TMT Heterogeneity and Firm Performance: The Moderating Effect of Managerial Discretion

作     者：Pengbin Gao Yiyuan Zhang Yan Xiang Shaocong Bo 

作者机构：School of Economics and ManagementHarbin Institute of Technology at WeihaiShandong Weihai 264209China 

出 版 物：《经济管理学刊（中英文版）》 (Economic Management Journal)

年 卷 期：2020年第9卷第2期

页      面：116-125页

学科分类：0502[文学-外国语言文学] 050201[文学-英语语言文学] 05[文学] 

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) 

主　　题：Top Management Team Team Heterogeneity Firm Performance Managerial Discretion 

摘      要：Now the top management team and managerial discretion play an important role in driving the firms’*** paper built a theoretical model to explore the effect of top management team heterogeneity on firm performance,and analyze the moderating role of managerial *** on the data of 167 listed firms from Shanghai Stock Exchange in 2019,this paper constructs a multiple regression model and tested the *** empirical results show that gender heterogeneity,tenure heterogeneity and education level heterogeneity have a negative effect on firms *** 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 *** to the research results,this paper also puts forward corresponding suggestions to improve the firm performance.