本研究探討通才型CEO、產品市場競爭威脅與企業策略特殊性之關係，並檢驗產品市場競爭威脅是否具有調節效果。依據高層梯隊理論與一般性人力資本觀點，通才型CEO之跨公司、跨產業及跨職務經驗可能影響企業策略配置；而當產品市場競爭威脅提高時，企業亦可能更需要採取差異化策略以回應競爭者產品供應之變化。本文以1993年至2007年美國上市公司為研究樣本，實證結果顯示，通才型CEO與策略特殊性之關係獲得有限支持；產品市場競爭威脅與策略特殊性亦呈現邊際正向關聯。產品市場競爭威脅則具有正向調節效果，亦即當產品市場競爭威脅越高時，通才型CEO與策略特殊性之關係越趨正向。進一步橫斷面分析顯示，此一正向調節效果在CEO股份基礎薪酬較高之企業及女性CEO樣本中較為明顯。高股份基礎薪酬結果可能表示，當CEO報酬與公司價值連結程度較高時，通才型CEO較有誘因將其跨域經驗轉化為差異化策略；女性CEO樣本之結果則可能反映一定程度之選擇效果，亦即能晉升至CEO職位之女性高階主管，可能已具備較強之管理能力、跨職能協調能力與外部溝通能力，使其通才型經驗在高度競爭威脅下更容易轉化為策略調整能力。

This study examines the relationships among generalist CEOs, product market competition threats, and corporate strategic distinctiveness, with particular attention to the moderating role of product market competition threats. Drawing on upper echelons theory and the general human capital perspective, the study argues that CEOs with broader cross-firm, cross-industry, and cross-functional experience may influence firms’ strategic configurations differently from specialist CEOs. Using 15,622 firm-year observations of U.S. publicly listed companies from 1993 to 2007, the empirical results provide only limited support for a positive direct association between generalist CEOs and strategic distinctiveness. This association becomes statistically insignificant after additional CEO characteristics and governance variables are controlled for. Product market competition threats show a weak positive association with strategic distinctiveness. More importantly, the interaction between generalist CEOs and product market competition threats is positive and statistically significant, indicating that generalist CEOs are more strongly associated with distinctive strategies when competitive threats are higher. Cross-sectional analyses further show that this positive moderating effect is more pronounced among firms with higher equity-based CEO compensation and among firms led by female CEOs.

Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Becker, G. S. (1964). Human capital: A theoretical and empirical analysis, with special reference to education. University of Chicago Press.
Custódio, C., Ferreira, M. A., & Matos, P. (2013). Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics, 108(2), 471–492.
Custódio, C., Ferreira, M. A., & Matos, P. (2019). Do general managerial skills spur innovation? Management Science, 65(2), 459–476.
Chen, X. C., Jones, S., Hasan, M. M., Zhao, R., & Alam, N. (2023). Does strategic deviation influence firms’ use of supplier finance? Journal of International Financial Markets, Institutions and Money, 85, 101787.
Deephouse, D. L. (1999). To be different, or to be the same? It’s a question (and theory) of strategic balance. Strategic Management Journal, 20(2), 147–166.
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160.
Ferreira, D., & Sah, R. K. (2012). Who gets to the top? Generalists versus specialists in managerial organizations. The RAND Journal of Economics, 43(4), 577–601.
Geletkanycz, M. A., & Hambrick, D. C. (1997). The external ties of top executives: Implications for strategic choice and performance. Administrative Science Quarterly, 42(4), 654–681.
Gounopoulos, D., & Pham, H. (2018). Specialist CEOs and IPO survival. Journal of Corporate Finance, 48, 217–243.
Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334–343.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206.
Hoberg, G., Phillips, G., & Prabhala, N. (2014). Product market threats, payouts, and financial flexibility. Journal of Finance, 69(1), 293–324.
Hasan, M. M., & Chen, X. C. (2023). Strategic deviation and idiosyncratic return volatility. Finance Research Letters, 54, 103731.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1–3), 405–440.
Kang, Y., Zhu, D. H., & Zhang, Y. A. (2021). Being extraordinary: How CEOs’ uncommon names explain strategic distinctiveness. Strategic Management Journal, 42(2), 462–488.
Lazear, E. P. (2009). Firm-specific human capital: A skill-weights approach. Journal of Political Economy, 117(5), 914–940.
Li, M., & Patel, P. C. (2019). Jack of all, master of all? CEO generalist experience and firm performance. The Leadership Quarterly, 30(3), 320–334.
Litov, L. P., Moreton, P., & Zenger, T. R. (2012). Corporate strategy, analyst coverage, and the uniqueness paradox. Management Science, 58(10), 1797–1815.
Ma, Z., Wang, R., & Zhou, K. (2021). Generalist CEOs and audit pricing. Auditing: A Journal of Practice & Theory, 40(4), 123–147.
Mishra, D. R. (2014). The dark side of CEO ability: CEO general managerial skills and cost of equity capital. Journal of Corporate Finance, 29, 390–409.
Oehmichen, J., Firk, S., Wolff, M., & Maybuechen, F. (2021). Standing out from the crowd: Dedicated institutional investors and strategy uniqueness. Strategic Management Journal, 42(6), 1083–1108.
Peteraf, M. A. (1993). The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, 14(3), 179–191.
Porter, M. E. (1996). What is strategy? Harvard Business Review, 74(6), 61–78.
Reger, R. K., & Huff, A. S. (1993). Strategic groups: A cognitive perspective. Strategic Management Journal, 14(2), 103–123.
Ranasinghe, D., & Habib, A. (2024). Strategic deviation and investment inefficiency. Australian Journal of Management, 49(4), 531–560.
Tang, J., Crossan, M., & Rowe, W. G. (2011). Dominant CEO, deviant strategy, and extreme performance: The moderating role of a powerful board. Journal of Management Studies, 48(7), 1479–1503.
Wen, W., Qiao, F., & He, Y. (2023). Strategic deviation and corporate green innovation. Finance Research Letters, 54, 103806.
Ye, K., Guan, J. X., & Zhang, B. (2021). Strategic deviation and stock return synchronicity. Journal of Accounting, Auditing & Finance, 36(1), 172–194.
Ye, Z., Shahab, Y., Riaz, Y., & Ntim, C. G. (2023). Strategic deviation and the cost of debt financing. Economic Modelling, 125, 106371.
Zhao, E. Y., Fisher, G., Lounsbury, M., & Miller, D. (2017). Optimal distinctiveness: Broadening the interface between institutional theory and strategic management. Strategic Management Journal, 38(1), 93–113.