关键词: 创业导向, 战略重心, 高管权力, 高管团队异质性

Abstract: Based on expected value theory, this research presents hypothesis of the impact of entrepreneurial orientation (EO) on the strategic emphasis. Combined with power theory and upper echelons theory, this research explores the marginal value of EO on strategic emphasis. Multi-source and multi-year data set of Listed Companies in biomedical manufacturing industry were constructed. The research conducts multi-level regression model analysis and robustness test to test the hypothesis. The results show that EO can effectively promote the shift of strategic emphasis to value creation; Executive power and TMT age heterogeneity both strengthen the positive relationship between EO and strategic emphasis; At the same time, executive power has a secondary moderating effect, that is, when executive power is high, the positive moderating effect of TMT age heterogeneity on the relationship between EO and strategic emphasis is stronger. This study reveals the internal mechanism and dynamic process of the influence of EO on the formation of strategic emphasis, and provides reference for the application of EO at the firm level and the practice of strategic emphasis decision management.