The Relationship between Environment Uncertainty and Firm Performance in Chinese listed manufacturing companies : The Mediating Role of Competitive Strategy

The purpose of this research is to investigate the mediating effect of competitive strategy on the relationship between environmental uncertainty and firm performance in Chinese listed manufacturing companies. The data of this research are all derived from the public financial statement of listed companies. The panel data is used to calculate the environmental uncertainty index to detect the environmental uncertainty of the listed company. In addition,the type of employed competitive strategy is evaluated by text analysis from the financial statement of listed companies. Since the data sources of the two variables of competitive strategy and environmental uncertainty are objective data, the dependent variable of this research, the firm performance, also mainly comes from the financial performance shown in the public financial statement. After clarifying the mediating effect of competitive strategy, this research divides the stages of the corporate life cycle of listed companies in Chinese manufacturing companies based on the cash flow pattern. Chosen growth period companies and maturity companies to further investigate the moderation effect of corporate life cycle on the relationship between environment uncertainty and competitive strategy