不确定环境中高管团队规模与企业绩效关系的实证研究——基于中国制造业上市公司的证据

An Empirical Study of the Relationship between TMT Size and Firm Performance in the Uncertain Environment:Evidence from the Chinese Listed Companies in the Manufacturing Sector

就高管团队规模对企业绩效的影响进行了理论分析和实证研究。基于中国制造业上市公司实证研究的结果表明,高管团队规模与企业绩效之间存在倒U型曲线关系。团队规模的扩大不仅会提升企业的资源与能力,而且也可能增加团队内部冲突。外部环境不确定性显著影响了高管团队规模与企业绩效之间的关系。

This paper empirically examines the relationship between top management team （TMT） size and firm performance based on the evidence from Chinese listed companies in the manufacturing sector. Our results show that there is an inverse U-shaped curve between TMT size and firm performance. The expansion of TMT scale not only enhances the resources and capabilities of the company, but also increases the conflict in the team. Meanwhile, this study finds that the external environmental uncertainty has significant influence on the relationship between TMT size and firm performance. This research provides useful suggestions of establishing the top management team in the Chinese listed manufacturing companies and future directions in the field of top management team.