Top management team knowledge heterogeneity, ownership structure and financial performance: Evidence from Chinese IT listed companies
Based on upper echelon theory, this study investigates the relationship between the knowledge heterogeneity of top management teams and the financial performance of Chinese IT listed companies. Moreover, we explore the moderating role of the ownership structure on the above relationship. The results indicate that overseas background heterogeneity, functional experience heterogeneity and financial performance are significantly and positively correlated, while academic background heterogeneity is significantly and negatively correlated with financial performance. However, the effects of management experience heterogeneity, financial background heterogeneity, and political background heterogeneity on financial performance are not significant. Moreover, ownership as a moderating variable improved the significance level among overseas background heterogeneity, functional experience heterogeneity and financial performance. Based on these findings, the implications for how to optimize the knowledge structure of top management teams are discussed.
Technological Forecasting and Social Change