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.
Feng Linjie
,
Zou Wenjie
. Will TMT Heterogeneity Enhance Corporate Performance?—Based on the Threshold Effect of Executive Ownership[J]. Finance & Economics of Xinjiang, 2020
, 0(3)
: 53
-61
.
DOI: 10.16716/j.cnki.65-1030/f.2020.03.005
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