高管团队异质性、公司业绩与董事长辞职——基于新三板数据的实证研究

Chairman’s Resignation,Firm Performance,and Top Management Team Heterogeneity:Evidence From the OTC Market Data in China

本文选用2009~2016年新三板公司数据作为研究样本,对高管团队异质性、公司业绩与董事长辞职三者间的关系进行了实证检验。结果显示,公司业绩是董事长辞职与年龄、性别异质性之间的中介变量。高管团队年龄异质性程度越小、性别异质性程度越大,企业业绩越高,董事长辞职的可能性越小。本文进一步对董事长辞职后公司的业绩改善与高管团队异质性的相关性进行了研究,结果表明,高管团队专业背景异质性、行业经历异质性有利于董事长辞职后公司的业绩改善。

Using a sample of companies listed in the new OTC Market in China from 2009 to 2016,we examinethe interrelations among heterogeneity in human capital structure of the top management team,firmperformance,and chairman’s resignation.Our results show that firm performance is a significant mediatingvariable in the relation between chairman’s resignationand heterogeneity in human capital structure of the top management team.Specifically,the lower the age heterogeneity in the top managementteam is,the better the firm performance is;the higher the gender heterogeneity in the topmanagement team is,the better the firm performance is;firm performance is negativelyrelated to chairman’s resignation.We further study theeffect of heterogeneity in human capital structureof the topmanagement team on firm performance after chairman’s resignation,and the results show that the top management team with heterogeneous professional backgrounds and experiences can increase firm performance after chairman’s resignation.