Now the top management team and managerial discretion play an important role in driving the firms’development.This paper built a theoretical model to explore the effect of top management team heterogeneity on firm pe...Now the top management team and managerial discretion play an important role in driving the firms’development.This paper built a theoretical model to explore the effect of top management team heterogeneity on firm performance,and analyze the moderating role of managerial discretion.Based on the data of 167 listed firms from Shanghai Stock Exchange in 2019,this paper constructs a multiple regression model and tested the hypothesis.The empirical results show that gender heterogeneity,tenure heterogeneity and education level heterogeneity have a negative effect on firms performance.At the same time managerial discretion can partially moderates the relationship between the heterogeneity of top management team and firm performance,in which capital intensity and the firm size play a negative moderating role,and duality play a positive moderating role.According to the research results,this paper also puts forward corresponding suggestions to improve the firm performance.展开更多
Drawing upon the knowledge-based view and team learning,we investigated how heterogeneity in top man agement teams(TMTs)in China in flue nces global expansi on strategies.Using panel data from Chinese listed firms fro...Drawing upon the knowledge-based view and team learning,we investigated how heterogeneity in top man agement teams(TMTs)in China in flue nces global expansi on strategies.Using panel data from Chinese listed firms from 2008 to 2014,we found that TMT functional background heterogeneity could positively affect firms'commitment to outward foreign direct investment(OFDI),as the diversification of TMT members can enrich the team's knowledge,facilitate efficient team learning,and enhance the decision-making capacity on overseas expansi on.However,tenure heterogeneity may hinder knowledge acquisition and team learning among TMT members,hence undermining firms/OFDI commitment.展开更多
基金This work was supported by MOE(Ministry of Education in China)Project of Humanities and Social Sciences(No.20YJC630022)Shandong Province Natural Science Foundation(No.ZR2017MG033)Fundamental Research Funds for the Central Universities(No.HIT.HSS.201875).
文摘Now the top management team and managerial discretion play an important role in driving the firms’development.This paper built a theoretical model to explore the effect of top management team heterogeneity on firm performance,and analyze the moderating role of managerial discretion.Based on the data of 167 listed firms from Shanghai Stock Exchange in 2019,this paper constructs a multiple regression model and tested the hypothesis.The empirical results show that gender heterogeneity,tenure heterogeneity and education level heterogeneity have a negative effect on firms performance.At the same time managerial discretion can partially moderates the relationship between the heterogeneity of top management team and firm performance,in which capital intensity and the firm size play a negative moderating role,and duality play a positive moderating role.According to the research results,this paper also puts forward corresponding suggestions to improve the firm performance.
文摘Drawing upon the knowledge-based view and team learning,we investigated how heterogeneity in top man agement teams(TMTs)in China in flue nces global expansi on strategies.Using panel data from Chinese listed firms from 2008 to 2014,we found that TMT functional background heterogeneity could positively affect firms'commitment to outward foreign direct investment(OFDI),as the diversification of TMT members can enrich the team's knowledge,facilitate efficient team learning,and enhance the decision-making capacity on overseas expansi on.However,tenure heterogeneity may hinder knowledge acquisition and team learning among TMT members,hence undermining firms/OFDI commitment.
