Exploring the Mechanism of the Impact of Enterprise Competitive Strategy on Total Factor Productivity:An Empirical Test Based on the Theory of Enterprise Life Cycle
The choice of competitive strategy for enterprises affects total factor productivity and varies depending on the stage of the enterprise's lifecycle.On the basis of constructing relevant research models based on the theories of enterprise lifecycle and competitive strategy,the author uses effective data from Chinese A-share listed companies in Shanghai and Shenzhen from 2009 to 2021 as the research sample,and uses fixed effects model,Tobit model,and instrumental variable method to empirically test the specific impact of enterprise competitive strategy on total factor productivity during the growth,maturity,and decline stages of enterprise lifecycle from differentiation strategy to cost leadership strategy.The test results confirm that in the correlation between corporate competitive strategy and total factor productivity,corporate differentiation strategy is positively correlated with total factor productivity,and corporate cost leadership strategy is negatively correlated with total factor productivity;The impact of differentiation strategy and cost leadership strategy on total factor productivity of enterprises varies at different stages of their lifecycle;Further empirical testing of sample grouping confirms that the heterogeneity of the impact of corporate competitive strategy on total factor productivity exists in groups such as technological level,internal control quality,economic policy uncertainty in the province,and degree of marketization.This study is based on empirical testing of the theory of enterprise lifecycle,exploring the mechanism of the impact of enterprise competitive strategy on total factor productivity,expanding the boundaries of research on the relationship between enterprise competitive strategy and total factor productivity,enriching existing literature on enterprise lifecycle theory,enterprise competitive strategy theory,and total factor productivity theory.The research conclusions help provide theoretical basis for enterprises to improve total factor productivity by selecting different competitive strategies at different stages of their lifecycle.
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