chinese A-share listed companies from 2010 to 2022. The results show a significant negative correlation between managerial myopia and organizational resilience. This finding remains robust after propensity score matching, instrumental variable methods, and sample exclusion methods. Mechanism tests reveal that financial flexibility partially mediates the negative impact of managerial myopia on organizational resilience. Specifically, managerial myopia reduces corporate financial flexibility by decreasing liquidity and increasing debt, thereby weakening organizational resilience. Furthermore, improvements in corporate governance can mitigate the negative effects of managerial myopia on organizational resilience. The heterogeneity analysis reveals that the negative impact of managerial myopia on organizational resilience is more pronounced in profit-oriented companies, labor-intensive firms, and those not audited by the Big Four.

This study may contribute to the following theoretical advancements. First, this study, using a large dataset, empirically confirms the significant negative relationship between managerial myopia and organizational resilience, deepening existing literature's understanding of the relationship between “executive characteristics and organizational capabilities” and extending research on the consequences of managerial myopia. Second, to explore the mechanism through which managerial myopia affects organizational resilience, this study investigates how financial flexibility shapes this relationship, revealing the damage that managerial myopia can cause to a firm's financial system and broadening research on factors influencing organizational resilience. Lastly, by introducing corporate governance as a factor, this study enhances the understanding of the boundary conditions between “executive psychological traits and organizational resilience”, considering the effects of both organizational and individual factors on organizational resilience. This perspective helps better understand the complexity of overall corporate behavior and offers new paths for building organizational resilience.

Keywords: managerial myopia; organizational resilience; time orientation; financial flexibility; corporate governance

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