本研究透過多重個案研究，聚焦台灣三大連鎖藥局──丁丁藥局、大樹藥局與佑全藥局──探討它們在同處於「成熟期」企業生命週期階段下，卻採取不同策略的原因，並進一步歸因於經營團隊特質的影響。首先，以三家藥局的年度營收、門市數、毛利率、淨利率等量化指標，結合管理層結構與年齡等資料，檢驗它們是否均已進入成熟期：結果顯示三家藥局在此期間的營收成長趨緩、毛利率與淨利率穩定，且門市擴張速度放緩。其次，在相仿的市場環境與產業壓力下，三家藥局卻走向完全不同的發展路徑：大樹透過海外布局延續成熟期的成長動能；佑全以併購當地中小型藥局方式進行多角化發展；而諾貝兒則在董事高齡的背景下選擇被外部併購，改採保守經營模式。透過年報與對管理階層的訪談顯示，年長經營團隊往往更傾向風險規避，寧可將公司出售以維持員工與品牌的穩定發展；相對地，年輕決策團隊更願嘗試併購或國際化擴張。此結論與高階經營者理論（Upper Echelons Theory）高度契合：企業策略與績效在很大程度上受到決策者的背景特質（年齡、教育、經歷）影響。在同樣的「成熟期」生命週期階段下，三家藥局因管理團隊異質性而採行迥異策略。本研究不僅擴展了台灣連鎖藥局在企業生命週期框架下的研究觀點，也提醒產業經營者在佈局成熟期策略時，應結合團隊結構及風險承受度；同時對投資人而言，可將本研究結論作為參考依據，觀察管理層年輕化與海外併購布局等訊號。

This study employs a multiple‐case research design to examine why three leading Taiwanese pharmacy chains adopt distinctly different strategic choices despite all operating within the “maturity” stage of the corporate life cycle. By aggregating financial metrics and store‐count data, along with executives’ demographic profiles, we confirm that all three chains exhibit hallmark maturity‐stage characteristics: flattened revenue growth rates, stable gross and net profit margins, and a deceleration in store expansion. Under similar market pressures and industry conditions, however, their responses diverge sharply: Great Tree pursues overseas expansion; We Can Medicines engages in domestic M&A; whereas TinTin Drugstore opts for acquisition by an external investor. Qualitative evidence from annual reports and interviews with key decision‐makers indicates that older leadership teams tend to be risk‐averse and favor divestiture to maintain workforce and brand stability, while younger executives willingly embrace risks inherent in cross‐border expansion or acquisition. This finding is consistent with the Upper Echelons Theory, which posits that organizational strategies and outcomes are substantially influenced by top executives’ backgrounds (e.g., age, education, and experience). In the same maturity life cycle phase, the three chains’ divergent strategies can thus be largely explained by executive heterogeneity. The study not only enriches the understanding of Taiwanese pharmacy chains under a life cycle perspective but also highlights practical implications: managers should align maturity‐stage strategies with their team’s composition and risk profile, and investors should monitor indicators such as leadership age demographics and M&A initiatives to inform decisions.

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