摘要：In today’s dynamic economic environment, enterprises must maintain sensitivity and flexibility when responding to the market through continuous strategic change. Anchored in the approach–inhibition theory of power, this study explores the relationship between CEO power and corporate strategic change and examines the moderating effects of company underperformance and product market competition. The study uses data from all A-share listed companies in China during 2006–2017. The results indicate that first, there is an inverted U-shaped relationship between CEO power and corporate strategic change. Appropriate centralization of CEO power helps promote corporate strategic change, whereas excessive centralization hinders strategic change. Second, low underperformance strengthens the inverted U-shaped relationship between CEO power and strategic change. Finally, high product market competition strengthens the inverted U-shaped relationship between CEO power and strategic change.
