Managerial Time Orientation, Corporate Resource Allocation, and Firm Resilience

Facing the intricate external environment, comprehensively improving the risk-resistant ability of Chinese enterprises and creating resilient enterprises are important requirements for the high-quality development of China's economy and society in the new era. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2022, this study uses a fixed-effect model to evaluate the impact of managers' time orientation on firm resilience. The results show that managerial myopia hinders the growth of firm resilience, while managerial forward-looking promotes the growth of firm resilience. This effect primarily arises from the disparity in enterprise resource allocation stemming from managers' time characteristics. In addition, when considering enterprises' heterogeneity, we find that managers of non-state-owned, poorly financed firms are more inclined to myopia behavior, whereas the facilitating effect of managerial forward-looking on firm resilience is more pronounced in state-owned, highly financed firms. Enhancing enterprise resilience in the face of adverse events contributes to enhancing business performance. This study provides reliable empirical evidence and valuable policy insights for building resilient enterprises to realize high-quality economic and social development.