Will TMT Heterogeneity Enhance Corporate Performance?—Based on the Threshold Effect of Executive Ownership

doi:10.16716/j.cnki.65-1030/f.2020.03.005

Abstract

Abstract: This paper selects the panel data of Shenzhen-Shanghai A-share listed companies from 2012 to 2017, and uses the Hanse threshold model to demonstrate the correlation between TMT heterogeneity and corporate performance. The results show that the TMT heterogeneity has a nonlinear relationship with performance, and it has an interval effect due to the influence of the shareholding ratio of executives. Among them, TMT tenure heterogeneity is positively correlated with corporate performance, and changes to opposite as executives' shareholding ratio rises; TMT age heterogeneity has a negative impact on corporate performance. This interval effect also exists in the sub-sample of private enterprises. As the shareholding ratio of executives rises, this negative effect is enhanced. This paper uses the shareholding ratio of executives as a threshold variable, enriching the research model, broadening the perspective of performance improvement of listed companies, and providing a theoretical basis for enterprises to form a high-level management team.

Key words: TMT Heterogeneity, Corporate Performance, Executive Shareholding Ratio, Equity Incentive, Threshold Effect, Corporate Governance Structure

CLC Number:

F272

Feng Linjie, Zou Wenjie. Will TMT Heterogeneity Enhance Corporate Performance?—Based on the Threshold Effect of Executive Ownership[J]. Finance & Economics of Xinjiang, 2020, (3): 53-61.

References

[1] Hambrick D C,Mason P A.Upper Echelons:The Organization as a Reflection of Its Top Managers[J].The Academy of Management Review,1984(2):193-206.
[2] Gompers P,Ishii J,Metrick A.Corporate Governance and Equity Prices[J].Quarterly Journal of Economics,2003(1):107-156.
[3] 王文华,张卓,季小立.高管持股与研发投资:利益趋同效应还是管理防御效应?——基于高新技术上市公司的实证研究[J].研究与发展管理,2014(4):23-31.
[4] Tihanyi L,Ellstrand A E,Daily C M,etal.Composition of the Top Management Team and Firm International Diversification[J].Journal of Management,2000(26):1157-1177.
[5] Edmondson A C,Roberto M A,Watkins M D.A Dynamic Model of Top Management Team Effectiveness:Managing Unstructured Task Streams[J].The Leadership Quarterly,2003(3):297-325.
[6] 陈忠卫,常极.高管团队异质性、集体创新能力与公司绩效关系的实证研究[J].软科学,2009(9):78-83.
[7] 刘升福,任静.高管团队异质性与企业战略绩效关系研究——以中小上市企业为例[J].财会通讯,2015(12):42-45.
[8] 范明,焦龙彪.TMT特征及其异质性与企业绩效关系研究[J].商业时代,2011(23):97-99.
[9] Darmadi S.Do women in top management affect firm performance? Evidence from Indonesia[J].Corporate Governance:The International Journal of Business in Society,2013(3):288-304.
[10] 刘兵,刘佳鑫,李奕芳.高管团队异质性与企业绩效的关系——管理自主权的调节作用[J].科技管理研究,2015(11):147-153.
[11] Velinov E,Kubicek A.The Role of Top Management Teams Heterogeneity in the IPO Process[A].Proceedings of the 9th European Conference on Management,Leadership & Governance[C].Thailand,2013.
[12] 李卫宁,李莉.TMT异质性、战略变革与绩效改善的关系研究——基于绩效下滑的非多元化企业的数据实证[J].中国管理科学,2015(6):153-161.
[13] 张金清,肖嘉琦.高管团队异质性与企业绩效研究综述[J].商业研究,2018(3):115-122+161.
[14] 李冬伟,吴菁.高管团队异质性对企业社会绩效的影响[J].管理评论,2017(12):84-93.
[15] 潘思谕,陈柳源.中外合资上市公司高管团队异质性对企业绩效的影响——以外资持股比例为调节变量[J].企业经济,2015(4):90-96.
[16] 朱芳慧,吕沙,苏美玲.高管团队异质性、技术创新投入与企业价值[J].财会通讯,2018(30):64-68.
[17] 杨林. 高管团队异质性、企业所有制与创业战略导向——基于中国中小企业板上市公司的经验证据[J].科学学与科学技术管理,2013(9):159-171.
[18] 范合君,杜博.多样化团队群体断裂带研究综述[J].经济管理,2015(7):182-190.
[19] Boone C,Van Olffen W,Van Witteloostuijn A,etal.The Genesis of Top Management Team Diversity:Selective Turn Overamang Top Management Teams in Dutch Newspaper Publishing[J].Academy of Management Journal,2004(5):633-656.
[20] Bantel K A,Jackson S.Top Management and Innovations in Banking:Does the Composition of the Top Team Make a Difference?[J].Strategic Management Journal,1989(10):107-124.
[21] Zelechowski D,Bilimoria D.Charateristics of Momen and Men Corporate Inside Directers in the US[J].Corporate Gover-nance:An International Review,2004(3):337-342.
[22] 栾斌,杨俊.上市公司技术创新的就业效应——基于高管持股的门槛效应研究[J].科学学与科学技术管理, 2016(7):148-158.
[23] 任颋,王峥.女性参与高管团队对企业绩效的影响:基于中国民营企业的实证研究[J].南开管理评论,2010(5):81-91.
[24] Blau P M.Inequality and Heterogeneity:A Primitive Theory of Social Structure[M].New York:Free Press,1977.[25]Allison P.Measures of Inequality[J].American Sociological Review,1978(43):865-880.