The Impact of Tom Management Team Heterogeneity on Corporate Performance - An Empirical Study Based on Chinese Listed Companies

Abstract

Abstract The study of TMT heterogeneity on corporate performance is a hot topic in corporate governance. However, the relationship between TMT heterogeneity and corporate performance is inconclusive, and there are fewer studies on TMT exogenous factors. Given this, this paper conducts a study using regression analysis based on the data of listed companies from 2008-2019 in the CSMAR database. The study finds that TMT functional background and educational heterogeneity have an "inverted U" effect on firm performance, and digital transformation has a positive effect on TMT heterogeneity. This study enriches the research on the impact of TMT heterogeneity on performance and explores the antecedent influences on heterogeneity. Based on the empirical results, we also propose management recommendations. JEL classification numbers: C12, D74. Keywords: TMT heterogeneity, Strategic management, Competition, Firm performance.